Thursday, May 26, 2022
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'Retailers Cannot Miss Millennials And Gen Z'

Retail major Shoppers Stop's MD & CEO Venu Nair shares five things old-school retailers can learn from ecommerce

'Retailers Cannot Miss Millennials And Gen Z'

Alongside its 83 brick-and-mortar stores across 45 cities, retail major Shoppers Stop has also managed to keep up an evolving online presence during a time when just about everything went digital. MD & CEO Venu Nair shares five things old-school retailers can learn from ecommerce.

1. Optimise the use of omnichannel:

In a world where physical and digital are blending into phygital, a customer’s shopping journey has evolved from just where, when and what to buy to which channels to use as well. Customers want to be able to shop from a wider array of options. So, retailers need to delve into various avenues to reach the customers and make the sale.

2. Personalise experience using data analytics:

Identifying and drawing insight into each customer’s shopping experience allows the experience to be personal and individual. Use of propensity models helps sharper targeting and more refined and personalised offers.

3. Sophisticate your UI:

When shopping, customers want an immediate, relevant and frictionless mobile experience. The design and configuration of mobile apps and sites should focus on addressing customers’ needs and supporting them throughout their shopping experiences so that they can get exactly, or close to, what they are looking for.

4. Build trust through interactions:

Retailers need to build a loyal base by establishing a rapport with customers and allowing them to interact with the customer care associates. Increased interactions through in-store assistance, WhatsApp and social media help customers get what they want in a smooth and personalised manner. The added personal touch ensures that customers repeat their purchase.

5. Empower millennials and Gen Z:

Retailers cannot miss millennials and Gen Z. They are the current breed of shoppers and are extremely aware of what they want. For a brand to sustain and grow, trends in fashion or beauty need to cater to both the existing customers and the new customers . Today, social media is the quickest and the most efficient avenue to explore when targeting this category of customers.

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