The retail landscape has seen a dramatic change in recent years. Traditional retail stores are struggling to cope up with the thriving digital-driven commerce. Millions of conventional retailers are facing hard financial troubles due to various reasons – crippled in the debt-ridden cycle, bankruptcy, loss of consumer base, and lastly failing to compete with online e-commerce giants.
The legacy of hundreds of years has seen an utter downfall in recent years. With time most offline retailers are on the verge of closure along with many virtual stores.
But one thing that is similar in these stores is a failure to adapt to change. The retailers who have evolved with time are ruling the market. Most retailers struggled to keep up the pace with technology-driven commerce.
The inception of an online payment gateway, the latest billing software, feedback portals, social connectivity, and enhanced service has altered the face of the retail business.
Impact of Digital Transformation on Retail
The booming digital economy thrives for change. Customers are shifting the control of the market from the physical hand to the virtual world. The traditional model lacks competitiveness and is inefficient in this digitalized world of commerce.
Nowadays, every facet of the business is designed in coherence with digitalization. This includes manufacturing, distribution mechanism, payment ecosystems, use of digital billing software, post-sales online feedback, and much more.
Businesses that rely on physical retail footprints and old mechanisms of production/distribution will be easily outmaneuvered by innovative, flexible, and digitally advanced competitors.
In the market, the consumer is the king. They expect an abundance of choice, convenience, instant delivery, and more post-sales personalized service.
Ignoring the realities of adaptation, the retailer will fail miserably and largely will not survive in the long run.
Retailers need to restructure the backend of the business, integrate advanced technology to facilitate smooth and fast operations, use artificial intelligence to determine the behavior change of customers, and enhance the analytical ability for real-time insights.
Discover the opportunity to expand business with help of technology.
Ways Retail has Changed and How Business can Adapt
The retail market is in a transition period with a persistent change in the approach. The advent of digitalization has hurt the traditional retailers most. In the last decade, the market has seen an unprecedented rise in e-commerce and a rapid decline in the shopping mall.
More and more consumers are attracted to online marketing to fulfill their needs. The online retail business offers lower prices, instant delivery, innovative billing software, multiple payment options, and sustainable services.
So, the urgent need is to adjust the business model to reflect the behavior changes and create opportunities adapting the change. Let’s understand some ways which businesses can adapt to recent changes in retail:
Consumers Understand As Much As Salespersons
Earlier, buyers come to stores with little or no prior knowledge about the products and totally depend on the advice of the salesperson. Nowadays, consumers do research and survey products before buying. For example, whether you’re selling lumber carts or something else, you should always consider two main groups of customers:
- People who have searched for what you have to offer.
- Customers who may not be looking specifically for your offered product but might purchase it once they see it.
You need to target the first category of customers who need lumber carts and consider how you can position yourself as the answer to their needs.
They want to get the optimum value out of every rupee they spend. The power has shifted from seller to buyer.
Retailers have seen this as an opportunity and make a practical attempt to satisfy the behavioral change of the consumer.
The Online Channel Is Essential
A properly designed e-commerce website is essential for any business. The platform should have a proper payment gateway, customized product view, fast shipping mechanism, review options, and online billing software.
The recent rise in online retailing has provided ample opportunity for many dying sectors. Adapting the trends has been beneficial for many retail startups.
The researcher has predicted that in 2040, more than 90% of sales will be facilitated by e-commerce platforms.
Reviews and Feedback Portal
The world of connectivity is based on opinion. People like to share their opinion about various products and services. Buyers also look for prior reviews and feedback before buying anything.
The business will amplify only if you pay heed to the consumer’s needs. Reviews can have a significant impact on a buyer’s decision-making ability.
The Digitalisation Of Payment Gateway
The business ecosystem has shifted from cash to credit. The online market has changed the lifestyle of the consumer.
The digitalization of payment gateways has substituted cash and facilitated credit, debit, and online payment. The use of innovative bill software and multiple payment options can help the business to grow rapidly.
Improving Supply Chain
The retail supply chain has been evolving and struggling to cope up with change. Innovative distribution models and plan for diversifying the supply chain is the need of the hour.
In this running world, time is more precious than life. A proper supply chain will help to deliver the products effectively and efficiently to end-users.
The need of the consumer shapes the outcomes of the market. Modern retail has facilitated many personalized services such as innovative payment gateway, the latest billing software, feedback option, and post-sale services.
Gone are the days when the relationship between a seller and a buyer was limited to buying the product only. Nowadays, post-sales service determines the growth of the business.
The world of retail is in continuous transformation, and only those who will adapt to the persistent change will survive in the long run. Know your consumers, follow the trends, innovate with time, and look for opportunities during the crisis.
The latest billing software and payment gateway provided small retailer to grow rapidly. India is a consumer hub with a flourishing economy, from small to giants retailers can establish their customer base. Remember change is the only constant, adapt it otherwise survival is endangered.