The Truth About Hybrid Retail

The world of retail has changed—and it’s not going back to what it was.

After the successive impacts of the internet, social media and Covid-19, the commercial landscape underwent seismic shifts that make classic mom-and-pop commerce a thing of the past. In just the last few years, for example, e-commerce has surged from 4% to 15% of the total retail market, equating to about $1.4 trillion. Predictions say this will rise further.  

But only by so much. With the increasing importance of online shopping comes a renewed appreciation of the fundamental importance of brick-and-mortar stores. Consumers today want both, and more businesses than ever are catering to this tendency. The two must function as one in a fast-paced, hi-tech economic environment, with retailers fully embracing both online sales and traditional retail channels in an integrated landscape. The good news about this is that, when done well, it can be excellent for your bottom line. The bad news is that it does come with a certain amount of risk.

In an exceedingly complex world of e-commerce sales, fulfilment centers, digitized supply chains, logistics, distribution and fulfillment, threats of cyberattack and tech failure abound. Businesses now lose about $8 trillion per year to data breaches, hackers and scams annually. This is in addition to the traditional risks of brick-and-mortar, which must confront the familiar problems of theft, damage, catastrophe and economic uncertainty. 

But by accepting this hybrid reality as it is and engaging with its suite of simultaneous challenges and enormous potential benefits, together we can build a resilient, profitable retail strategy that meets the moment. 

For critical insights on this ongoing retail trend, please download EPIC’s latest market report, EPIC Market Perspective, and stay ahead of the curve.  

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