Phygital Retail is the new buzzword in today’s era. We live in an age of convenience. Recent technology has given a whole new meaning to shopping experiences. But what exactly is Phygital Retail?
Let’s take a closer look at what phygital Retail is & its benefits.
What is Phygital Retail?
The paradigm shift in advanced technology and consumer behaviour has modernized the shopping experience. This has led to the emergence of a new way of virtual shopping experience that brings together physical and digital worlds with phygital.
Phygital Retail is the latest buzzword for retailers’ methods and techniques to interact with their customers. Phygital Retail is becoming increasingly important for customers and brands.
Now, there is a growing recognition that both channels play essential roles and that combining physical and digital, the resulting phygital retail concept delivers the best of both worlds.
Phygital in Retail: The rising trend
We all live in a digitally connected society, where buying items online is no longer considered strange. According to research, 64% of consumers prefer to shop online. Consumer habits and buying behaviour have changed significantly to adapt to the new norm. Unsurprisingly, the COVID-19 pandemic has urged industries to analyze what customer experience means to them. Delivering an immersive client experience is essential in business.
Promoting a good client experience is essential in any sales channel, whether online or offline, but phygital Retail can have a more significant impact. Customers expect their needs to be met across all channels and consistently.
Here are some of the most compelling benefits of phygital in Retail:
According to reports, firms that provide exceptional customer experience generate 6 times more income than competitors that fall short.
Customers are looking to give them greater flexibility in many ways like
- How do they interact with your brand?
- How do they want to transact and
- When do they want to transact?
And that’s where phygital Retail comes in.
Let’s look at a few benefits here:
1# You can give customers a Personalized attention
As per McKinsey reports, personalization drives up to 15% more revenue growth.
The phygital shopping experience makes the shopper’s journey more personalized and convenient. Customers have the freedom to access a wide range of products, choose payment modes, and even the method of order delivery. They can interact with your brand whenever and wherever it is most suitable.
This enables a complete picture of each customer’s browsing and purchasing history. Additionally, this aids the brand in determining client preferences and making the best product recommendations.
As a result, this personalization leads to :
- It makes them repeat customers
- Boosts sales and
- Loyalty toward the brand.
2# Phygital Retail helps build brand loyalty
Customers interacting with your brand across multiple offline and online channels naturally increases your brand’s reach and awareness. Through phygital commerce, representatives can showcase the entire product range to customers while addressing their queries and concerns in real-time.
Their faith in your company grows when customers feel listened to and understood. Moreover, they are likelier to stick with your brands when problems are solved quickly. This builds trust and loyalty toward your business.
3# Phygital Retail is Powering changed customer shopping behavior
Did you know 75% of customers have tried a new shopping behavior post-pandemic?
The emergence of phygital video commerce during the past few years has wholly altered the customers’ shopping behavior
The phygital shopping experience has revolutionized the convenience of purchasing for customers in a personalized manner. Customers can access a wide range of products right away on their smartphones. They can browse any store they want, anytime, without leaving their homes.
With phygital, your customers can do all of this from their comfort. Phygital’s numerous tech-enabled features to your brand will make your efforts worthwhile!
Here are some insights that phygital lets you.
- Personalized attention in real-time
- Schedule Live product demos are available at any time, any place
- Dedicated sales agent
- Availability of high-quality equipment
Conclusion
Traditional retailers are already moving to phygital world models to keep up with the growing retail trend. Since customers are expecting to interact with a brand in many ways, not just in physical stores
The phygital retail phenomenon is the most excellent method to satisfy these competing needs of the customers. Moreover, it helps to provide a user experience that is even more tailored, organized, and practical. Brands can surely leap benefit by adopting phygital Retail.
