There's an old proverb that reads: May you live in interesting times. I always think of that saying when I consider the exciting changes taking place in the retail industry. Look around at any global chain or online retailer, and you'll find that we're living in times that go beyond interesting.
Ever imagined a scenario where we will be clicking online for our books, media and GROCERY together? Yes, you read it correctly. GROCERIES... ONLINE? Today, Online Grocery shopping is not only a reality, but also an industry that is accelerating, quickly enough, towards its tipping point.
Wearable devices are surely going to make doing business and making consumption choices easy and the retail industry is one of the biggest beneficiaries of this. In fact, the impact would go beyond retailers and the online business and extend to even consumer banking. In fact one can visualize the boundaries between the retail business and banking business blurring in the new digital age.
An omni-channel customer today looks for a shop where he can find sales consultants, and not salesmen. These sales consultants need to be aware of what is being said by the reviewers across platforms, and need to be aware of the latest technologies.
It is truly exciting times for Mobile Payments in general and Digital Wallets in particular. While there is a huge potential to transform the payment space, even at current levels of maturity the market is crowded and fragmented (at least in the US) with many players aiming to take a slice of the pie…
Online retail is a very important channel today, on which every retailer is trying to gain a foothold. Giants like Amazon, Ocado, and Flipkart have established their online business and are trying to tap into a larger market share across the globe. Be it the retail or consumer products for new or used products, everyone wants to be on the web and doing business.
What can retailers learn from consumers’ online behaviors in shaping the in-store shopping experience?
A recent consumer survey found that the majority of people prefer to begin their journeys online, with 88% of shoppers webrooming—or looking at products online first, before purchasing in-store. Such practices are not relegated to just high value purchases like electronics alone; modern day digital shoppers are increasingly price and value conscious, and they are used to easy access to reviews during their online shopping experiences, hence they tend to be less impulsive while purchasing, than ever before.