The Future of Retail is Phygital

Looking forward, e-commerce is forecast to account for 24% of global retail sales by 2026, with an appetite for in-store experiences living on for the remaining 76% of customers. Creating an effective phygital strategy will be essential to win and retain customers and employees in this new retail landscape.

Blending physical and digital retail seamlessly is no easy task. With CX no longer defined by brick-and-mortar stores or online UX alone, retailers must now go phygital - building a consistent customer journey across every physical and digital touchpoint. However, creating this phygital experience is far from simple.

32% of customers are willing to leave after just one bad experience, it has never been more important to connect with employees and customers, building out new experiences that work for them. Retailers should not feel pressured to follow the crowd, and instead look to internal stakeholders and customers to help shape their strategy. It’s a question of identifying what will add most value and ensuring that your organisation’s cultural shift keeps up with technological advancement. Retailers must fix pain points and reduce tedious tasks for store associates, whilst enhancing and adding to customer services, not just following the latest fads.

Data is at the heart of phygital strategy
Customers are used to shopping both in-store and online, but the data behind these two experiences is often kept siloed. Connecting physical and digital retail is rooted in the effective use and integration of data. Bringing together stock management, supply chain data, product information and customer data in one place elevates both customer and employee experiences, boosting brand loyalty and reducing attrition.

With a single, clear overview across warehouses, stores and fulfilment centres, retailers can ensure that whether customers choose to buy from their sofa or the shopfloor, they encounter a consistent, personalised journey. The free flow of in-store and online data enables organisations to get creative with their services and add value, especially important to keep customers and employees on side in uncertain economic times.

References:
Forbes, Image by Freepik