The retail sector is undergoing a global change due to technological advancements in the twenty-first century, and all credit goes to digitalization. Businesses are undergoing various changes as a result of Digital Platforms. Consumers can now communicate with businesses through the internet and mobile devices. According to Statista, total retail sales in the United States are expected to reach $ 5.94 trillion by 2024. Digital devices are shaping customers' buying journeys.
It enables consumers to make wise and timely judgments and businesses to assist customers and obtain vital information for making shopping decisions. This calls for the digital transformation of the brick and mortar stores as well. With the rise in the e-commerce industry, physical stores are also moving towards selling goods online.
The constant advancement of technology will only hasten this spread. Artificial intelligence is helping to make the e-commerce experience more customer-centric, with personalized recommendations and virtual support becoming increasingly frequent. This makes the brick and mortar stores sell online.
How has digital transformation led the physical stores online?
Businesses must keep up with the times as digital technology improves and plays a larger role in our everyday lives. It's straightforward from a wide perspective: keep up or fall behind. Acknowledging what digital transformation means for your business, on the other hand, needs a bit more research. Customers are at the centre of all corporate innovations. Customer satisfaction is the key to success in business.
Digital technology and digital transformation are significantly driving modern customer expectations. The consumer that is always connected sees fresh possibilities all the time. They demand new things from you when they see them elsewhere. And if you don't have anything to contribute, they'll find someone who does.
Customers can now compare shops and switch from one brand to another with less effort than ever because of the digitally connected world. The rise of e-commerce has mandated the physical stores to sell goods, especially electronics, online because of the following reasons:
Every industry is affected by the digital revolution. Whether your company makes money from client services, digital media, or physical things, technological advancements can revolutionize your manufacturing, distribution, and customer service processes. Depending on your industry, your customer could be a consumer or a business-to-business (B2B) client. Let's broaden our horizons to include your personnel
The digital era has connected and empowered today's customers. They're online 24 hours a day, seven days a week, and they increasingly want and expect the same from the companies with whom they do business. What are the main reasons for this shift in consumer behaviour? Social media and mobile devices. More than half of customers polled for Salesforce's research claimed that technology had impacted their expectations of how businesses should connect with them. According to the Harvard Business Review, 73 percent of buyers prefer to do business with firms that personalize their purchasing experience. Moreover, according to Salesforce's research, 57 per cent of customers think it's "very essential" or "significant" to buy from companies that are innovative.
The consumer mindset is already embracing the trend of blurring the lines between digital and physical. The Internet of Things (IoT) and immersive experiences provided by Augmented Reality (AR) and Virtual Reality (VR) only add to this driver.
Retailers who haven't yet digitized their supply chains are already having issues with visibility and tracking. The important criteria that drive the implementation of digital tools in this sector are transparency, speed, and time to delivery.
Retailers can cut their operating costs, digitize their supply chains, and have more access to customers thanks to new digital tools—all while having fewer resources than their competitors.
Today's shoppers expect a personalized shopping experience. They are well aware that brands collect information about them and, in exchange, they expect an individualized approach. This is nearly impossible without digital tools that collect and store data, analyze it, and provide merchants with the insights they need to create an immersive shopping experience.
Customers utilize digital tools at every stage of their shopping process, and Millennials are today's largest consumer category. Thus omnichannel shopping technologies are critical to reaching them. These customers prefer to be able to make purchases while on the go, using their mobile devices. Furthermore, while in stores, such customers want to be engaged via their mobile devices, which, thanks to mobility technologies like IoT, blur the border between digital and physical.
While some believe that brick and mortar retailers are doomed, the reality is more complicated. Undoubtedly, more and more shopping is taking place online, but 90 percent of shopping still takes place in physical stores. It is critical to have a digital touchpoint, but upgrading physical stores into smart, high-tech outlets is the way to go. The future of retail is a seamless integration of online and offline channels.