Monday, November 3, 2014

Amazon Vs Brick and mortar stores - Millennials

Millennial being the future consumers of retail marketing. 
There will be additional costs linked to making these developments in the brick and mortar shop. This will impact the price of the product. One of the biggest advantage of online shopping is it less expensive and I don't need to drive to the store.
In the price stand point, Lets say if the brick and mortar stores makes small mobile shops (Brick and mortar shop) that holds samples of the products and a touch screen display that will let the customer check the online reviews and even could order it there with the online price equivalent to the amazon. Then the shop could ship the product to the customer just like amazon. 
Advantages of this option are : 
1. The overhead cost of big store could be minimized.
2. The order for the product can be made using a POS, so there wont be any need for typing the credit card information.
3. The customer can touch and feel the sample of the product before buying it.
4. The mobile shop can have a return stall, where the customer can return the product and request a replacement. Which is a big problem in Amazon. (Customer has to print a label, pack and ship it back - Then wait for the replacement). This can be overcome by using a return stall in the small shop.
Of course this wont work for all types of products.
My Question is how much millennial care about the difference in online pricing vs brick and mortar shop pricing ?(Now retailers like best buy are trying to equal their prices with the amazon).
Will the millennial go through the hassle of going to the store to buy the product ? when they have an easy option to do it online ?
How does their preference in shopping changes when they get old ? like when they have a family.

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