According to an article written by Morgan Kelleher and published on Forbes, modern retail landscape has completely undergone a revolutionary transformation. Varying consumer preferences, shifting trends and the constantly changing consumer buying behaviour are just some factors that influenced this radical event. Consumers now have the option of browsing or shopping on e-commerce platforms, conducting initial research or instigating peer reviews and recommendations before finalizing a purchase.
Retailers are only just beginning to incorporate O2O functionalities into their systems to create a seamless customer journey experience, all the way from online to offline channels. This integration provides a massive benefit for physical retailers when comparing against e-commerce platform giants such as Amazon and Alibaba. This gives traditional retailers a chance to tap onto that holistic customer shopping experience that the retail industry strives to achieve.
Social interactions and the overall customer journey experience are still relevant and a necessity for some, which is only achievable in a physical store with employees. The inception of mobile applications and smartphones has added an element of mobility, be it to drive marketing strategies, traffic to stores or engagement and loyalty with existing and new customers.
Real-time Data Digitized within Physical Spaces
Within the physical retail space, expect the usage of radical technology. Data will be utilized to provide a more personalized shopping experience catered to everyone. Demographics, profiling and buying behaviour – captured using facial recognition technology and hence driving more sales.
Changing Consumer Shopping Habits
Recent studies show an estimated 71% of consumers source for the best deals online. Furthermore, consumers tend to browse products while in a physical store to find the best possible price, dubbed as “Showrooming”. This shift in trend provides an opportunity for retailers to improve the overall customer shopping experience.
These changes, enabled by the massive developments in technology, has transformed the retail industry. More specifically, advancements in video analytics has enabled retail businesses to integrate Offline to Online - Online to Offline stores, profile consumers, capture data which used to be only accessible to e-commerce platforms and provide a holistic customer shopping experience among other aspects.
Interested to find out how your retail business can implement such changes? Contact our consultants now!