The past two years have seen the rise of digital adoption across all channels, and a significant indicator of this is the increasing prevalence of online shopping. As the world continues to reel in the after-effects of the COVID-19 pandemic, consumers are heavily focused on digital platforms that deliver frictionless and hygienic purchasing experiences.
It is estimated that by 2023, 22% of global retail sales will be carried out through e-commerce and digital shopping platforms. In such a scenario, retail businesses need to step up their game and establish an online presence.
The consumer behavior towards purchasing has changed post-COVID-19. This is a result of social distancing conventions, movement restrictions and lockdowns, increasing technology usage, and being better informed than ever before.
One of the most difficult tasks for brick-and-mortar businesses following the COVID-19 outbreak is determining how to compete with internet stores. In a similar vein, pure-play internet businesses have begun to invest in physical locations in order to reap the benefits of having a physical presence. While online purchasing is transactional, in-store shopping provides a memorable experience, and merchants are looking to capitalize on this.
Because of the rapid rise of online commerce and the inherent power of offline retailing, retailers should utilize a combination of both platforms in the post-COVID environment, providing a bigger possibility for such hybrids. As a result, by exploiting store assets and combining the shopping experience across several channels, businesses stand to gain a competitive advantage.
These counter-trends will inevitably level the playing field, leading to all shops becoming multichannel players striving for the greatest consumer experience.
With the high pace of adoption of digital technologies, the border between online and offline retailing is blurring. It is, therefore, bringing together both the worlds and providing a demanding environment for merchants to compete in new ways.
The advancements in the retail business may be summed up in one word: Phygital.
It brings together the best of both worlds, combining physical shopping contact points with digital technology in a way that keeps the consumer experience at the forefront.
Phygital can empower brands to leverage an omnichannel interface to showcase their products in real-time. With a phygital shopping experience, customers get the look and feel of the actual product from the comfort of their homes, thereby making the virtual shopping experience much more fulfilling.
Brick-and-mortar shops can leverage phygital shopping to compete with pure-play online retailers. Whereas, pure-play online retailers can also offer an in-store like experience without the need to invest in a physical location. Phygital has something for everyone.
Maxicus Phygital is here to change new-age buying with a virtual experience. Get introduced to the world of V-commerce and notice what a significant difference it can make to boost the online shopping experience. Connect with our team of experts and book your demo now.Categories: