What is the future of physical retail in light of the e-commerce boom?
With every passing decade, the retailing market goes under a disruption. It was just two decades ago that the local street markets ruled the city. The development of shopping malls changed the whole idea of retail shopping presenting numerous amount of options and facilities under one roof. Each wave of transition doesn’t eliminate what existed before but reshapes and redefines consumer expectations, often beyond recognition.
Like most expected transitions, digital retail marketing and technology got off to a quivering start. But as we all know, the trend of e-com retail and online shopping has reached a soaring height in over the last decade with the rise of social media and a shift in society from a physical to a more digital way of living. Today the economic reality is well established and with the world being hit by a pandemic last year, there has been a paradigm shift in the future as well as the presence of physical stores and online shopping. If the lockdown has demonstrated anything to retailers and consumers it’s the power of online commerce accompanying the virtual shopping experiences. Amidst the wreckage of the COVID-19 pandemic, retailers have found themselves a flourishing opportunity with the help of e-com content available through the websites. Something as simple as grocery shopping in the supermarket has become a special occasion, as weekly groceries are delivered to the doorstep with a touch of a screen. What we are witnessing today is only the beginning and the influence of digital marketing and social media is here to stay.
The improved online consumer experience has not come as a surprise. The selection is vast and remarkably simple to search on the websites. The prices can be easily compared and conveniently viewed from home or at work. Most of the online purchases are delivered for free bearing no shipping cost to the consumer. The online payment mode can be selected as per convenience. Many websites offer options like videoconference with a personal concierge, try and buy options at the time of delivery, returns, and exchanges free of cost along with countless product reviews and recommendations shared from all over the world. Retailing executives must acknowledge that the new era technologies will grow faster at a much cheaper cost. They need to strategize for situations like maintaining the footfall while keeping the cost-effectiveness amidst competition in mind and delivering a satisfactory customer service experience while giving a complete package of an unforgettable experience.
The role of the physical store will still be important despite the rise of online retail as many consumers will still opt to go to physical stores for the experience, to socialize, and to try out new products. Retailers will find that the digital and physical arenas complement each other rather than competing with each other, as a result increasing sales and lowering costs. However, the future of retail is marching towards the ease of e-com as digital marketing and online shopping continue to further explore the endless possibilities the future holds under the digital umbrella of the world.