Navigating the Retail Apocalypse: Why Some Brands Flourish While Others Fold

The Retail Landscape: Crisis or Opportunity?

As the world continues to change, so does retail—often at a breakneck pace. The statistics are startling: in 2017, nearly 9,000 stores closed their doors in America, outpacing even the Great Recession. But why do some retailers close up shop while others thrive? The answer lies in their understanding of customer experience and technology.

Customer Experience: A Game Changer

Gone are the days of just filling shelves with products and waiting for customers to show up. Today, retail has transformed into a business focused on customer engagement. Customers want more than just a shopping trip; they want an experience that meets their needs and matches their expectations.

When customers leave stores empty-handed, it’s often because they’ve felt like their time has been wasted. Retailers must adapt to the changing mindset of buyers who are now more discerning than ever.

Technology: Embracing the Digital Shift

Retail in 2018—and beyond—requires innovation. Omnichannel strategies are key as retailers integrate their marketing, selling, and customer service efforts across various platforms. Customers are increasingly moving online, yet the gamble of finding the right size or quality remains.

• Example: UK’s Oasis fashion offers an engaging customer experience both online and offline through their website, mobile app, and iPad-equipped in-store associates.
• Innovative Approach: The Shping app in Australia allows shoppers to scan barcodes for product sourcing, ingredients, and reviews.

The Role of Cryptocurrency in Modern Retail

Introducing cryptocurrency into the retail shopping experience is not just a fad. As Gennady Volchek, CEO of Shping, notes, this approach provides a complete solution to the “short-attention economy” by linking brands and consumers directly. Instead of empty advertisements, consumers earn rewards in the form of Shping Coins (ticker: SHPING) for their engagement.

The Future of Retail: A Blockchain Revolution?

Shping is building an extensive product database with over 30 million items and counting. They are teaming up with certification bodies and data portals to create a new standard in product traceability, all potentially supported by blockchain technology.

This holistic approach may just be the foundation for the future of retail—one where technology, customer engagement, and transparency reign supreme.

Conclusion: Adapting to Survive

In this rapidly changing retail landscape, companies that embrace new technology and focus on customer experience will likely emerge successful. The balcony view of this retail apocalypse reveals that innovation is not just beneficial; it’s crucial for survival.