The coronavirus accelerated e-commerce, however retail chains have to go further to offer added value to buyers.
Retail chains accelerated their digitization strategies over the past year. Although it seems that with this they managed to serve consumers and their new shopping habits, this process will continue to evolve and with a goal of omnichannel.
However, this goes beyond setting up an e-commerce store or allowing online shoppers to pick up their products at physical points. Companies face the challenge of maintaining efficiency in all channels, providing added value and not cannibalizing their operations.
Jorge Senties, specialist partner in consumer markets at PWC, comments that although no surprises or changes are expected in the buying patterns of the pandemic, which boosted online sales, the needs of consumers to interact with different points of sale.
In this regard, Juan Carlos Gómez, director of industry for retail and multichannel at Google Mexico, comments that digital channels are no longer a bet, but a fundamental part of the sales of retailers in Mexico and by 2025, 24% of the total sales will happen through them.
“Physical stores are far from disappearing. They will continue to be important and it is being seen that some retailers are adopting new roles in them, providing alternatives such as, for example, being centers of experiences ”, he said in a virtual meeting with the media to present the study 'The Future of Retail', developed by Euromonitor International for Google Mexico.
In the document, the consulting firm estimates that physical stores will represent 76% of retail sales in Mexico, which means that 24% will come through electronic commerce. The analysis also highlights that 84% of consumers in Mexico enjoy buying both digitally and in physical stores, but want to have the same level of service and variety in both experiences, in addition to being able to go from the online site to the physical store or vice versa in the course of the purchase process.
For Senties, with these new behaviors, supermarkets, department stores and other retailers have to articulate strategies to combine the points of sale and give added and differentiated value in each one. This means a challenge in the way of presenting the products in a digital context, to highlight characteristics that were not considered in physical channels, where their success depends on their position on the shelves to be closer to the view or the hands of the buyers.
“In the digital environment, products cannot be felt and there is a different formulation to present them. Now, consumers, especially of electronic products, tend to go to stores after doing an online research . Now various consumption patterns coexist with which players have to coexist and be aware that they have to offer a better offer and greater clarity in the value proposition at all points of sale ”, he points out.
The technological push has already paid off. According to Google, omnichannel retailers located in Mexico grew their sales 46% in 2020, while in the region the increase was 17%. In physical stores the trend was the opposite and fell 16%. In the next five years, total retail sales in Mexico will increase 40%, outperforming the rest of the region by 15 points. In the same period, electronic commerce will increase 226%, after a 50% increase during 2020.
Buyers are not the same
Retail chains must also face new consumers. The PWC specialist shares that having access to more online stores gave way to consumers now having more information about the products they want to buy. And although this has led to greater sensitivity to product prices, they also favor those goods that are more sustainable.
“Consumers took a more survival-like stance. Now they are very sensitive to changes in the price, to the confidence in the quality of the product and that it fulfills what it promises ”, he declares. "This consumer has a social and environmental awareness ", adds Jorge Senties.
For brands, according to the Euromonitor International and Google study, online stores generate greater loyalty than physical stores: during the purchase, 18% change from a physical store to online when they cannot find their preferred brand, while 27 % not finding it on the internet will resort to visiting a physical space. On the other hand, 77% declare that their cell phone is a fundamental part of the process.
Another valued attribute is personalization, which for 44% of those surveyed is mainly related to the offer of discounts and special events. Another aspect considered by consumers is privacy: 55% said they had stopped buying from a business (both online and in person) due to this issue, especially with regard to data security when paying.
"That is why this boom in omnichannel strategies, because they can give you the best of these worlds and allow the consumer to make the decision that best suits them," adds Marcos Aramburu, research marketing manager for Google in Latin America.
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