Consumers are using multiple channels to shop. According to a report by Locus and Coresight Research, 65.8 per cent of US consumers now want to go for multiple channels such as online and in-store to enhance their convenience and choices. A similar trend can be observed in India, especially amongst the younger generation. These shoppers are 18-44 years in age and use both online and offline platforms. Due to 75 per cent of online shoppers falling into that age group, brands can see a rise for a unified or integrated channel to enhance shopping experience.
These days a unified commerce approach is being used which means integrating all the available channels and touchpoints. The trends revolving around unified channels can be attributed to changes in shopping habits due to technological advancements. Nishith Rastogi, Founder & CEO, Locus.sh said,“Shoppers in both the US and India are embracing a hybrid shopping approach, signaling a clear shift toward a more integrated purchasing experience. More than half of the US consumers are leading the way in merging these behaviors, and India is quickly catching up, with a younger, affluent demographic driving similar trends.”
Change in consumer behavior
In the US 25 per cent of shoppers spend more time shopping across multiple channels based on their convenience experience, easy to navigate, multiple choices and affordability. Simultaneously 36.9 per cent of these consumers seem to remain loyal to retailers due to a good user experience. A similar pattern can be observed in India, with 62 per cent of online shoppers coming from medium to high income households. The demand from these consumers is for personalized frictionless experience when they slide between online platforms, direct-to- consumers (D2C) sites and physical stores.
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The report also highlights the increasing importance of shopping through social media platforms known as Social commerce. US consumers are using social media to discover products and research before buying. Almost 23 per cent of US consumers purchase directly through social media platforms. Indian consumers are following the same trend with social commerce rising as a critical factor of influence, especially in fashion and beauty categories.
Key technologies of Unified Commerce
Unified commerce can be considered as the way forward for the traditional omnichannel approaches. The new approach integrates the backend logistics, inventory and customer data into a single system. It enables a seamless experience to the customer while shopping. It also amplifies the need for real-time inventory management for unified commerce that can be achieved through technologies like RFID and mobile-first shopping platforms.
Consumers leave incomplete data sets most of the time on different platforms such as social media, websites and apps. This makes customer identification difficult and creates unknown or multiple identities. Customer data platforms collect data from different sources and create a centralized database. It will make sure to have a comprehensive view of each customer and provides a holistic view for consumer behavior.
Real time inventory management for all the channels will ensure a seamless customer experience. Advanced inventory-management systems powered by RFID provide real-time visibility and updates. It also prevents stockout situations and enables omnichannel fulfillment services, such as ship-from-store, BOPIS and curbside pickup services. RFID technology enhances the unified retail experience by maintaining accurate inventory levels across all the platforms.
From: financialexpress
Financial News
