"As the retail sector evolves, the line between online and offline shopping is getting blurred. Innovations in the sector are making it easier for customers to choose their preferred products while shopping. To compete with this new reality, brands need to build a trustful relationship of with customers. “They need to ensure that each customer, who walks into the store, gets the best experience of his life,” says a spokesperson for Mumbai’s Korum Mall."
As the retail sector evolves, the line between online and offline shopping is getting blurred. Innovations in the sector are making it easier for customers to choose their preferred products while shopping. To compete with this new reality, brands need to build a trustful relationship of with customers. “They need to ensure that each customer, who walks into the store, gets the best experience of his life,” says a spokesperson for Mumbai’s Korum Mall.
To reach out to a maximum number of customers, many e-commerce brands are opening pop-up stores across the country. “Driven by the agility and efficiency, these digitally native brands aim to provide great consumer experience through automated logistics,” he explains.
Sustainable measures and eco-friendly production will enable brands to more engage with existing customers. It will also allow them to create new customers. “There is an alarming need to take care of our planet.” For this, he advises brands to adopt measures like avoiding plastic, using non-polluting materials, regenerating and applying new technologies. “Customers are appreciating companies that are shifting to more sustainable practices,” he adds.
Experiential retailing, personalise attention to create a niche
It is also important for a brand to hold customers attention through story-telling and providing them with a great experience. “Speeding of experimental retail is creating memorable experiences for the customer. Malls are infusing entertainment options into their mix in order to transform their retail environment,” he adds.
Brands are also rewarding customer loyalty by offering them new options for subscriptions or membership benefits for their favourite media like Netflix, Amazon, Hotstar,etc. “This has helped them grow 100 per cent per cent in the last five years,” notes the spokesperson. Though this is a result of a steady stream of venture capital investments, subscription e-commerce is also responsible for its growth as it provides personalised, easiest and affordable ways to satisfy a customer’s need.
Shift from online to offline
Both online and offline operations are important for catering to the needs of the customers. However, these days many online players are expanding their presence in the physical realm by opening stores. “A testament of this trend is the online stores of Amazon books and Amazon go which have transformed from online to pop-stores.” Other digitally native retailers also plan to open physical stores in near future.
3D design tools to reduce time and costs
Store designs are also gaining prominence these days as companies are adopting 3D tools to reduce the cost and time involved in sampling and fitting and improving margins. “Investing in these 3D virtual tools helps us to effectively plan our store’s design, layout and determining product positioning,” adds the spokesperson.
Tracking customer demands
It is important for brands to know their customers choices and preferences if they want to retain him for a long term. There are many new software’s available today that help brands track their customers’ data. However, these software have certain limitations. Hence, brands need to be a better observant of trends.
Consumers no longer focus on not just filling their closet with new purchases. They are now able to differentiate between meaningful and not so meaningful purchases. “The current year is likely to bring more challenges for retailers as they will have to frame their retail experiences around the human component and view each person who visits their stores as a golden opportunity,” he sums up