In years to come, 2020 will be remembered as the year that altered everything. COVID-19 has sparked an increase in digital commerce and has hastened digital transformation in retail. Bain & Company states that APAC accounted 75% of global retail growth and showed significant maturity in digital commerce. Gartner predicts organizations with diverse digital commerce go-to-market strategies will experience a 30% boost in revenue by 2022.
Despite APAC’s retailers spearheading global consumption, growth challenges exist. Such as: How to use apps like Paytm, Gojek and Coins.ph ? Should retailers collaborate with a platform like Alibaba, Tencent, or Flipkart? How do retailers address last-mile deliveries?
If you’re still pondering how to execute, don’t worry; we’ve got you covered. Take a look at some of the key aspects that shall enable APAC retailers to ace the digital commerce game like a pro.
From Brick-and-Mortar to Setting Up a Digital Shop
Retail is leapfrogging despite the turbulent year, a recent KPMG report shed some light on emerging post-COVID trends.
Source: KPMG Global Retail Trends 2020
It’s no wonder that ecommerce has grown rapidly throughout the pandemic. For the first time, people resorted to online purchase to meet their retail demands, specifically in APAC. As consumers move beyond basic necessities to purchase things that enhance their at-home experience, brands have a chance to be where their customers are.
For example, if you were in an actual store and couldn’t find the staff to assist you with inquiries concerning a product, perhaps you feel helpless and leave it on the aisle. But what if the customer found product information across channels and purchased it without any human interaction? These are the wow moments that nudge shoppers towards their purchasing journey.
The digital momentum has been created by easy internet access and the proliferation of brilliant gadgets. Indeed, the ever-growing e-commerce is transforming how shoppers purchase and retailers sell. Customer expectations have evolved significantly. Here are the six shopping and consumption trends of Gen Zers in APAC- Source: Mckinsey
Source: inmoment|CX Network
Customer behavior is changing now and forever. Several APAC researches shows that shoppers demand more from retailers and are willing to switch brands if they are unhappy. Changes in consumer behavior have had an impact on how retailers serve their customers. Consider how you can increase your customer focus from your current position. Ask yourself if you are you really meeting the demands of your customers?
A Delicate Balancing Act! Will APAC’s Growth Be Fueled by an Omnichannel Strategy?
Let’s begin with the question. Is your company on the verge of implementing an omnichannel strategy? The actual driving factor behind digital commerce development is the ever-changing Asian customer. Businesses should continue their journey of decreasing fragmentation.
Source: inmoment|CX Network
Despite KPMG’s recommendation that omnichannel experience boosts online sales post-Covid-19, just 14% of firms in APAC used omnichannel techniques, which is 4% lower than the worldwide average of 18%. THE ICONIC, Australia’s most downloaded fashion app, felt the brunt of not having a live chat feature to connect with customers in real-time.
Take a moment to consider all of the systems, platforms, and apps that today’s retailers must employ to provide customers with a consistent brand experience. Point of sale, inventory management systems, CRM, ecommerce, mobile channels, and a slew of other technologies are all available. To make matters even more complicated, new avenues for customers to explore and purchase are launched every few months.
Retailers must use this transition period to rethink customer-decision journeys and work towards meeting the ever-evolving customer expectations. Clearly, omnichannel retail requires a change to better meet the demands of the business & to provide a seamless, personalized customer experience across channels.
Unified commerce offers a seamless shopping experience to customers regardless of their shopping journey and touchpoints. By integrating online and physical channels, retailers implement a unified commerce strategy to trace customers’ journeys. You can go beyond omnichannel with a unified experience and stand out once again. Asian brands have quickly understood this reality and is keen to create a 360-degree view of their customers.
To know more about our actionable strategies to build unified commerce experiences, stay tuned for part 2!
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