Stores are shut, online deliveries are severely curtailed, retail is struggling to sustain and still service their customers. But it’s not all gloom and doom; there is a silver lining that retailers need to pay heed to.
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Screen Age. Smartphone Era. Digital Generation. Call it what you like. The fact remains that today’s virtual hyper-connectedness is accompanied, paradoxically, by an unprecedented level of interpersonal disconnect in the real world. But a massive change is afoot and we’ve already been touched by it in one way or another. Now, it’s time to actively harness this shift.
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3 years ago, if a delivery person arrived at your doorstep with an order that you had placed 5 days prior, it would be considered on-time delivery. That’s no longer the case. Customers are no longer satisfied with waiting for their deliveries to reach them two days after the order has been placed. In fact, today, the demand for same-day delivery has picked up pace….
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It has only been a couple of years since talk about the application potential of augmented reality and virtual reality in retail has started gaining momentum. And already, retailers are looking at a possibility where the two can be brought together in the same space through what is called mixed reality (MR), with the aim to differentiate.
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In the 2 decades I have spent in retail, I have seen it evolve tremendously. But it’s the changes that have taken place over the past 5 years that have particularly caught my attention. Retail is no longer a place where people buy products. It is fast becoming a space they visit for memorable experiences that have them coming back for more.
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Retail strategies have seen a lot of changes over the last decade, moving from physical stores to online and mobile, including diverse methods of engaging customers ranging from VR and AR to chatbots. There has been a fundamental shift in user behaviour over the last few years, with a steady decline in interest in social media, being replaced by a propensity, especially in the millennial…
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Airports are using technology to create engaging experiences for shoppers. QR codes, iBeacon technology, Virtual Reality and a host of other digital solutions are allowing airports to deliver added conveniences to passengers and boost their retail sales.
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From being transit points where the only attractions for captive customers were fast-food outlets, newspaper kiosks and over-rated Duty Free shop, where you could pick up the clichéd chocolate, liquor and perfume, airports are now considered the shopping malls of the 21st century. Physical stores across the world may be feeling the heat of recession and changing consumer behaviour, but airport stores are taking off, as global travel becomes more and more popular.
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The retail industry is in the midst of a digital revolution and it is time for retailers to think beyond the established dimensions of the physical and digital space to connect with the customers. Consumers today are becoming far more cognisant, and product choices are thriving rapidly.
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In this world of Millennials and the generation X retailers are expected to provide a 360° consumer experience across multiple online and offline platforms. In an effort to please the customers with the Omni-experience shoppers are now allowing consumers to own their data and experiences in order to create a guideline for the future.
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A lot has been written and spoken about the Millennials – about their habits, their likes and dislikes, and how they’ve changed our world forever. But, how much of what has been said about them is actually true? Are they – as we think – a generation that’s forever wired or do they share any similarities with the previous generations too? This blog post is my attempt to demystify certain myths surrounding the Millennials, especially for the Retailers.
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Let’s begin by understanding what a sharing economy actually is. The term stands for a peer-to-peer, access-driven business¹ where a single product or service is reused by multiple customers – renting homes or cars; borrowing clothes; or offering micro-skills for money. Airbnb, Uber, SoundCloud, and Spotify are prime examples of sharing economy businesses.
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