80% of world consumers have altered their shopping habits since COVID-19 pandemic. Searching for product information and buying online has become the new norm. Most people get used to new channels for product fulfilment this way.
People who used to perform physical retail shopping are rapidly diminishing, and it is challenging for the rational to maintain one or two or completely close down those physical stores in favour of the digital first. Unless it is a really big ticket purchase, else the physical retail presence or similarity is becoming the past practice.
As the battlefield is moved to digital first, and in search to get you or they don’t visit your company and your offering basis. In particular for the rise of the aggregate shopping portal to make the shopping experience easier than before.
As shoppers continue to change their habits, so do those who want to do business with them should adapt to the changing habits.
The new expectation is five zero error tolerance in the error of shopping channels, customer assistance, delivery times, equity and sustainability, and talent. As most of the online shopping items, unless it is completely original and really creates something sticky for the brand, else it is shiftable, and easily shit by most of the shopper, from the platform to online store within the platform.
You can not be all the way be cost leadership all the way, as that segment of the market may not be worth the lifetime value of ownership for the business. Instead, businesses should try to differentiate in all kinds of marketing, sales and services to make them special and forge brand loyalty instead. The same battlefield happens in the retail industry, does not mean other sectors and industry can not learn a lesson. In fact, you should proactively adapt to what works in your segment of business, as the world toward digital first channel, the market shift in the habits as aggregate force will alter the current and future way of doing business.
Invest in digital first customer experience CX in the next normal, if you are yet to start or underestimate the digital first. The aggregate mega trends and transit toward fourth industrial revolution (4IR) industry 4.0 is one of the bigger shifts so far, proactively adapting for emerging technologies that shape the world of tomorrow.
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.
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