Contributed by our partners at AnyRoad
Brick-and-mortar retailers saw significant reductions in foot traffic last year while e-commerce sales peaked in Q4 2020, but a natural balance is slowly returning as the pandemic subsides and competition among retailers is tougher than ever. As things open up, some brands (such as Home Depot, Williams Sonoma, etc.) that did well during COVID will be looking to maintain their sales volumes – while others that took hits will want to capitalize on reopening as a way to generate more sales.
But no matter how brands fared during COVID, one thing is now certain: retailers can no longer rely on opening new locations as a way to drive store traffic and sales. The pandemic challenged any retailer that “over-expanded” their physical footprint in previous years to right the ship and ensure their remaining stores were properly tailored to their target market.
Shrinking their footprints created opportunities to re-evaluate strategies around product mix, experiences, etc. – so now, post-pandemic, what is the value of a store visit?
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Welcome to the experience economy
AnyRoad is the data and insights platform powering leading brands to do smarter, better experiential marketing at scale. Founded in San Francisco in 2013 by Jonathan and Daniel Yaffe, AnyRoad is a leader in a new category of software called Experience Relationship Management (ERM). Over 200 brands including Anheuser-Busch, Honda, and the Golden State Warriors partner with AnyRoad to offer extraordinary experiences and draw insights from data to connect better with customers. AnyRoad is funded by Andreessen Horowitz, Rally Ventures, Precursor Ventures, and Marc Benioff. Go here for more information.