The internet has upended almost every industry

Source: Internet
Author: User
Keywords nbsp. Consumer
Tags channel closed consumer consumers consumers can electronics example internet

The internet has upended almost every industry, but perhaps no industry has been more thorough than the changes experienced by the retail industry. The near-global coverage of the Internet and the rapid spread of smartphones have made a myriad of changes in our way of shopping and the way retailers compete. There will be more changes in the coming years, and the following are the three major trends that need our attention.

Traditional physical stores will exist for a long time

Many large retailers have either closed their doors (for example, book retailer borders and electronics retailer incrementally city) or are still struggling. "For example, toy retailer Toys R ' E (Toys's) and electronics retailer Best Buy", This is because the Internet is better able to deliver a large variety of products to consumers at very low prices. As more and more chains are closed, it seems that we do not need so many physical stores now (do we need so much in the past?). Because it is easier to buy and repeat purchases over the Internet.

But no one feels that the physical stores will completely die out. Local retailer (where you can enjoy, feel, and experience products?) still has its value. What has changed is that retailers have come to realize the need to use some of the experience to attract customers. New York City drug chain Duane Reade has divided its pharmacies into three regions: "High-end markets" for ready-to-eat products, "fashion boutiques" offering beauty, nail, taste and virtual styling services, and "pharmacies" with health advice from professionals. All of these are services that require customers to actually walk into the store and get hands-on experience.

Online and offline Shopping: Seamless experience

Retailers have been talking about "full channel retailing", which means that retailers can seamlessly switch between entities and digital stores. This is a coveted goal for many retailers, but it now appears that few retailers are completely "channel-retail", fully integrated into the inventory, budget, pay and sales/procurement processes.

Most traditional offline retailers also understand the need to develop e-commerce and mobile platforms. Interestingly, for pure online retailers, they also consider "full channel retailing". E-commerce brands such as Warby Parker are setting up offline display rooms, physical stores and delivery trucks with branded logos. Warby found that setting up physical stores for online products could produce positive synergies.

The retail industry also found that the key node that integrates all these channels is smartphones. Smartphones not only link online and offline, but can also provide excellent opportunities for social media marketing strategies. Alice and Olivia, a renowned designer Stesie Bandai Fashion design company, has her own blog and is active in social media. In the final analysis, "full channel retailing" will no longer be a tool, but will become a retailer's way of life.

Faster online shipping

These trends fundamentally change consumer buying behavior. The online retailer's policy of free shipping and free return was used to lure more people into shopping, initially to reassure consumers. This has radically changed consumer expectations. Now, if they are unsure which pair of shoes to choose, they can set several pairs and try them at home. They can take pictures of themselves and send them online to see how their friends react.

The expected delivery time has also been shortened. ebay's "ebay Now" service has been trying to promote a program (for some urban areas), so long as the goods you want are available at the local store, and ebay can be delivered to you in one hours, no matter where you are. As a result, it is inevitable that consumers in the future may think that they can do anything for 24 hours a day.

Consumers can easily search for a wide range of retailers and branded products, which also drive consumers to mature faster. Price-sensitive consumers can search for the best price. Mature consumers can easily learn product features and search for the best product configuration.

As consumers become more sophisticated, retailers that cannot reach both ends will struggle to survive. But if a brand understands consumers and can focus on consumer demand and offer unmatched brand shopping experience, the brand will thrive.

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