Stein Mart Unveils Highly Anticipated E-Commerce Site
By Sam Lewis
Off-price retailer among the first in its category to begin e-commerce presence
September 6 brought the announcement of Stein Mart’s launch of its online store, which has been in the works for nearly two years. The company is one of the first off-price retailers to offer its current apparel, accessories, shoes, and home goods through an online store. The site follows Stein Mart’s excellent second quarter earnings results, which might be a good omen for the retailer.
The site will sell a wide selection of its brick-and-mortar counterpart’s merchandise, as well as offer unique, web-only items. Stein Mart encourages its customers to visit the site frequently, as more and more merchandise will be added to the online presence during the coming weeks.
The move by Stein Mart to open business online comes in direct contrast with another off-price retailer, Tuesday Morning. July marked the end of Tuesday Morning’s e-commerce site, with CEO Michael Rouleau stating that Tuesday Morning’s priorities were in its brick-and-mortar stores, not its online presence. It has yet to be seen how Tuesday Morning will fare from its departure from web sales, but most analysts agree, abandoning e-commerce, which is growing at a staggering pace, is likely to undermine a company’s profits.
Stein Mart notes that the driving force behind the launch was customer convenience. Many loyal customers have asked Stein Mart for 24/7 shopping access, which the company has obliged with this store-commerce site. In addition to online browsing and shopping, customers can now access the site for the development of “favorites” and “wish lists.” They can also gain access to sale and discount opportunities, coupons, and they can connect with Stein Mart through social media. The site will also expand the retailers’ customer base, which ultimately will increase sales.
“We are excited to announce that we are in the e-commerce business and happy to be able to serve our customers who like to shop online,” said Jay Stein, Stein Mart’s CEO. “As we learn more and grow this business, we anticipate that this channel will rapidly become our largest flagship ‘store’.”
The launch of the online store presents Stein Mart with a brand new channel for customers to access merchandise, and allows them to connect with the store in some new and unique ways. However, as noted in “Retailers Must Appeal To All Five Senses,” a web store is only a means to an end. The physical store is, and will remain, the culmination of everything a retailer represents — quality merchandise, a clean sales’ floor with clear visibility, friendly staff, etc. — and that shouldn’t be forgotten. Until brick-and-mortar stores are a thing of the past, it might not be wise for retailer to call its online presence its ‘flagship store.’