Retail has been part of our lives for over 10,000 years. We have been exchanging goods and services with the locals since as far back as 3,000 BC.
The similarity between today and ten thousand years ago is startling.
Retailers know their local market’s needs. They are constantly looking to serve their community by providing them with what they need for their day-to-day needs, conveniently.
Most retailers' returning customers are over 50% of their regular clientele. And almost all of them are locals.
The stats were created by Intuit Mintlife, source: https://mint.intuit.com/blog/money-etiquette/buying-local-statistics-survey/
Over 50% of locals prefer to buy from the local shop. The most important reasons are that they want to give their money back to the community, support sustainable local economic growth, and support their friends and families who work at the local retail market. More importantly, because they are used to it.
The stats were created by Intuit Mintlife, source: https://mint.intuit.com/blog/money-etiquette/buying-local-statistics-survey/
Online commerce offers us simple ways to easily access items and services. We are all aware of how this story will turn out. Physical and digital will merge, and we will mostly use mobile devices to buy products and services. Remind you that 85% of commerce still takes place offline today. However, the usage of web tools for offline trade has increased, including looking up nearby retailers or contacting them to inquire about a product or stock availability. Many services, like WhatsApp and Wolt, are attempting to enter this market. They are joining the efforts of existing platforms like Amazon and Shopify.
The actions of large corporations point to a new method of retail: getting access to products close to home, from the neighborhood.
However, despite all the glamour, these alternatives provide several difficulties for retailers.
They face challenges in managing the inventory on these channels, uploading new stock frequently, giving customers more options for purchases, and giving them access to all of the stock rather than just a portion.