How often have you picked up a beautiful piece of clothing in a store but suddenly put it back in its place? Let me correct myself- CAREFULLY put it back since the price tag didn’t match your budget!
Honestly, it has happened to me a lot of times! Either I wait for my salary to be credited (crying later is silent), or I simply avoid buying an item unless it is displayed at a discount. We also know it would take you just a few seconds to tap the ‘Buy Now’ button if you get the exact piece online under a great deal! Isn’t it?
Shopping in-store has become a tad old-fashioned, don’t you think? Anyway, we aren’t letting go of our habit of trying ten different things and sometimes, not even buying one!
But how is this problem being solved?
Not very long ago, you must have witnessed retailers strategizing their omnichannel marketing approaches. The marketing model was a tidal wave; thus, ‘Phygital Retail’ became the new buzzword that has blurred the thick line between the physical and digital worlds.
HOW? It is precisely what we’ll be talking about in this article! So, how about taking a peek?
Understanding the Journey from Omnichannel to Phygital
The flight from brick-and-mortar retail stores to e-commerce stopped at numerous destinations, one being omnichannel.
Undoubtedly, the term does sound impressive!
Initially, the key strategy emphasized by retailers was to convert a potential customer into a regular one via any means- mobile, in-store, etc. Unfortunately, various entrepreneurs misunderstood the approach and instead started building a multichannel strategy, while the two have a fine thin line of difference.
Notably, the latter, multichannel strategy worked towards providing an alternative online mode to the customers than working on both simultaneously.
Undoubtedly, consumer experience should be the top-notch priority for retail businesses, and in the race to introduce innovation, the journey for the current period ended on adopting ‘phygital.’
Now that omnichannel has been replaced by phygital, it offers customers an exceptional opportunity to order, review, return, and exchange goods whether online or offline.
But how did the shift happen?
The rivalry of Retail and E-Commerce Led to Innovation!
Exploring products online has become a pastime activity for many and one of the primary reasons behind higher sales of a store. If you belong to the same league, you’re experiencing a phygital approach already without realizing the same.
In simple words, phygital has re-invented the buying experience for the consumers and here’s how retailers are optimizing the new buying manner:
- A digital display of products to customers at home for them to shortlist and review the items by visiting the store.
- Integration of QR codes in ads for customers to scan and land at the website.
- In-store self-paying services and checkout.
- Integration of Augmented and Virtual Reality for consumers to witness new products and leave feedback.
In order to explain to a 5-year-old, we’ll state that phygital retail experience is all about blending or aligning an in-store shopping approach with digitally enhanced methods. For example, how disappointed would you feel when you excitedly open a website to purchase a limited stock item; but the site crashes due to an issue, and the item is gone? Sucks right?
But fortunately, the phygital retailing approach has now taken the affair into its own hands and will offer a personalized and seamless buying pattern.
But How are Customers Likely to Get Influenced?
Marketers are now well aware of making smart choices and precisely know how consumers are targeted. Thus, they collect all the relevant information based on customers’ previous purchases, shopping behavior, and more to plan campaigns that target them in an effective manner.
For example? It must have surprised you one or the other time when you’re passing an expensive store that catches your eye, and suddenly your phone pings saying, ‘Get the best deals ever!’ Would you stop, or would you not? Of course, you will, and that’s the magic of location-based push notifications.
Phygital Technologies are Right in Front of You!
No wonder retail market space is paving the way for phygital technologies!
How would you recognize them, you ask? Here are a few top-notch examples!
AR and VR
Are you a big Pokemon Go fan? That’s about it!
There was a time you could see people wandering with smartphones in their hands! That’s the magic AR created, and now it’s all set to rock the shopping world.
Retailers are diving deep into the ocean of AR and creating possibilities that could enable customers to try on products virtually.
Personalized ads
Personalization is one of the best ways to hold attention, and there’s no coincidence if you see certain sites throwing recommendations at you.
Businesses target their potential customers via this pattern to boost their sales and, unsurprisingly, acquire victory at the same.
Cashier-Less Checkout
In-store shopping is rapidly changing in terms of digitization! For example, retail stores are now leveraging phygital retail displays in place of human cashiers, which adds convenience.
What’s more? The times are not away when retailers will amalgamate the entire experience with AI for a jaw-dropping experience!
In Conclusion…
Consumers' shopping habits are changing, and so are their needs! Therefore, it is vital for businesses to remain a step ahead and predict future trends.
As mentioned earlier, physical and digital forms ‘phygital,’ and the trend is a powerhouse for businesses that are here to stay.
In-store shopping is never going to vanish since it offers a personal touch to the buying experience. However, blending technologies along with physical action will be the icing on the cake for retailers.
What do you think?