Process & Business Expansion
Posted 23 Apr 2020, Editor's Desk
Shop till you drop with Phygital
Imagine a shopping experience where you just enter the store, pick up what you want and simply walk out. Yes, you read it right! No lines, no checkouts, no payments just walk in, grab and go! Welcome to the world of Phygital.
4 years ago when e-commerce giant Amazon launched it's first ‘Amazon Go’ store, it redefined the entire Customer’s shopping experience. With their ‘Just walk out technology’ Amazon Go became the first store of its kind where no checkout is required.
The Amazon Go app allowed the customers to enter the store, browse through its products and then leave. What bliss for people on the go!
Both the worlds complement each other in the sense that the consumer experience is not just limited to their computer or mobile screens but makes it way into the vicinity of fancy stores as well.
The objective of both the premises is to enrich customer’s shopping experience which has a direct impact on revenue generation and business growth
Importance of Phygital in business growth
With technology and innovation taking center stage of every business, companies now have become more focused on giving its consumers a world-class shopping experience be it in physical store or in the digital domain.
In an age where time is money, a consumer needs the holistic experience of both the worlds (digital + physical) before buying a product.
In retail, through Phygital a customer can experience the following things:-
After making a mark for themselves in the e-commerce space, brands like Lenskart, Myntra, Nykaa, Firstcry.com understood the need of giving this ‘wholesome’ shopping experience to the customer.
It allowed brands to move from online to offline seamlessly. It helped them in increasing their offline reach to the customers and in turn helped in their business growth.
Taking a cue from the retail giant Amazon, back home in India, Dmart also followed suit.
In its new store format, customers can place their order online or through the app. They can then collect their purchases from the DMart Ready stores, or have it home-delivered for an additional charge.
Clearly, the idea behind the new format is to provide shopping convenience to customers and to tap into the e-commerce category as well.
Small business in tier2 and tier3 cities should focus on the smooth transformation of their stores/shops into new age customer engagement hubs.
Great opportunities lie ahead for businesses that have a hold in smaller cities.
The Phygital trend which is catching so fast is here to stay for 2 simple reasons-
Phygital has enhanced the overall shopping experience of a customer by multiple notches and has been an integral strategy for the business growth of many brands. Offline and online stores which were once perceived as opponents, Phygital has surely blurred the lines between the Bricks and the Clicks.