In the new normal the purchase has become the last step of a customer journey based on different points of contact, both physical and digital, between consumers and retailers, in an increasingly transversal relationship and less and less influenced by the most disparate factors than in the past.
A survey by MasterCard showed that the pandemic did not revealed only as an accelerator of digital purchases, but has contributed significantly to creating new business opportunities for retailers .
The research has also focused its attention on the increasing importance of technological tools aimed, above all, at the optimization and saving of time and whose advantages, as we will see , are not limited to meeting only the needs imposed by the Pandemic.
New business opportunities and technological tools
Among the tools most appreciated by consumers are the techn queue management (68.6%), useful for identifying the ideal time to go shopping (39.7%) and pick up the purchased item in the shop without queuing up (31.5%).
Followed by comparison services (67.1%) with the objective to view the best offers not only from chain stores, but also from small retailers, once again becoming an important point of reference for proximity trade and true support, especially for the most fragile subjects, in the most critical moments of the fight against Covid, in order to always buy at the best price.
The automation of the store closes the podium (63.3%). With regard to this last figure, it should be noted that 49.7% of the interviewees believe the possibility of checking the availability of products in the store even before going there is particularly useful.
The growth of e-commerce
Added to these data is the fact that Italy is among those leading an important change at the European level in terms of online purchases.
If in the first quarter of 2020 the growth rate of e-commerce in our country was 26%, in the same period of 2021 it jumped to 78%.
This particular sensitivity and digital maturity, not only dictated by necessity, in making purchases by Italians, which we find in all the data indicated, must necessarily lead to an understanding of the future, now evaluated more and more in the short-medium term, of the retail world. The reconversion of physical space in a multichannel perspective is already outdated.
The e-commerce and omnichannel initiatives, with the aim of creating a link between the online and offline worlds, generate a scenario where times and spaces create synergies between them and constitute an excellent launching base for new evolutions.
This is, therefore, the point starting point of Retail 4.0 , with a wink at its 5.0 version, already in the air.
Before continuing, let’s dwell on the meaning and differences between multi-channel (or multiple touchpoint approach), cross-channel and omnichannel.
From multi-channel to omnichannel
La multi-channel is the development of multiple points of contact , which enrich the portfolio of channels offered to customers. Some examples are social networks, mobile apps, chatbots which are added to the other existing ones.
Cross-channel
Multi-channel evolves into cross-channel , i.e. the design of integrated services between multiple channels.
Click & collect
An example is provided by the services click & collect. The order is placed online, but the collection is made at the point of sale. In this way I can access the range of products offered online and purchase at any time (7 days a week, 24 hours a day), maintaining control over the delivery processes and saving on shipping costs.
Geo-localized advertising
Another example is geo-localized advertising , i.e. the physical location of a user, detected by the GPS technology installed on the portable devices, which the user uses. It has a very high potential especially from the point of view of engagement, because it can push the user to take a certain action or change their experience. It can be used to communicate a change of plans or to direct customers to particular stores , in order to take advantage of sales, discounts or special promotions. Depending on whether the app manager is a specific business or an entity that focuses on businesses in a certain area, it is also possible to provide direct recommendations to users on neighborhood restaurants and shops or on events occurring within a certain area. certain range of action.
Omnichannel
Omnichannel represents a further evolution of cross-channeling. The consumer is at the center of this flow of data and strategies and not only interacts with the company with a variety of options, but also lives the experience on all touchpoints , without interruptions, starting an activity on one channel and continuing it on another, continuously.
What is needed for Retail 4.0
Everything we have said and will say needs structured technological support in order to be realized. Above all, you cannot improvise if you want to be credible and successful and have the opportunity to be pioneers, innovators and offer the consumer flexible, fast, versatile and scalable solutions.
The cloud
A service in Cloud always makes technologically advanced products available or updated with the latest technologies, limiting the obsolescence problem of available hardware, opting according to the needs of a public cloud and from this create a hybrid.
The scalability of the Cloud also allows companies small-sized companies or companies with small IT structures to have infrastructures, solutions and applications to experiment with new services, to activate them, to optimize the resources necessary for their management and to create new services for customers and, therefore, new value for the company.
