Retail business has been in occurrence for more than 10, 000 years. With the main focus on fulfilling the need of their end users (consumers) with products and services. With the advent of e-commerce, it was feared that brick-and-mortar retail business will die down. But smart offline retailers were quick to adopt technology, and are flourishing along with the e-commerce.
“It is not the strongest of the species that survives, nor the most intelligent, but the most responsive to change.”
– Charles Darwin.
How retailing is standing tall with the technological advancements of e-commerce:
1. Omni-channel Sales Opportunities
Omni-channel sales consist of providing a uniform and connected shopping experience for the customers on multiple channels. It connects all their shopping channels be it desktop, laptops, or mobile phones. Omni-channel sales opportunities involve interaction with customers across multiple platforms and selling the products online on business website, mobile applications and through email marketing. The idea is to reach users on their preferred platforms and offer them goods and services.
2. Technology is Transforming the Brick-And-Mortar Store
Retailers have adopted technology wholeheartedly. Voice assistants and virtual realities are becoming a part of services provided by the retailers to facilitate their customers’ shopping experience. The new “Click and Try” method of shopping where a user buys a product online and picks the package from the store is becoming increasingly popular. Stores also use GPS technology and beacon technology to push sales when their target customers are available in nearby areas. This increases footfall in their stores.
3. Data-Driven Decisions Are Bringing in More Sales
With easily available tools to analyse the data and generate multiple reports, retailers now better understand their product demands and market needs. It also allows them to decide which areas of their business need improvement and which are gaining popularity. They make changes and move forward with data-driven decisions. And just like everything else, change is constant in the retail business as well.
4. Retailers are Playing the Digital Marketing Game Right
Digital marketing plays a huge role in the success of the retail business. From images to video marketing, retailers try to create their online presence everywhere they can. Digital marketing can take retailers to incredible heights of success- take Amazon for example.
Social media is an integral part of the digital marketing. Retailers understand that such a huge potential market which social media offers can’t be left unutilized. And they are cashing on in it. The ‘buy now’ buttons on social media helps generate more sales for retailers. Also, the presence of online retailers on social media increases their online visibility. Social media helps retailers sell beyond their geographical markets, as we all know- social media connects the world.
5. Augmented Realities and Virtual Shopping Experiences boost sales
Though many may not want to admit it, people still love the feeling of picking different products and trying them. Augmented realities and virtual realities make it possible for customers to try product even while shopping online. Augmented realities allow retailers to let costumers see how the products will fit into their world. It is being used for products like furniture, clothes, jewellery and even artworks.
6. Chatbots streamline the communication
Having chatbots on a website has become a necessity now. Chatbots can answer customers questions and queries easily. Those can help with the frequently asked questions and provide information about special deals and offers to the customers. Chatbots can guide the user throughout the buying funnel and also offer upselling opportunities for the sellers.