MCGift GiftCardMall Edition - Shopping Redefined

Posted by seomypassion12 on October 5th, 2023

Shopping isn’t what it used to be. Gone are the days of hitting the mall with friends to shop this season’s newest trends and grabbing a quick bite to eat. Now, shoppers are navigating the online landscape on their own via their favorite brands’ websites and social media. Click-to-bricks models like Warby Parker and mcgiftcard are experimenting with physical store locations.

Trends in Retailing

Despite the adversity of COVID-19, supply chain disruptions and the constant threat of global pandemic, shoppers are still willing to spend. In fact, according to 2021 retail sales numbers, consumers are spending more than ever, and this trend is expected to continue into 2023. Whether it’s for everyday necessities or the latest fashion trends, retailers are using digital technology to create personalized shopping experiences that keep shoppers coming back.

As a result, retailers are adopting new ways to meet shoppers where they are, including adding augmented reality (AR) and virtual reality (VR) to their in-store and online offerings. These immersive experiences allow shoppers to see, touch and try out products before making a purchase. Augmented reality can also be used to create themed experiences that offer a unique way for shoppers to interact with products or brands.

Another emerging retail trend is the use of data and AI to deliver personalized recommendations to shoppers. Through this process, retailers are able to predict and anticipate shopping behaviors and trends. This is helping them drive revenue and increase customer satisfaction. In addition, retailers are using AI to create innovative customer service experiences that make it easier for shoppers to engage with their brand.

In the digital age, omnichannel has become an expectation for consumers. The lines between brick-and-mortar and ecommerce are becoming increasingly blurred, with some retailers even offering their services online or in stores, while others are opening smaller physical locations to focus on customer experience and building strong relationships. This strategy is especially effective when it comes to attracting shoppers who may not be interested in visiting larger retail chains.

As an alternative to traditional physical stores, ecommerce giants like Amazon are expanding their reach by opening fulfillment centers across the country and introducing same-day delivery options in certain markets. Moreover, social media platforms like TikTok and Instagram are introducing features that enable users to shop directly from their accounts. This allows them to bypass traditional retailers and discover brands and products through algorithms like the For You feed and Shopping tab.

Finally, as a result of omnichannel shopping and other technological advances, phygital, or the combination of physical and digital experiences, is gaining in popularity. It’s important for retailers to understand these shopping trends so they can meet customers where they are and enhance their overall shopping experience.
Digital Natives

In an age where the latest high-tech gizmos are out before they hit store shelves, digital natives don’t have the patience to wait around for their next gadget. They’ve grown up in a world where information can be surfaced within seconds with a quick Google search, shopping can be purchased and delivered on the same day as their online order, communication is instantaneous via social media and entertainment is instantly available thanks to the likes of YouTube and Netflix.

The term “digital native” was first popularized by Marc Prensky in his 2001 article, “Digital Natives, Digital Immigrants.” Essentially, the digital native concept refers to individuals born into an innate digital culture, as opposed to those who have learned to use technology as a tool in their lives (i.e., digital immigrants).

As a result of this early immersion with technology, digital natives have different expectations than other generations when it comes to their experiences. They’ve come to expect fast, on-demand access to information and entertainment, which they believe should be consistently reliable and improve as time passes. They also value instant gratification, which is why they often choose to skip traditional retail in favor of online or mobile options.
Redefining Retail Experiences

Modern shoppers have grown accustomed to the convenience and instant gratification provided by digital shopping. As a result, retailers need to think about their physical store formats in completely new ways if they are going to capture customer attention and keep them coming back.

One way to do that is to create an experience that stands out from other brands. For example, Shinola is reimagining their stores as destination experiences by incorporating unique elements like bakeries, cafes and tattoo parlors to appeal to the local culture of each geographic location. Other brands are using technology to improve the customer experience by combining online and offline shopping in innovative ways. For instance, Sephora’s digital ecosystem allows customers to browse products and use virtual try-on tools online before visiting a store for personalized assistance or to make a purchase.

Another way to improve the customer experience is by eliminating friction during the buying process. For example, some retailers have incorporated self-checkout systems to reduce wait times and ensure that the purchasing experience is hassle-free. Other retailers, like Decathlon, are leveraging customer feedback to streamline their payment processes by implementing mobile wallets and contactless payments.

However, it’s important to remember that the preferences of consumers are always changing and that the CX needs to be consistent across all touchpoints. A great way to do that is by integrating a retail CX management platform into your omnichannel strategy that allows you to collect and analyze real-time data from all channels, platforms, and locations. This will help you understand how your store is performing in the current market and make improvements accordingly. For example, the ability to identify and respond to customer feedback quickly will ensure that your store can deliver on its promises and meet consumer expectations.
The Future of Retail

Retailers must rethink what their value proposition means to consumers. The future of shopping will see the shift to a new definition of convenience, in addition to personalization and immersion. Customers will demand seamless integrations between online and physical stores, along with augmented reality or virtual try-on technology to reduce risks associated with product returns. They will also expect to be able to purchase products from anywhere at any time.

In the past, retailers like the marketplaces of ancient civilization and local mom-and-pop shops were more than just places to buy things. They were community hubs for social interaction and often hosted events in their neighborhoods. This created a level of intimacy that today’s mass market retail companies struggle to replicate. These lessons can help retail businesses focus on what matters to their customers and create a sense of belonging that leads to brand loyalty.

As the COVID-19 pandemic has pushed shoppers to abandon their usual shopping habits, traditional retailers have been forced to adjust their strategies and offer more convenient alternatives. While some storefronts have been closed, the ones that can adapt will thrive in a world of unprecedented disruption. This year, we expect the industry to continue accelerating toward a future that is less about buying stuff and more about providing experiences and solutions that help consumers lead healthier, happier lives.

Those that are not adapting will be left behind. In a future where the lines between offline, online, and social commerce will blur even further, the retail trends that matter most will be the ones that are personalized, immersive, and accessible. This will require retailers to adopt novel tech solutions, nurture customer relationships, and focus on creating a cohesive shopping journey.

It’s been a rough couple of years for retail, but there are signs of recovery and fresh opportunities ahead. Using their ingenuity and resilience, retailers helped society function during the COVID-19 pandemic, and they’re now tackling cost-of-living pressures and global macroeconomic turbulence. With the right strategic moves, they can chart a value-creating course through tomorrow’s flux. We’re excited to see what the future holds for retail as it continues to evolve.