The COVID pandemic has changed the outlook of the Retail industry. The industry has always been highly customer-centric; however, the subtle difference in the new normal is the shift towards consumer relevance. Consumers are looking to shop in an environment of trust, transparency and empathy and as a result, expect sharper, highly personalized and tailored experiences that reflect this change. In a nutshell, businesses need to change the way they operate to stay relevant or face becoming redundant.
As small businesses struggle to survive and consumers increasingly explore online channels for things they would normally buy in-store, the economic environment has paved the way for disruptive trends and business models. At the forefront of this disruption is the critical need for businesses to re-invent themselves by recognizing the shift in consumer dynamics and behavioral patterns, while adapting to support new business models and digital transformation. Take for example the rise of Social Commerce. In a recent survey, 30% of online shoppers said that they would be likely to be influenced by purchasing from a Social Media network like Facebook, Pinterest, Twitter or Snapchat. This gives rise to a new addressable market for businesses, accelerated by forging of niche partnerships like TikTok -Shopify.
The above trends are driving the fundamental principles of consumer relevance for Retailers, revolving around the three R’s of success: Re-calibrate, Re-define and Re-imagine
- Re-calibrate personalization
As consumer preferences have changed, so has the baseline understanding and analysis of their profiles. The explosion of Big Data combined with new data streams driving consumers and markets in real time makes it necessary for Retailers to go back to basics in terms of analytics and insights into consumer behavior to reset personalized experiences.
- Re-define differentiation
Adapting to the new normal requires businesses to innovate and differentiate their offerings and exponentially expand customer reach through new channels for technology enabled selling including immersive storefronts, social commerce, voice and multimedia channels. Brands can now gain access to a new profile of shoppers that they did not have access to before.
- Re-imagine experience
Convenience is the key. As shoppers move to social shopping experiences, businesses need to think about offering a seamless experience without them having to leave the social media platform. Payment models and guided shopping experiences in a themed environment offer innovation in the customer journey.
As we move towards the next phase of recovering from the pandemic and forging new partnerships and paths to success, stay tuned for more about staying relevant in the age of the new normal
is Vice President, DBS and is responsible for strategizing, driving and delivering Digital outcomes to customers across key verticals including Retail, CPG and TTL. She has 20+ years of experience spanning multiple domains and works closely with Global Sales teams, Practice Heads, and Account Managers to lay the foundation for growth and build capabilities to broaden our footprint across the digital arena. During her career, Veena has worked across diverse functions including Consulting, Business Development, program management of large- scale engagements, digital transformation projects as well as architecting cutting edge business solutions across industries and service lines.