The 5G
The 5G is the technological lever that is best suited to support the transformation paths of retail. Investments in 5G make it possible to improve the customer experience, both in-store and online, allowing the consumer to experience a valuable customer experience.
The breadth of bandwidth, the speed and low latency of the 5G protocol allow the use of a series of services such as augmented and virtual reality applications.
Fast connectivity, capable of supporting large amounts of data and showing them quickly, offers the possibility of creating a differentiated service in the shopping experience.
5G also impacts on organization. Having such an effective connectivity system allows to improve warehouse operations and management, also thanks to the ‘use of the IoT, to manage AGVs (Automated Guided Vehicles), which are take care of the handling of goods and drones, when it is necessary to quickly deliver products.
5G allows, for example, that each store assistant can allow a payment digital or contactless , anywhere in the store, without necessarily having to go to the appropriate cash desks and very often staying in line for a time that is not necessarily short.
5G technology helps to increase the level of security compared to previous transmission protocols thanks to strong encryption, secure and optimized roaming, secure interconnections between different mobile phone networks and one of the most interesting features is the ability to network slicing , i.e. from the south divide the network into “slices”, in order to separate the traffic according to the services you want to offer or the applications you want to use. These sections are separate and do not communicate with each other and this increases the level of security for each service or application.
Devices IoT and analytics
The collection of data, via devices IoT and analytics , allows you to understand how customers behave and interact when they are inside a shop, a website or are using an app.
With accurate consumer profiling , retailers can offer targeted personalization, but to achieve this they need tools capable of collecting structured and unstructured information on individual customers or clusters and analysis tools that can translate them into useful information to provide advice and recommendations.
IoT solutions can keep track of resources and report the management of an order and delays, proactively address the route, location, environment, shipment management, thus providing intelligent administration and an optimized supply chain.
The IoT can support different types of payment systems with wearable devices and eliminate point-of-sale (PoS) terminals.
The IoT combination -AI-5G offers, in real time, personalized and appropriate services to consumers and useful information to store managers. Digital innovation means optimization of both operations and consumption and therefore reduction of waste in favor of a more sustainable environment.
Green tech
Here emerges in all its strength the Green Tech . The IoT can offer precise control of consumption, including electricity and water, of particular interest to Malls.
The Cloud helps to limit waste . Consider that a server on, even not in use, consumes 30- 40% of the total power. Operating in the Cloud tends to further limit global consumption.
Of particular value is the Blockchain , especially in large-scale distribution. Where applied, it allows the traceability of the supply chain from farm to fork, increasing its value, above all, when it works in synergy, in particular, with the data produced by the IoT.
The new frontiers of Retail
Digital brings innovation to retail, thanks to an almost immediate analysis of customer needs and experiences, but also favoring an increasingly direct, constant, simplified and transparent relationship with suppliers and with the world of production.
If it is not E-commerce it is Q-Commerce
Commerce has reached its 3.0 version with the Q-Commerce , or the Quick Commerce . It does not want to replace e-commerce as we know it, but wants to complement it by satisfying other needs. However, its penetration on the market makes it certainly possible to consider it a new way of marketing.
What characterizes it? Surely the delivery time , which is usually estimated to be less than one hour; the availability of a selected number of products, of substantially reduced dimensions; the way in which it is delivered, usually two-wheeled vehicles, preferably eco-friendly; and we move from mega warehouse, which characterize e-commerce, to local warehouse .
Its goal is to ensure the consumer a experience faster faster and ultimately better .
Q-commerce started from grocery, but is also expanding into other sectors products, such as beauty and technology.
The strong point of the Q-commerce organizational structure is precisely the use of delivery-only local warehouse, also called dark stores or cloud stores. They are spaces not open to the public, strategically positioned, and their number and widespread distribution make the service possible.
The ability of those who manage them is in predict what to put in stock , since the choice cannot be very wide. The focus is therefore on selecting what the customer may want to have in real time and immediately: the bottle of wine for dinner, a bouquet of flowers for a last minute gift, or the package of milk that one notices. , at the last minute, not to have at home.
The Visual Commerce
An important fact to always keep in mind is that the customers increasingly want to have a primary role in the design of the products they they buy, because they want to buy what represents them.
