Over 80% of retailers will still have online, physical stores in the next 5 years

Consumers want to physically see and touch items they would buy.

Around four in five retailers will be present both online and offline in three to five years, driven by the customers' need for experiences which drove the revival of physical stores.

In a report, insurance firm WTW noted that the survey included 7% of respondents who are pure online players.

“People still like to see, feel and touch items before they Buy,” the report read.

ALSO READ: How can retailers thrive in the omnichannel landscape?

“Stores may be smaller in future, showcasing fewer products, and there may be some relocation, as retailers make sure they are in the right place at the right size, but respondents don’t expect to see a great reduction in the number of stores overall,” it added.

Moreover, 58% of the business expect that they will be “a little or a lot more profitable” in two years.

The survey involved 700 respondents, of which, 200 were based in Asia Pacific.

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