In an economic environment where consumers can turn to online shopping for competitive pricing, scroll through vast inventories and enjoy the convenience of direct warehouse-to-door shipping, retailers are adapting traditional business models to compete.
Brick-and-mortar retailers are quickly adopting new commerce channels to reach customers before they lose them. A study by Acquity Group reported that last year, 39 percent of retail stores developed mobile websites and 26 percent had developed mobile apps, according to Retail Customer Experience. Lowe's, Nordstrom and Macy's are some stores that have made investments in mobile devices so their employees can offer customers a more personal and informed shopping experience, the source reports.
Discount retail giant Wal-Mart lagged on electronic commerce efforts and has started to feel the consequences. Half of its budget-conscious customers have taken their business online to Amazon.com where they can browse for the best prices on everyday merchandise they used to buy at Wal-Mart, including vaccuum cleaner bags and diapers, without having to spend the time or money to travel to the store.
To gain back valuable customer satisfaction and loyalty, Wal-Mart has spent more than $300 million toward its online efforts. Next year, they plan to leverage their new "Anytime, Anywhere" motto by offering customers the ability to shop online, via mobile devices or in-store aisles, and make payments interchangeably.