Almost every one of us would have come across the before and after picture of people who lose weight, the image that defines the changing point, shows the exponential difference from start to finish. They almost inspire everybody to change, sometimes themselves and sometimes the world. How many actually do change is a different story. The Lock-down was one such moment for Retailers across. One moment they were putting all their efforts to increase in-store traffic and the next nobody was sure when the stores will open. Reaching out to customer for basic purchase could be a struggle was a thought that nobody could think of even in their wildest dreams. The Irony of Retail is that even amidst struggle it will always find a way.
And so it did. Innovations kicked in and the last year was a revelation for the whole industry. Retailers have come up with methods to reach out to customers without opening stores and still creating a seamless journey. Here are some that really did put me in awe of the dynamics of this industry –
1. Stores becoming Fulfilment centers – Stores for long have been engagement centers and with technologies like AR/VR were increasingly becoming playrooms for delivering that wow factor for customer experience. However, the past year was not so kind, with many stores shutting down, the retailers have been clever enough to turn them into fulfillment center. Enabling Hyperlocal commerce for the customer and optimizing infrastructure as well as inventory. The stores will surely open as the world returns to normal but they will still be playing this fulfillment role.
2. Last Mile Delivery becomes Defining – Last mile delivery has become a very crucial and defining factor in the past years. Amidst global lock-down retailers not only faced challenges but also were constrained in terms of delivering the ordered products on time. Thus collaborating with third party logistics providers makes even more sense. This facilitates stores becoming fulfilment centers and enables curbside pickup for customer giving them more delivery options.
3. Hybrid Store Designs – With the lock-down opening up but the customer still weary of safety and hygiene, the retailers have come up with new evolved store designs. The physical store is no longer a traditional one but it will highlight the theme and concept of the experience that the retailers want to provide the customer. Concepts of store appointments, touchless commerce and checkouts, delivering experience with AR/VR technologies and buying anywhere, delivering anywhere are just some things that will definitely stay and evolve.
4. Influencer Marketing becoming as important as a brand produced commercial – The end consumer has taken up social commerce like fish to water. Life style blogging with influencers reaching out to huge audiences by a single post is a norm. Not just that it is easy for the customer to believe a user rather than a commercial produced by the brand itself. The influencer partnership might be paid but it still comes with a level of trust that the followers have on the influencer.
5. Personal Health, Self-Care & Sustainability – Personal health and Self-care are on the top of the list when it comes to customer’s priority. Sustainability has also become equally important to the millennials and Gen Z. The past year has made the customer even more conscious on these fronts. A healthy lifestyle is becoming increasingly important for the end consumer. In a situation like this more health communities and apps are gaining popularity amongst the customer. Retailers are leveraging these customer requirements by coming up with apps that facilitate mental well-being and connectivity amongst customers.
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