What the financial services sector can learn from a pioneering retail brand about deploying connected digital and physical channels
Over the last 18+ months, the retail landscape has undergone a massive transformation as consumers leaned heavily on remote and digital channels – especially convenience services like home delivery, ship-from-store and BOPIS (By Online Pick Up in Store). Now that consumers are taking their first tentative steps to return to in-store shopping, retail brands are finding ways to use their pandemic best practices, add in a dose of digital and a dash of inspiration to create entirely unique retail experiences for consumers. And that’s exactly what shoppers are looking for.
“With the increasing cost and delays in shipping from warehouses, BOPIS which includes curbside pickup and ship-from-store, was not only popular during the pandemic, but remains so even today,” according to Forbes’ article on the return of retail.” A recent McKinsey & Co. survey found that 59% of U.S. consumers who used BOPIS in 2020 said they intend to continue using it in the ‘long term’ … In all cases, brands and retailers must invest in creat[ing] an elevated, enjoyable and connected shopping experience.” That means physical and digital must be a seamless, intuitive and innovative connection between the two. In other words, omnichannel.
Take Lovepop’s new store in Boston’s Harvard Square for example. With their fourth location, the brand known for their original cards that are a marriage of art and engineering is betting big with their largest location yet and an even bigger commitment to omnichannel that put the brand on the map. “Every aspect of this new store is intended to facilitate connection and engagement with the community,” according to Colin Spillane, Head of Retail at Lovepop. “From the layout of the space to the design of the product displays, we are encouraging customers to experience the magic of our pop-up art and share their reactions in real-time.”
The brand known for stretching the bounds of the imagination is taking the same approach with their store, by connecting it to their core purpose. “While we continue to see significant success as a digitally native brand, physical retail was our fastest-growing channel pre-pandemic,” says Wombi Rose, Co-Founder and CEO of Lovepop. “As we build towards our mission of creating one billion magical moments, retail continues to be a core channel for expansion and the most immersive brand experience for Lovepop.” While the retail sector and industry insiders may call it omnichannel, consumers call it inspired and connected.
Other brands expanding their omnichannel approaches for post-pandemic retail include lululemon, Nike, and Ikea. For more insights on ways to leverage omnichannel best practices, stay tuned to Believe in Banking as it tracks the big trends that are impacting financial services or contact us at firstname.lastname@example.org.
Photo Credit: Lovepop, July 8, 2021