Consumers no more love to stick with only a single channel. They go back and forth between online and in-store, according to their conveniences
FREMONT, CA: The U.S. retail sales rose around 3.4 percent during the 2019 holiday season. The online sales for jewelry, apparel, and department stores have seen a revolutionary surge. This ensures that online shopping will continue to grow in the near future, and the growth of in-store sales will entirely depend upon how retailers improve customer experience.
In the year 2020, retail sales will largely depend upon the integration of technology. The sale and growth will rest on the ability of the retailers to drive both online and in-store purchases, and their willingness to augment and embrace in-store digital interactions. PwC's 2019 Holiday Outlook report says that 60 percent of consumers aged 24-27 will opt for a superior in-store shopping experience.
Retailers must understand that consumers no more love to stick with only a single channel. They go back and forth between online and in-store, according to their conveniences. Taking these unpredictable shifts in consumer behavior into consideration while framing strategies will help the retailers reap huge benefits.
Let us look at three such strategies that marketers should consider to bridge the gap between online and in-store retailing in 2020
Rewards and Promotions
One of the most potent opportunities for physical store retailers to compete with online rivals is allowing rewards, giving out loyalty points, and promotions. While visiting an online store, the customer comes across various offers and loyalty programs, which they don't find in the stores. A Harvard Business Review study shows that out of 400 executives, 53 percent found the loyalty program helpful and wanted it to be in digital form and omnichannel.
Smarter use of mobile technology in the store can change a lot of things for retailers. The idea is to put mobile at the core of customer engagement. Mobile applications for a preferred store help the customers to find a store, search for products easily, secure check-out options, etc. Geolocation, in-app messaging, and pushing the notifications to consumers mobile makes it easy for the customers to carry out the complete shopping process easily, without wasting much time.
One thing that combines the benefit of online and offline shopping is click-and-collect service. Consumers can browse through a wide range of products online, select them, add them to cart, can even pay online, and then finally visit the store and collect the product without waiting for the shipping process, as in online shopping. This is a mix of online and offline retail that is becoming trend in 2020.
See also: Top Retail Technology Companies in APAC