We love shopping and we are becoming more social and outgoing. We do not want to be stuck to our phones and laptops or hide in our rooms. We want to go out, meet new people, explore the world, experience different cultures and the list goes on. So the need of shopping outside and heavy infrastructure investments made by govt, retailers, societies and brands will keep the momentum going and soon “Digitail – Digital + Retail” will be the future of commerce. Because “Shopping is fun”.

“Retail Gives Sight. Data Gives Insight”. 

The entire game of Product, Price, Place, Promotion, Sales and Marketing Automation will revolve around consumer insights and there is no better place than a store to know your consumer/customer. Remember: Everything was, is and will always be around “Human to Human”. 

There is an emotional connection between a seller and a buyer during a transaction at a store, at an event, or a personal meeting. This experience allow retailers to know the real consumer. They not only understand what consumers like at their stores but also get to know their persona, their personality, their family and other interesting and unforgettable facts. Moreover, there is a sense of connection that we all have experienced since our childhood. The neighbourhood store uncle was always our support whenever we wanted to have a chocolate, ice-cream or a toy. Sometimes we didn’t have money to pay and the store owner would add the cost to his ledger book. Even today when I go to eat lunch or have a coffee, there are few selected restaurants/coffee shops I visit with my colleagues. There are times when I do not have any cash or card but what I have is a strong connection/ positive relationship with the waiters, cooks and the manager. I am one of their favourite customers :). I get to eat my lunch with a promise of paying later. Can I get this service on a mobile app or a website? Can I order a product without paying for it at all (no cash, no card, no payment on delivery), only a promise to pay?

There is a sense of trust, respect and faith when it comes to retail. When we grow, we make similar connections with people during shopping or just by being out. In few countries, stores have become a status symbol for those who can afford. Luxury brand shoppers love to flaunt their style and their purchase. There is a sense of pride for them which is created by the brands by providing high-end products at their high-end stores. This sense cannot be achieved by a website or a mobile app.

The strong connection, trust, and shopping behaviour at retail, brings a huge value to our business ecosystem. This “Place” gives us real insights and experience. 

Having said that, there is a strong need to change and reinvent retail. Consumer behaviour has changed and societies are becoming “Digital/Mobile Savvy. Shoppers enjoy intuitive experience when shopping online or mobile. They like to touch and explore various features, swipe and browse engaging product content, read and write reviews, compare multiple products, get personal recommendations before they decide what to purchase. However, when the same shopper enters into a store, there is no digital content, no touch to read product information, no swipe to explore features, and no digital technology to enhance shopper’s experience. So the customer gets frustrated and walks out of the store. On the other hand, retailers and brands loose customers and sales.

Relevant Digital Technology and Engaging Content will enable an immersive shopping experience, provide consumer insights, give personalised content to shoppers basis their likes, dislikes, past behaviour, age, gender etc., faster checkout, and develop an Omni-channel experience. Once the retailers achieve this level of sophisticated retail environment, they will surely see a huge increase in traffic and sales. Hence, it’s Digital Transformation and Customer experience that will drive sales, positive brand engagement and customer loyalty.

Innovative Technologies like AR, VR, Multitouch, Machine learning, AI, Touch Screens, Beacons, RFID, Digital Product Portfolio, Social Media and Online+Mobile Integration, Traffic Monitoring Solutions, Digital Vending Machines, Mobile Checkout, Intuitive applications will enable an engaging Omni-channel shopping experience. This will also help businesses especially brands to gather real-time data, analyse it to implement smart and personalised strategies (Personalised Promotions, Innovative Campaigns, Engaging Content) to drive customer experience and sales.

There are few serious challenges such as high land cost, cost for shelf space, land, infrastructure, high development cost for digital solutions, faced by brands and businesses to reinvent their retail presence. However, due to growth in digital and technology, acceptance and need of technology by consumers at retail, increase in start-up ecosystem, pool of venture capitalists, smart multi-brand partnerships) have made it easy to reinvent retail.

The journey has just began. Not only offline brands but even online e-commerce giants like Myntra, Amazon and more have realised the importance of Retail. Many brands like HP, P&G, Microsoft, Apple, Samsung and many rely heavily on their retail and offline channel partners who drive their product and sales.

Imagine to have every single retail store like Amazon Go. Alright, not every but many. Therefore, there is a strong need to “Reinvent and Re-shape Retail” in detail.

As a Marketeer with 10+ years of experience in this industry, I feel that this will soon be the new buzz word in our industry: “Digitail” – DigitalinRetail.

The future is still unknown. But at leas’t for the next 10-20 years, we will see a positive transformation in the retail space.