Joanna James
Let's face it, in-store retail is on a fast decline, with e-commerce progressing in leaps and bounds. The industry has evolved from a novelty into a necessity having successfully transformed the mindset of millions of shoppers across the world. Here's a look at the evolution of e-commerce.
There no longer is a competition and the gap between retail and e-commerce is really a huge gulf; it's the option of 'choice' that has helped commerce to triumph, over retail which relies on location as a major lure. Bankruptcy and losses are escalating within the physical retail industry, with in-store sales on a decline. Micro-brands, introduced online are taking the lions to share, contributing to the growth of e-commerce sales. The trend is so established that when it comes to online shopping, Sri Lanka too is seeing a huge growth; attributed to the fact that sites such as Clicknshop offer security and variety at the consumer's fingertips!
Direct to consumer or DTC tactics are working; with many retail giants focusing on 'brand purpose' and 'brand equity' adding worth to the brand thus enhancing their customer relationship. The concept is 'to sell a product that's worth buying' which seems to be working! Besides, in the last year, DTC trailblazers decided to leave out the discounts, which was deemed as devaluing a brand; the lot that did offer discounts did so using savvy techniques which only drove up to order values, without compromising on 'brand value'. Examples being; bundle items, tiered discounts, instalment plans for high-priced goods, etc.
Content is the answer to successfully connecting with your target audience. It is through content that you manage to promote your brand's value – it's the inspiration consumers need to 'want' your brand. Hence, e-commerce is the perfect platform to dish out content in no small doses; which is delivered through varied mediums, there's written content, visual and audio to generate your brands worth, and when skilfully handled, is capable of creating interest, desire, and awareness.
With e-commerce evolution into the retail field, quantity, meaning variety, has been taken over with more focus on quality. Many online retail sites in Sri Lanka too, are now focussing on offering consumers quality together with variety, thus dispelling the myth, amongst consumers, that a product if not, seen, touched or analysed is not going to turn up perfect. Encouraging feedback, via customer reviews is indirect advertising confirming the quality of a brand.
Channels or the path to a consumer making a purchase, such as Instagram or Pinterest, need to make sure they deliver on promises when it comes to the product actually being purchased. Channels must also be worth the investment to the retailer; evolved via e-commerce. A chosen channel, must be worth the money invested by the manufacturer; is it reaching the desired target audience, are the number of engagements satisfactory? Either way, as long as e-commerce thrives, channels will too.
Clicking on your mobile and purchasing a product is now part of everyday life. It is no longer wonder, but more of an evolution. Want to watch a movie? Buy your tickets online, it's as easy as 1.2.3. Mobile friendly e-commerce sites, easy mobile payments, etc. are in demand, and really part of the mobile war too seems to evolve around manufacturers striving to create bigger and better browsing experiences when it comes to online shopping. But then that's another story.
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