24/08/2022
๐๐๐ง๐๐ซ๐๐ญ๐ข๐ง๐ ๐ญ๐ซ๐๐๐๐ข๐ ๐ข๐ง ๐๐ซ๐ข๐๐ค ๐๐ง๐ ๐๐จ๐ซ๐ญ๐๐ซ ๐ซ๐๐ญ๐๐ข๐ฅ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก ๐๐?
We have seen unprecedented growth of digital shopping channels in the past few years which is predicted to keep growing further. This is mainly driven by the exponential growth of mobile handset usages. Customers have been benefitted in terms of researching products, checking recommendations and ultimately taking a decision to buy/abandon.
It has also challenged the existence and continuity of the "๐๐ก๐ฒ๐ฌ๐ข๐๐๐ฅ" Retail Stores (also referred as "๐๐ซ๐ข๐๐ค ๐๐ง๐ ๐๐จ๐ซ๐ญ๐๐ซ"). The question raised is -"๐๐จ๐ฐ ๐๐จ๐๐ฌ ๐ ๐๐ซ๐ข๐๐ค ๐๐ง๐ ๐ฆ๐จ๐ซ๐ญ๐๐ซ (๐๐ก๐ฒ๐ฌ๐ข๐๐๐ฅ) ๐ซ๐๐ญ๐๐ข๐ฅ ๐ฌ๐ญ๐จ๐ซ๐ ๐ฌ๐ฎ๐ซ๐ฏ๐ข๐ฏ๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ฌ๐๐๐ง๐๐ซ๐ข๐จ"?
In my POV, the only way to deal with this is to - "๐๐ง๐ก๐๐ง๐๐ ๐ญ๐ก๐ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐๐ซ ๐๐ฑ๐ฉ๐๐ซ๐ข๐๐ง๐๐ ๐ญ๐ก๐๐ฒ ๐๐ซ๐ ๐จ๐๐๐๐ซ๐ข๐ง๐ ๐ญ๐จ ๐ญ๐ก๐๐ข๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐๐ซ๐ฌ ๐๐๐ซ๐จ๐ฌ๐ฌ ๐๐ฅ๐ฅ ๐ญ๐ก๐ ๐๐ก๐๐ง๐ง๐๐ฅ๐ฌ ๐ญ๐ก๐๐ฒ ๐๐ซ๐ ๐ฉ๐ซ๐๐ฌ๐๐ง๐ญ ๐๐ญ".
Let me explain how this can be achieved:
๐ ๐๐๐ข๐ซ ๐ญ๐ก๐ ๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐ง๐ ๐๐จ๐๐ข๐๐ฅ ๐๐ฑ๐ฉ๐๐ซ๐ข๐๐ง๐๐
Customers are looking for a seamless experience across the channels, so one primary requirement for the retailers/brands is to adopt the best of both worlds and offer a "Combined Phygital" experience. This is to combine technology, convenience, speed, availability, pricing, personalisation, feeling of belonging and exceptional customer service amongst many other aspects.
๐ ๐๐ฌ๐๐ซ ๐๐ฑ๐ฉ๐๐ซ๐ข๐๐ง๐๐ ๐๐ง๐ ๐
๐ฎ๐ฅ๐๐ข๐ฅ๐ฆ๐๐ง๐ญ
The stores can no more function just as a place to display and sell products/services to customers. They need to be repurposed to be considered and used as fulfilment centres. This allows the customers to touch, feel and experience the products. It also let them collect their online purchases and the sellers/marketplaces can use the store as fulfilment centres.
๐ ๐๐๐ญ๐ ๐๐ง๐ ๐๐๐ซ๐ฌ๐จ๐ง๐๐ฅ๐ข๐ณ๐๐ญ๐ข๐จ๐ง
The floor space must also be utilised for personalised offerings which are based on customer data, in terms of their buying behavior, product preferences and demographic information, collected through their digital impressions on your digital channels .
๐ ๐๐๐ฅ๐ฎ๐ ๐๐ซ๐จ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง
Customers are looking for value in whatever they buy. This behavior could be utilised to optimize the value of a physical store by ensuring that the customers are able to touch, try, feel, taste, smell the products and services. The store can take advantage of available technologies to know who the customer is when they enter. Accordingly provide them products offerings considering the value they are looking for from you.
I understand that this is a vast subject and can't be dealt by a few strategies but a start can be made to drive traffic and then extended.
What say? Please leave with your comments below.
