By Sanjay Desai
With so many changes occurring every day in this fast-moving world, we have to be good with the process of adaptation. The last decade has brought a revolution in terms of technology, perspectives of people, industrialisation, and almost everything. The world has moved from offline to online. People of every generation are keen to have their profiles on social media. The popularity of such platforms has changed the way of interaction and business. Online shopping has become a part of our lives. When the whole store can be in front of you by merely sitting at your home and scrolling, why bother going to the offline stores. After the pandemic, the popularity of online stores has hiked enormously. With the world that is still dealing with the pandemic, online stores are the key player to do business. Several factors will affect the online retail business and take it to escalate level.
1. Mobile devices
At first, when the computer was invented, people were sticking to it and an alternative for paper was found to write and store data. Then came the mobile devices, that have found space in our pockets. And now almost everything that was done with the help of a computer, can be accessed through mobile. And the results are quite positive for the online retail business. Individuals are spending most of their time on their mobile devices, and every day is the best day for retail owners, as they can just advertise their products and user can shop with just a click. People these days are more attached to their phones, and market research shows that the holiday sales season is a great time to capture customers.
2. Customer experience
The customer is the king of the market. And for a company to create its reputation, it should know to keep its customers happy. The online platform is sometimes delicate. If a customer is unhappy while shopping offline, he/she tells only their families about how bad the product was. But if a customer is unhappy while shopping online, he/she has the power to let his views reach hundreds of people. So this is very important for every online retail business owner to take proper care of things that are priorities for their customers.
3. Artificial intelligence (AI)
With so many new inventions and technology, the way we are going is not far from a world full of artificial intelligence. The machine does all the work. It helps in doing the following — collecting data without any manual work, communication with customers, providing suggestions to customers as per their choices, and most importantly it reduces the burden from a company. Without artificial intelligence, online platforms are meaningless. People expect instant replies and solutions to their queries, and that’s why it is very important to have artificial intelligence.
4. Digital marketing
Billboards and headlines of newspapers are overshadowed by digital marketing now. People do shopping for things they see and feel good about. Visual impact always plays a prominent role in marketing. Online platforms are built with the help of content, creativity, and graphics. All this helps in getting customers. Technology is a great friend if you know how to use it wisely and for your profit. You can advertise your products virtually, selecting the age group and the kind of audience that you want your products should be visible to. Digital marketing has led businesses to flow anywhere and that has brought many good results. Uniquely describing your products is very important, that’s what attracts the customers.
5. Wide scope of business
When shopping in offline stores, the major problem is the kind of products that you desire are sometimes not there in the store. And in the online store, there are unlimited options to select from. Thanks to online platforms, one is now able to sell their products anywhere in the world. One can do business by merely sitting at their home. It has broken the barrier between customers and companies. Selling products is easy now. The delivery system is becoming faster and that is more profitable for business and also for the customers.
This year is going to be full of opportunities and many trends are going to be followed by companies. Several factors are needed to be considered to prepare for this year.
The author is director, Fabcurate.com