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ou likely already noticed, but as of last
December, in-store foot traffic has de-
clined year-over-year for more than 37
consecutive months, with the sharpest
dips coming in the months leading up to
the holiday season. Early holiday figures showed a
continuation of the trend, albeit at smaller declines.
Retail pundits point to a handful of drivers behind
the fleeing of feet, from online-mobile-social to
rebounding automobile sales to bad weather.
Whatever the cause, the effect is forcing retailers
to squeeze more money from less wallets in order to
maintain growth amidst declining opportunities. In
turn, brick-and-mortar businesses are shifting focus
away from attracting and acquiring customers in
favor of higher conversion rates and greater transac-
tion values. More often than not, that is being done
through newer and advanced technologies, both back
office IT and customer-facing. Half of independent
physical retailers surveyed by e-commerce company
Lightspeed, for instance, predict that using data to
make smarter buying decisions or to drive more
By
Martin
Vilaboy
Y
Inside
Outdoor
|
Winter
2016
24