In the digital age, people can easily shop and purchase practically anything they need in totally different ways. Consumer experience is a primary differentiator, especially with the wide assemblage of merchandises and dealers. Retail industry is quickly expanding and with it comes the growing competition, particularly online.
From Window Shopping to Virtual Shopping
Consumers from ten years ago would be astounded with the diverse options shopping has opened up these days. They don’t only have the choice to visit actual stores, but they can also use their smartphones to compare the prices and view product reviews. They can even get their friend’s thoughts regarding a possible purchase in real time using social media. A series of online marketers even ship the items directly to their doorstep.
The Changing Times
Based on predictions by industry observers, this sudden shift in trends could lead to the demise of retail and extinction of physical stores, which could come sooner than expected. In reality, there is already a precedent to this forecast during the last century. Did you even notice where those adorable small corner stores have gone? You didn’t even realize that they gave way to big-box supermarkets, huge department shops and massive retailers.
Even though direct customer contact could increase customer loyalty with the brand, it also gathers hefty amounts of consumer information that are not really used. On the other hand, the online form of the industry makes it easier when it comes to storing data because both consumers and retailers can easily access and modify it. They could even efficiently use the data collected to enhance business performance, improve sales and satisfy customer demands. Suffice to say, the transition from brick-and-mortar shopping to virtual retail has its ups and downs.