The build up and preparation to a fight, for a fighter is the hardest, the fight being the fun part. Not sure if a retailer would agree, their fight can go much longer that 12 rounds.
In part 1, we discussed the link between boxing and retail. Let’s get back on track!
The preparation for stores to hook a customer is preparing a consumer’s mind to think of their service first, no matter online or at a store. These stats speak for themselves (IC Real Estate 2017).
- The probability of selling to a new customer is between 5 and 20%.
- The probability of selling to an existing customer is between 60 and 70%.
- 96% US adults shop online yet…
- 94% of total retail sales are still generated in brick & mortar stores.
Those numbers calculated with the speculated number of eyes for this PPV, early estimates speculate the fight almost double what Mayweather vs Pacquiao did. With fans from both sides tuning in, the probability of getting new customers and keeping existing fans hooked, the potential revenue will be well worth it. Customers from every end of the spectrum will tune in to not just cheer on one side, but continue the view of their own path to purchase.
Tale of the Tape
Everyone digests the newest technology to make their personal shopping experience more convenient. Technology has started blurring the lines of every industry from retail, healthcare and food service and forever changed the path a consumer takes on their path to purchase.
The bout will be UFC star McGregor’s first boxing match – and against a legend who retired with a 49-0 record.
Technology takes the ease of online pay to stores with simpler ways to pay. 71% of shoppers believe they will get a better deal online than in stores (Digiday 2013). This leads everyone from restaurants to retail stores to rely on new tech trends to entice consumers from their phone and tablets using things like Groupon to bring consumers in by capturing them online. Instead of going and waiting at a doctor’s office, you can now facetime a doctor from your phone. Thus making it easier for a busy mom with a sick kid, to taking pressure off of doctors offices in need of dealing with more extreme situations. Food service now makes delivery easier, Uber first transformed the way we moved, now they are transforming the way we order food with Uber Eats. Amazon is continuing to tease their new technology that will bring grocery shopping to once that of as “something from the future”.
In response, many brick-and-mortar retailers have started to use omni-channel fulfillment methods that leverage their store locations and in-store inventory in order to better compete in e-commerce. These omnichannel services, including ship-from-store and click-and-collect, can help retailers manage the transition to digital by: Increasing online sales by offering cheaper, more convenient delivery options for online shoppers.
No one channel is the clear answer, but companies that stay competitive will need to more tightly integrate all of their approaches, both physical and digital. Embracing the meeting of the two worlds seems like a much easier decision that the head to head collision, but come Aug. 26 everyone will be watching the two worlds collide. No matter your side, your interest level, sit back and watch history unfold before your eyes, because this truly is history in the making!
“13 Alarming Stats About Retail In Digital – DigiDay” 19 May, 2013. https://digiday.com/marketing/13-alarming-stats-about-retail-in-digital/
“Online -vs- Brick and Mortar Retail Shopping: The Statistics – IC Real Estate” 15 March, 2017. https://icrealestate.com/2017/03/online-vs-brick-mortar-retail-shopping-statistics/
“Floyd Mayweather Jr. Vs. Conor McGregor Total Revenue Should Surpass Pacquiao Fight – Forbes” 28 June, 2017.https://www.forbes.com/sites/brianmazique/2017/06/28/floyd-mayweather-jr-vs-conor-mcgregor-total-revenue-should-surpass-mayweather-vs-manny-pacquiao/#42cb85615c21