Retail Insurance: Online Shops Move to Actual Stores
You’ve heard it time and time again. Online Retail is taking over. Brick and mortar is out. Online e-commerce stores have been touting their rising prevalence over brick and mortar stores for a few years now. But, tides have shifted in the opposite direction. Online stores are expanding their business models- opening stores across the country.
Previously, e-commerce stores turned their noses up at having physical retail locations. Trends have indicated physical retailers are struggling, and will be phased out by online retail shops. But that doesn’t seem to be the case. The reality is, despite the ease and convenience of online shopping, consumers still like to physically touch and see what they are getting.
According to the New York Times, over ninety percent of sales still happen in stores. Customers still enjoy the physical shopping experience. It is a social event, and they want to see what they are buying in person.
Some are creating physical “virtual” stores. Ebay for example, opened a pop-up shop that had scannable screens with gift items, but no actual merchandise. Others function more as a showroom, carrying a limited amount of merchandise. Customers come in, try it on, and place online orders, which are then delivered to them.
In many ways, online retailers are trying to combat the one issue of virtual retail shopping- not being able to see the clothes. Purchasing a pair of pants online from a retailer you’ve never used before is a gamble. You don’t know the fit, style, or feel of the material. The color in the photograph can be misleading. The new trend attempts to combine the best of both worlds.
At Newman Crane, we have Florida commercial insurance plans to protect your retail operation from a number of potential losses, including liability and property damage. Contact us today for more information about our Florida Retail Insurance programs.