Stores Of Experiences – Doug Stephens in the AOL Conversation Studio

May 28, 2014 Ben Myers

When did you place your first order online? Two years ago? Five years ago?

Think about this: Online sales continue to grow by more than 10% year-over-year.

For example, at Canadian retailer Indigo, online sources contributed $41.5 million of the $332.4 million in revenue during its most recent quarter – just over 12%.

But look at the growth compared to the same period last year: Revenue from online grew 19.3% compared to the same period last year, while overall revenue grew only 3%.

Doug Stephens, founder and president of Retail Prophet, says this will change the role of physical retail stores. What will be done with all that retail space when customers get more of their stuff from online orders and home delivery?

“The role of the store in the marketplace can no longer be about the distribution of products, it has to be about the distribution of experiences.”

Watch more AOL Conversation Studio videos at The Huffington Post.

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