Brick & Mortar Structure & Social Media Lend Hand To Franchise Industry
Amazon was world’s first e-commerce giant to open a chain of convenience stores that is partially automated in 2018. Even then it was clear that to survive the market competition, brands must outdo their current supply chain. By unveiling a brick and mortar setup, along with its online presence, Amazon gave a direct competition to supermarket chains such as the Future Group's Big Bazaar, Reliance Fresh, Spencer's, Easyday etc of the world.
The retail business today is encountering several changes as investments are pacing up in developed and developing markets across the world. Retailers, from small businesses to large-scale stores, e-retailers to brick-and-mortar stores are adapting the most recent patterns in sales, marketing, distribution, production network and innovation to contend, adjust to the changing customer demands, and grow.
One such trend is omni-channel retailing that is helping retailers capture market share across all platforms, internet and brick-and-mortar, print and online media, and mails. It is when an organization sells in numerous ways, from a web store and commercial center to a store on social media channel (like Instagram), it alludes to retailers with both a physical and virtual presence. It is a cutting-edge way to deal with business that centers around planning a durable client experience for clients at each touchpoint. This varies from conventional advertising, where individual channels were set up, without enhancing the overall shopping experience.
Modern-day consumers are everywhere, from online shopping websites to brick-and-mortar stores to marketplaces and like to keep their shopping experiences diverse. As a result, for market players having presence across have cash inflow from different sources. In order to survive and appease all generations alike, businesses must be present in all forms.
Here’s What Drive Customers To Online Ecommerce Websites:
Convenience – Millennials, unlike their precursors, have become used to a comfortable lifestyle since whatever they need is readily available online at the tap of their hands. Additionally, websites promise speed, convenience, and a personalized experience when shopping online.
Variety – With concepts like up-selling and cross-selling easy to channelize on an online shopping portal, it becomes easier for customers to look through more variety than they could in giant stores.
Free Shipping & Doorstep delivery – The luxury of free shipping is one the top three reasons why online shopping sky-rocketed in the first place. It makes a huge difference between online bought or store grabbed purchases as it compels shoppers to buy more online.
Then Why Are Consumers Still Shopping Offline?
To see, touch, and feel a product before purchasing is one of the top reasons why customers, even today, choose to shop in a physical store. Its not easy for the baby boomers to give up on physical stores just yet. They believe in building a social currency and maintaining it by getting out in the real world and grabbing opportunity to interact with more people. Technology can only get us so far but having a strong offline presence is imperative to a business as it promotes brand loyalty and customer confidence in the products.
Upcoming retailers who resist the omnichannel marketing strategy often face difficulty in attracting repeat purchases; primarily due to their entire focus on creating a strong online presence while their target audience wants an offline touch ‘n’ feel quality. Focusing on their needs and aligning brand strategy with it will give a seamless and an integrated shopping experience that will eventually lead to recurrent visitors.
Given the onset of the ecommerce industry — and the consideration and investment of dollars being redirected to propelling the advancements of the ecommerce — it's significant for offline retailers to not dismiss their traditional setup altogether. Customers are anticipating a sort of mix now. It's dependent upon retailers to ensure that their aspirations are met.
The Author is Aditya Bafna, MD at Seva Group
