2016 marked the second year in a row that more retail stores closed than opened. For retailers, this is both a body-blow to their bottom line and a shocking prognostication about what’s coming down the pipeline for retailers. The source of this disaster for brick-and-mortar retailers is the rapid “Amazonization” of the retail marketplace.
Physical reality often has drawbacks, particularly for a jewelry retailer. Stocking pieces can be an expensive, time-consuming process, and as tastes change, the problems of storage rise to the forefront. When can pieces be rotated in and out of display? How can retailers keep their products safe? An answer for the 21st century retailer is to simply abandon physical reality entirely.
One of the most prominent ways to promote one’s brand in the Information Age is by way of “virality.” Virality isn’t a new concept in branding or advertisement, but the internet provides an environment in which information can be atomized and distributed by individuals, rather than by magazine editors or billboard companies.