The present day consumers are not only tech savvy but also hyper-connected. They use multiple channels to interact with a retailer and their purchase journey is more complex than ever. These highly empowered consumers seek personalized, consistent and holistic experience from all the channels. To meet the demand of these new age consumers, retailers are going beyond physical stores and tapping into the digital world to attract, engage, convert & retain consumers. This calls for the retailer to metamorphose from a brick-and-mortar presence to being omni-channel. While many retailers have already started implementing an omni-channel strategy, there are a few critical factors that could save it from failure.
It’s the time of year when everyone is looking to set their expectations for the year ahead. For retail, 2017 promises more disruption ahead as retailers try to figure out the changing shopping behaviors they see from customers who are more digitally savvy than ever. Here is my take on five predictions for retail in 2017.
2016 was a tough year for initial public offerings of venture-capital-backed eCommerce companies. However, it was a year of notable acquisitions of eCommerce companies by large retail chains and consumer product providers. Getting acquired has always been a primary exit strategy for eCommerce companies that have received funding from outside investors.
By next year, Forrester estimates that digital technology will play a part in almost 60% of all in-store transactions, which will equate to roughly US$1.8 trillion. While most brands have spent decades building their physical presence, many are losing out online because they simply aren’t holding any digital real estate.
Omni-channel is the new buzzword in the retail world - like eCommerce was a few years ago, and to a certain extent, Big Data was maybe a year ago. While eCommerce has already demonstrated its might, Big Data is starting to catch up, omni-channel remains largely uncomprehended by the retail industry in India. Having said that, it's likely to pick up pace rapidly and we foresee omni-channel retail trends like Mobility, Beacons, Personalization, Physical Stores, Fulfilment & Big Data (yes, another buzzword) changing the face of retail in India - yet again.
The invention of internet mobility has significantly changed the shopping pattern. Nowadays, it is possible to compare products and prices at the touch of a button. The consumers are more knowledgeable these days as they are always connected through their mobility devices. Due to this, there has been an increase in the expectations related to shopping choices, product availability and consumer experience. A survey was conducted recently which showed that 73% of the consumers believed they were more informed than the salesman in the stores.