COVID-19 led to a near-simultaneous shutdown of the global economy, with retail among the severely impacted. In responding to the global crisis, retailers turned to rapid large-scale digital transformation to focus on short-term operational issues and look ahead at the evolving retail landscape. Emerging trends points to a significant shift in consumer behavior led to challenges like never before. Despite the numerous challenges, retailers have found new and innovative ways to keep up with the evolving situation.
With retailers still caught up in the turmoil of the crisis, confusion surrounding the high street remains constant. But there is light at the end of the tunnel; tried and tested methods by leading retailers are acting as torchbearers of change.
Here are the top lessons that leading Retailers learned from COVID-19:
Accelerated eCommerce Solutions
Many businesses including brick-and-mortar stores shut their doors to the public. However, businesses that already had a solid omnichannel commerce platform were better positioned to cope up with the surge in demand on their digital channels. Those who did not have this option had to suddenly shift to a digital platform to stay in the game. “The market trajectory shows that the retail industry is going to be completely transformed in the new normal. Retailers who are quick to adapt to meet the new convenience, safety, and self-service needs of their customers will be more likely to weather the storm...”, retail industry thought leader, Oleg Ryaboy, CTO at Digital River said.
Social Media Marketing
Social media is more than just a marketing billboard. It has leveled up as a strong customer service channel. It can be used as a great customer service tool to boost customer engagement levels significantly. Leading retailers are widely using social media channels to monitor feedback, suggestions, identify problems, and even provide assistance.
Integrated Shopping Experiences
There is huge divide between brick-and-mortar, and eCommerce channels. However, the customer expects the two to be integrated for flawless and effortless interactions during their entire purchase journey. Customers are looking for good shopping experiences that they resonate with.
Creating Customer Experiences
Securing a good customer relationship comes down to managing exceptions. Businesses vested in the eCommerce sector need to game-up on their online presence. These online channels are not just limited to selling products, but they are a bridge to build and channelize exceptional experiences for customers. Having a strong eCommerce presence can help retailers maintain a good customer relationship. Oleg points out that the retail industry has seen a greater acceptance for building a dynamic eCommerce presence and providing a direct channel to serve customers.
Leveraging Technology
The sudden spike in eCommerce has taken a toll from the IT perspective. Retailers need to be armed with the right hardware and software solutions that can handle this growing volume of traffic. SAAS options come in handy in such cases, wherein they can use provisional tools to manage traffic.
As competition gets fiercer, running a retail business becomes more challenging and complex. Digital Retail is the new order of this competition. This demands a new yet tested approach and utilizing the latest emerging technologies to maintain an edge.
With Cybage’s extensive experience transforming retail for a digital-first world, combined with the best-in-class partnerships, we help retailers sustain in the world of constant change.
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