28 Aug 2020, 09:45 — 5 min read
Indian retail industry has emerged as the most dynamic and fast-paced industry due to the entry of several new players. It accounts for over 10 per cent of the country’s GDP. The retail sector in India consists of over 15 million retailers.
Every business is always looking at mediums to grow and expand their business and generating sales. Retailers are also looking for the same. With these uncertain times, retailers have still managed to stand ground.
As customers, we tend to love window shopping and are always looking out for great deals and special discount offers. According to research, customers can access more deals and discounts with the help of online shopping. Majority of consumers have started adapting to online shopping, as it is much safer. Along with safety, online shopping has proved to be a lot more conveniently, faster, and real-time. We have also noticed consumers visiting the store first, trying to get a look and feel of the product, and purchasing it online, especially for heavily priced products.
Phygital is a new strategy that more and more retailers are adopting. It is a blend of the physical and digital worlds that create an interactive environment that lifts the customer experience. The perfect mix of physical and digital retail phygtial = physical + digital
Phygital retail is bridging the gap between the physical and digital channels and creating an opportunity for omnichannel marketing. The perfect mix of physical and digital stores will help retailers and brands in the long run. Without even realising, we come across this marketing strategy in our day to day lives. Omnichannel is using all of your channels to create one unified experience for your consumers. This includes traditional and digital channels, point-of-sale, in-store, and online experiences. Customers bounce between channels when interacting with an eCommerce brand, and today, marketers are just beginning to respond to that behaviour.
Slowly all retail shop owners are adopting this approach. A big player like Amazon is also working towards opening stores. Consumers themselves are omnichannel; they exist in both the physical and digital worlds, and they participate in commerce in both places, so retailers must start adopting these practices.
The Phygital ecosystem will be very critical in shaping the future of retail. It will allow retail companies to explore, innovate, and create a new successful business model. To successfully implement this new strategy, retailers need to create a solution that looks at digitisation of the retail space along with building capabilities, which can analyse the insights from good quality customer data, leverage technology, the power of AI (Artificial Intelligence) assess all these strategies.
Adopting this strategy can help your store maximise its current reach and reach the right user at the right time, combine the advantages of each approach and benefit the customers who have a single relationship with the brand.
This strategy can help retailers to regain customer confidence and meet their buying patterns and needs. Contactless payment methods and giving digital receipts instead of traditional paper receipts will play a crucial role in fulfilling the customers’ safety while shopping, along with convenience. With the omnichannel marketing approach, the shopping experience will be tech-enabled but personalised at the same time.
Phygital will be the new normal, it is the future of retail, and its adoption would help businesses survive and thrive. If you’re a brand considering adapting this omnichannel marketing strategy, now is a good time than ever to do so. This will encourage long-term brand loyalty and customer satisfaction. It is a trailblazing method for those who do it well, thoughtfully, and creatively.
Also read: Don’t have a transactional eStore? Here's what you are missing out
Image source: shutterstock.com
Posted byGlobalLinker Staff
We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
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