Remember when you had to physically go into a store and look around
before making a purchase? Those days are no longer with us!
The traditional retail experience is a thing of the past, and brands are
continually innovating to provide their customers with an ideal,
web-driven digital experience.
Traditional e-commerce grew in popularity in the 1990s, but the
e-commerce experience has constantly developed since then, with
improvements at every turn.
Consider the following data to illustrate the potential of a mixed
shopping experience. According to a Salesforce survey from the first
quarter of 2020, companies who offer a 'buy online, pick up in store
experience in their physical stores saw a 27 per cent increase in
digital income, compared to only a 13 per cent increase for businesses
who did not.
The creation of a 'phygital' experience, which this generation's
shoppers desire, requires a combination of the two parts of current
retail (online + offline).
Consumers liked making store trips and enjoying the interactive,
audiovisual experience a few years ago, therefore nearly 85% of buying
was done in-store. The pandemic, however, flipped this pattern on its
head. Online shopping has become the favoured method of acquiring things
among today's consumers.
According to a JungleScout survey, 91 per cent of US millennial
respondents prefer internet purchasing to physical shopping. Brands
must, however, boost their game if they want to keep their existing
customers and attract new ones to their digital storefronts.
Because Millennials and Generation Z are the most prominent target
groups for online retail outlets, brands must appeal to their shopping
tastes. According to their preferences, Netflix, social media – reels,
TikTok, and other video-powered, live, immersive experiences are among
their favourite digital experiences. According to a study, nearly 61% of
millennials and Generation Z prefer to watch short videos (less than a
minute). According to Google, more than 55% of customers watch internet
videos while shopping in a real store.
The modern consumer seeks an experience that extends beyond the purchase
of a product. As a result, an increasing number of businesses are using
live commerce solutions to provide their customers with a more dynamic
and immersive experience. In addition, video content from purpose-driven
organisations improves lead conversion along the customer journey
funnel.
According to Wyzowl, 83 per cent of firms say video marketing has
improved their lead generation. Live commerce is also being used more
and more to build an online community of like-minded buyers. Starbucks,
for example, has recently invested considerably in mobile-optimized live
commerce to attract more customers and build a strong online community.
So, how can brands provide their customers with an optimal and appealing
online shopping experience?
Why can't retail experiences deliver the same fun browsing experience as
social media platforms do?
They can, but first and foremost, they must answer the following
question: What does today's modern consumer demand from brands?
Next-generation customers desire a personalised, humanised digital
purchasing experience that makes them feel profoundly connected to the
business and its messaging. Brands can construct a dynamic digital
showcase by leveraging a robust live commerce solution, which breaks
down boundaries between the brand and the customer.
This experience will include real-time interaction between the parties,
identifying the brand from the competition and allowing access to
real-time customer journey information. As a result, brands can close
the gap between inspiration and purchase for their customers, resulting
in a faster conversion funnel.
Fenty Beauty, Rihanna's well-known beauty brand, has continuously
generated shoppable videos that provide consumers with an exciting,
mobile-optimized experience to seek inspiration, purchase items, and
enjoy the shopping experience. Even Amazon, the e-commerce titan,
recognises the potential of Live Commerce, investing extensively in the
new commerce format to build Amazon Live.
Omnichannel commerce is a type of retail that combines the power of
numerous retail channels to provide customers with a personalised and
dynamic buying experience. Brands can enable shoppers to participate in
a seamless brand experience across both the digital and physical worlds
as part of the omnichannel digital revolution.
A hyper-personalized 'phygital' experience for customers reduces the gap
between them and the brand, allowing them to fully immerse themselves in
the experience.
Brands must provide a live shopping experience for customers to
benefit from an omnichannel E-Commerce strategy. Live commerce has
radically changed the way customers shop online since its inception.
Let's take China as an example. China’s retail industry has been
dramatically altered with the rise of live commerce. In less than half a
decade, live commerce has established itself as the country's primary
sales channel.
According to a 2020 Alixpartners survey, nearly two-thirds of
Chinese customers used live commerce to shop online.
Between 2017 and 2020, McKinsey estimates that China's
live-commerce business would increase at a compound annual growth
rate of more than 280 per cent.
Brands can boost the value of retail storefronts and build a loyal client
base by implementing a live commerce strategy. The merging of the two
worlds (online + offline) is increasing sales revenue and assisting firms
in attracting more customers to their physical and digital
establishments.
Live commerce is currently the most important tool in any e-commerce
store's inventory. At Flykup, we help brands use this weapon wisely to
give their customers an original, dynamic, and one-of-a-kind experience.
If you'd like to learn more about what we can do for your company, we
recommend scheduling a live consultation with one of our solution
architects.