It is not just a question of inserting a photo of the product on the page of a traditional e-commerce, but of creating experiences based on visual content, that pass through social networks, video platforms and the company’s own website.
Customers expect to find at least 8 images and 1 video in a product sheet . visual digital content tends to favor buying.
Market data indicates that people remember 80% of what they see, only 10% of the things they listen to and 20% of the things they read.
But visual commerce is not just that. It also means transforming a t-shirt, a vase, a bag into a product that can be customized by the customer in real time through 2D, 3D and augmented reality technologies. to help brand scalability and engage customers through customization and personalization .
The “design-your-own” experience is fundamental because every person has different tastes and preferences and this must necessarily flow into the design of the products they use, arriving at being able to configure according to your needs and tastes.
The quick creation of your own avatars in 3D allows you to make them wear the clothes, which you would like to buy and evaluate the purchase becomes more and more important and appropriate, as it is possible to understand, for example, the correct size and if we are faced with clothes suitable for our build and taste.
Also in this case we work all ” increase in online conversion rates and average order value.
Digital twins in Retail
This is a real virtual replica powered by information updated in real time and can be applied to mechanical components, objects, places such as entire cities, as well as processes or people.
The IoT constitutes a fundamental support for obtaining the amount of information necessary to simulate events and behavior projections.
The enhancement and greater accessibility of sensors capable of detecting an enormous amount of data and the progressive digitization of physical reality are laying the foundations for the spread of digital twins also in the retail trade where they can find multiple applications.
The three-dimensional digital copy of a store brought to life by a constant feed of sensors does not mean only products or promotions, but it means experiencing the store by creating, for example, points of interest, dedicated moments, as well as external information such as the flow of customers entering / leaving the premises, the availability of goods in the warehouse or even the traffic around the store, the availability of parking.
Beyond the concepts of virtual and augmented reality there is the Metaverse
Metaverse is a virtual world that can be accessed from a particular technology of virtual reality (VR) and augmented reality (AR) and where the navigator 3.0 will live a new and unique immersive experience close to reality.
This is a “higher” level of the Internet, superimposed on the physical world. People connected to the Metaverse are part of the physical world, but they can see and interact with things that others do not see, because they belong to a virtual world. To access the Metaverse, a viewer that connects all types of digital environments might be enough.
Unlike the current virtual reality, mainly used in gaming, Metaverse could be used for work, concerts, travel, cinema with a 3D avatar , digitally representing ourselves.
The Metaverse in the world del luxury
Metaverse is beginning to colonize the world of luxury .
According to analysts of the US multinational Morgan Stanley the producers of luxury goods , in the next few years, they will sell virtual goods as they did and are doing it with physical ones.
The market, by 2030, is expected to reach 50 billion dollars. This would lead to a 10% increase in revenues, and 25% earnings before interest and taxes.
The first approach in this new experience adopted by Luxury Brands is to take advantage of existing gaming platforms:
- Dior has created its own customizable 3D avatars.
- Louis Vuitton dressed the protagonists of the videogame League of Legends .
- Balenciaga has started selling “skins”, to be changed at every game, as part of the popular game Fortnite at 1,000 V bucks. In addition, Balenciaga has started selling, always virtually, hang gliders and branded picks for use during the challenges in Battle Royale and has launched a line for the real world dedicated to Epic Games .
- Gucci has entered the virtual world of Roblox , buying items and decorations through a special in-game currency, the Robux, and sold a digital version of his bag Dionysus on Roblox for 350,000 Robux.
The Metaverse Group company has purchased a virtual land of 500 square meters, for 2.14 million dollars, in the heart of Fashion Street of Decentraland to facilitate the organization of fashion shows and the planning of e-commerce processes in collaboration with various brands in the fashion sector.
What will become the Metaverse
It is still too early to state with absolute certainty what the Metaverse will become in the near future, especially for Retail. There are those who hypothesize it is a world in the making, a virtual ecosystem that we will use in everyday life, and those who consider it only a bubble destined to explode prematurely.
What is important, however, is that Retail must necessarily interact and deal with new ecosystems in order to evolve.
Experimentation is not for everyone, but certainly it is necessary to monitor all the evolutions that the market offers and sensitively anticipate or in any case understand when it is time to make something new.
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