What is the Online Retail Industry Looking Like In 2017?

Since the last couple of decades, most of the retail growth in sales is occurring due to the online channels. Even though it is a noticeable statistic, it is not the complete story. Through online channels, a rise of about 10% of the total retail sales is being recorded.

The steady growth in the online retails is almost giving a new life to the walk-in stores to some extent. There are companies that have a vague idea that even if there has been a rapid growth in the online sales industry, it has been quite difficult to discriminate between the online and the offline sales.

Discussing a few hypothetical scenarios, we might be able to understand that point. The online sales are themselves giving a new life to the physical walk-in stores.

A person who would want to buy a cell phone would check for it online first, and his decision would be based solely on some user generated feedback, which may or may not be true. While looking for a more suitable price, he would come across a discount on the same phone that he was going to buy at full price. So, he would walk in the store, get the phone.

Next, we have a single mother, shopping for the holiday gifts. She does all the selection for the gifts online and could pay for it all at once and get it over with. Instead, she would prefer to get the gifts closer to the holidays and save on the trouble of keeping the gifts safe from the snooping eyes of her kids.

We have consumers who usually move across various channels and have numerous retail options at their fingertips, they would want complete visibility into the catalogue and the pricing. Online retail industry is here to stay and we can anticipate that over the next few years, it will grow in a volatile manner as the buyers create their own path to shop.

We can clearly see that the consumers are moving so fluently among the channels that will soon become a vain implementation to identify the share of online sales. Soon, that number will be only of interest to the department that would be related to the accounts but not to the retailers, buyers, executives and stock holders.

To take a hold of this shifting and complex environment, the leading retailers should take the following steps.

The first step would be for the retailers to know the digital tools that are being used today for re-establishing the lost art of modified and personalized customer service. The retailers could give offers to the buyers regarding the thing that they may be looking for while on their online retailing websites.

The next step would be to offer the buyers a convenient shopping experience that would save their time as well as their money. It would be more profitable if the retailers target the right channel to provide the buyers with everything that they might be in need of. If they may be getting a lot of things that they require at one place, then they could come back some times later to look for more things to buy because they get everything that they want with just a few clicks.

The third and the last step would be to start spending, heavily on the new digital working of your website. Get a new website design that the consumer would be able to use easily and efficiently. Get improved and better content written for your website, amazing prices and an advanced way to communicate with the consumer.

The buyers at the present have several places to shop, whether they be online, on phones and walk-in stores and they surely use all of them to know all that they need about the product that they are about to invest into. They do not bother to separate these by drawing a line in between them, so the retailers should not do that either.