It's official: Brick-and-mortar businesses are still relevant in a post-pandemic world. According to a report by Spectrum News, the pandemic has in fact transformed brick-and-mortar retail, and those impacts are here to stay - but it hasn't all happened the way you might think, and there are lots of key insights to consider.
The report suggests that the pandemic has forced brick-and-mortar retail to accelerate its transformation and face the new realities of the industry, but many people may not be aware that this is a good thing: Retail was actually in big trouble prior to COVID-19, not just because of it. In fact, the industry was in the midst of what many had dubbed a "retail apocalypse." Consumer habits were changing, and with the rise of e-commerce, more people were opting for their goods to be delivered to their homes rather than having to get up and go to a physical store.
However, the pandemic has served as a positive transformation that could change how people were poised (or not) to visit retail centers now, and in the future. The report also suggests that outdoor dining, curbside pick-up, and online delivery at retail centers are most likely here to stay post-pandemic.
Additionally, a guide by The Motley Fool suggests that physical stores have benefits in the modern age and that they are indeed here to stay; it argues mainly that brick-and-mortar establishments offer a unique shopping experience that cannot be replicated online. Customers can touch, feel, and try on products before making a purchase. Moreover, they provide customers with immediate gratification, which is not possible with online shopping. The guide also suggests that brick-and-mortar stores are more reliable than online stores when it comes to product quality and authenticity.
Finally, Forbes suggests that physical stores will last because they offer a sense of community that is unmatched online, positing that physical stores provide a space for people to interact with each other and build real and meaningful relationships. Moreover, they are often involved in local events and charities, which also helps to build a sense of community.
Not dead, thriving Instead- but with the right tools
Ok, so the data indicate we're thankfully not losing the beloved 'B&M' world any time soon- but that's not to say it doesn't need a lift, as it certainly does, in order to continue to compete. So, what does that look like? What are the biggest pain points and how are they solved? Where are the biggest areas of opportunity for innovation that can not only elevate customer experience, but extend time spent in-venue, and thereby increase sales? As you may have guessed, having a cost-effective, premium entertainment solution, and effective customizable dynamic digital signage, are the first areas to start.
Best-in-class connected TV offerings for businesses (free when ad-supported in the Free Advertising Streaming TV or "FAST" model) give business owners the ability to hand-curate entertainment channels and promotional customizable digital signage focused on enhancing the in-venue experience for customers. According to a study by Entrepreneur, when customers feel entertained and engaged inside a business, they tend to stick around longer and spend more money. The study also suggests that the length of stay, also known as the average duration, is a crucial metric for retailers.
Another study by Business Insider shows that customers who have a positive experience with a physical business are more likely to return. In fact, 40% of business revenue in the US comes from returning or repeat purchasers, even though they make up only 8% of all visitors. Nearly 90% of visitors say they are happy to pay for an elevated in-venue experience!
The right in-venue video entertainment creates a sense of community- just think about the most amazing trivia experiences you've had with your friends on memorable nights out. When customers feel a part of a community, they frequent local businesses, creating repeat visits to a third-room (out-of-home). At Loop®, for example, our premium entertainment content consists of the largest fully licensed music video library and entertainment-across every genre-including lifestyle, sports, viral and culture, allowing business owners to customize the perfect vibe for their specific business category. With our ability to hand-curate channels for a specific business category, Loop® can meet enterprise managers where they are, with a deep focus on elevating the in-venue entertainment for their customers in every store.
Loop TV 's control management system is an added value to the entertainment service. We give managers an easy to use business portal with features to self-set music schedules and/or run separate digital signage promotional messages for multiple locations (deploying national or local campaigns). The portal management system gives enterprise managers full visibility into all entertainment and digital signage campaigns as well as select ownership at the corporate or franchise level.
The enterprise model can either be AVOD (Advertising Video on Demand), where ads are shown-which is extremely cost-effective, driving down ever-increasing monthly cable fees-or SVOD (Subscription Video on Demand) which is without ads and meets a required ad-free in venue environment. Not to mention, the content is actually optimized for the business environment, unlike cable programming which is only designed for residential use and performs very poorly in a business context.
So there you have it: regardless of the size of your physical business, it should be plenty clear that curating your in-venue entertainment and digital signage is the lifeblood of a great customer experience, and whether it's the FAST model, or the ad-free SVOD approach, a total premium entertainment streaming TV + signage solution is both a must-have and a total brick-and-mortar game changer.
About Bob Gruters
Chief Revenue Officer of Loop Media and senior sales & marketing executive with over two decades of media and marketing industry leadership experience, including Sony, Viacom, Univision, Revolt, Facebook, Digital Trends Media Group. Unique perspective on utilizing media and 1st party data to inform and deliver pioneering business outcomes. Known for auditing organizational structures and creating successful roadmaps with team commitments to deliver the impossible unless proven otherwise.
About Loop Media
Loop Media, Inc. ("Loop Media") (NYSE American: LPTV) is a leading digital out-of-home ("DOOH") TV and digital signage platform optimized for businesses, providing free music video, news, sports and entertainment channels through its Loop TV service. Loop Media is a leading company in the U.S. licensed to stream music videos to businesses through its proprietary Loop Player. Loop Media's digital video content reaches millions of viewers in DOOH locations including bars/restaurants, office buildings, retail businesses, college campuses, and airports in the United States.
Loop is fueled by one of the largest and most important short-form entertainment libraries, including music videos, movie trailers and live performances. Loop Media's non-music channels cover a multitude of genres and moods and include sports highlights, news, lifestyle and travel videos, viral videos and more. Loop Media's streaming services generate revenue from advertising, sponsorships and subscriptions.
To learn more about Loop Media products and applications, please visit us online at Loop.tv.
