The last two decades have dramatically transformed the shopping experience. Online retailers and e-commerce have turned shopping into an entirely different experience. This was highly popular and offered many benefits for several years. However, there is something to be said about going to a physical store and shopping. Many people are longing for the days of going to the mall again. The draw is that they can visit their favorite shopping center to try on clothes and have a full shopping experience. It is also an experience you can have with your friends or family. You can easily combine shopping, dining, and quality time. Recent trends have shown a true desire for the turn of the century. There is a longing for a time when technology had not fully taken over. Consider the following information on how retail space impacts profits.
How Retail Space Impacts Profits
Brick-and-mortar stores used to equate success with having a crowded store. However, things have changed since the early 2000s as new research suggests that giving customers more space can lead to increased sales. There are several factors that lead shoppers to spend more in environments that are catered to them. Consider the following information gleaned from recent research on retail and consumer trends.
Improved Customer Experience
Stores that are larger and less crowded allow shoppers to feel comfortable and at ease. This is critical as stressed and overwhelmed customers spend less money while shopping. They also spend less time in the store. Providing enough space for shoppers to relax can improve your business’s bottom line. It also leaves your customers with a great experience that will leave them wanting more. Expert designers can curate retail spaces to ensure that your store is on every customer’s list of stops.
Customer Perception
People and places have one shot at a first impression. Because of this, customer perception is everything when it comes to your retail store. Space is critical as it is associated with cleanliness and opulence. The Apple Store is a great example of this. It offers an almost futuristic tech shopping experience with lighting and minimalist design. Focus on cleanliness, decluttering, and organization to ensure your customer has a great experience from start to finish. It can be the difference in them returning to your store again or never coming back.
Increased Sales
Retail space can be a major expense for businesses. It adds to the overhead costs necessary to run your business. However, research has demonstrated that retail stores that accommodate customer comfort and convenience have a positive impact on profits. Stores that had moderate to low crowds saw higher sales per customer. The data was compared to similar stores that were overcrowded. Commercial land development can add value to your business if you use the right strategies to attract and retain customers. In fact, you can set your business apart from so many other businesses that only offer online shopping.
Shopper Behaviors:
Integrating psychology and human behavior into your business strategy is necessary. Understanding your current situation can help you retain customers. It can also help you acquire new customers at a high rate. Understanding the desire for a physical shopping space can help you deliver what customers want. Customers seek physical storefronts because of the experience. This includes the ability to try on items and easily get in touch with customer support. Online shopping has become less beneficial for many people, especially those in rural and suburban areas. Catering your retail space to customers can improve your sales and easily retain your customers.
Commercial Land Development
If you want to expand your business, consider retail space. Consumers are seeking physical shopping spaces more and more due to the drawbacks of e-commerce and other online retailers. The team at KPPR Group develops real estate design and construction services for landowners, investors, and property management firms. Contact their team today for more information!