Evolving retail innovations continue to entice consumers
Businesses are returning to normalcy after a few months of vaccine drives and now that cases of COVID-19 are under control. In the new normal, the overall retailing experience is set to be altered.
The last year was marked by
a significant shift in consumer behaviour and shopping choices, with the
digital space emerging as the winner over the brick-mortar counterparts.
The good thing is that
after the initial debacle, we continued to show our resilience and were able to
carve slow yet concrete recovery. With cases under control and new hope in the
form of the vaccine, businesses are coming back to normal.
However, things would not
be the same as it has been in the past. In the new normal, the overall
retailing experience is set to be altered.
Making online as the new
normal
The future of retail will
be pinned on the growing expansion of the web world. The recent crisis has seen
millions of new users joining the web world for the first time. As
consumer behaviour is shifting, the power of the web is going to rise.
The uptrend of going digital will further get a buying boost from the fact that
more than two-thirds of Indians are aged below 35. Young demographics will be a
crucial growth enabler for digital commerce to evolve and flourish in the
country.
Amidst this industry-wide
transformation, retailers need to understand that just having a web presence
would not suffice. They have to build a strong digital footprint that can
handle and manage the complete lifecycle of a customer smoothly. The time has
come where both creativity and analytics will go hand in hand to give the best
to the customers and business alike.
Bricks and mortar needs to
be more personalised
No matter how humongous
growth online commerce experiences, the brick & mortar stores are here to
stay. E-commerce can never completely replace regular shops. There is a
personal touch and feel in shops, which e-commerce can’t replicate. For
Indians, a high street or a shopping mall is not just about shopping, rather it
is a social experience. People prefer to visit such places with friends or/ and
families and alongside shop prefer to enjoy, entertain, dine-out, etc. Malls
and high streets are also designed in such a way that it gives visitors a
complete experience to relax and unwind.
Retailers need to
understand the unique proposition a physical store offers and should always try
to revamp their set-up to keep giving unique and personalised experiences to
visitors. Shoppers should not just get an enriching shopping experience but
also feel relaxed and comfortable. In a nutshell, a shopping experience should
not just be another to-do list that needs to be accomplished. Rather it should
entertain and engage the shopper in such a way that he/she should feel like
doing it again and again.
The rise of experiential
retail
Retailers need to nurture
engagement at every touchpoint, be it digital or in-store experiences.
Experiential retailing is nothing new as it has existed for some time. However,
the novel Coronavirus has certainly expedited the entire process. As more
digital apps, technologies, and analytics have emerged, so has the pressing
need for experiential marketing.
As retailers, we need to
break the cloud and move up the curve in this new world. Our store needs to be
the true representation of our brand. Our social media can no longer just rely
on monologue communication as it needs to increasingly feature user-generated
real content. (At Rosemoore we have done a similar experience in the past
during Valentine Week and it has surely paid us well in terms of steep jump in
user experience)
Likewise, the products need
to loop in customer feedback diligently and accordingly modify/ improve the
offerings. As technology has further democratized the process of shopping,
retailers need to adapt to the new reality or rather the new normal. From
C-suites to mechanizers, everyone has to put the idea of customer experience
and engagement at the center. There probably is no other alternative.
The times ahead are both
challenging as well as interesting. There will be a lot of interplay of
technology, analytics, and aesthetics. It will be a brand and bold new
world, where art and science both will exist in a synchronised fashion.
CATEGORIES Industry Update
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