According to new independent SaaS and SMB industry research from GetApp, reported by Rhian Davies, most stores will shut up shop and go online only within 10 years, a retail apocalypse.
Likelihood Of Elimination Of Physical Store Within 10 Years
% of Respondents
Source: GetApp Research, May 2017
Two out of three business owners who currently run both an online and physical store believe that they will close their physical store’s doors within ten years and operate their business solely online, according to new research conducted by GetApp.
Earlier this year it was reported that the ‘retail apocalypse’ had officially hit the United States, with more than 3,500 stores including well-known brands such as JCPenney, Kmart, and Abercrombie & Fitch reportedly closing their doors early this year, says the report. Macy’s, one of the United States’ largest department stores, reported that they are going to close almost 100 stores, equating to almost 15% of its store base.
Additionally, at this year’s Berkshire Hathaway meeting says the report, Warren Buffett declared that the department store is now online, referring to the perceptible rate that stores are turning away from the traditional brick-and-mortar model of retail to focus on their online eCommerce stores.
The report says that it appears that business owners who run both models of store are prepared, or are at least aware, that the ‘retail apocalypse’ trend could affect their future sales strategy.
Key Findings says the report:
Study Demographics:Over 200 US-based business respondents, who run both an online and physical store. Respondents are all aged over 18 and have an average inferred annual income of $24k – $150k.
For additional information and data from GetApp, please visit here.