Today the world is moving towards online. In such scenario, traditional retail seems to have started struggling in order to stay relevant to tech savvy customers in the era of e-commerce. However, as per the industry insiders there is no hindrance in establishing the synergy between online and offline. In fact, today the customers are looking for shopping experience which encompasses a seamless integration of brick-and-mortar with online platforms.
Sharing the personal experience, Amit Chaudhary, Co- founder, Lenkart said, “When we had started the business we had no intend to go offline. However, today we realized the offline offers better engagement with the brand also the cost of digital acquisition of customers is also no less. However, we wish to remain at all channels where the customer is.” Chaudhary was speaking at Indian retail and retail congress(IReC) 2018.
According to Chaudhary, Lenskart, which earns 65 per cent of its revenue from its offline stores, 30 per cent from e-commerce and 5 per cent from its home catering business, is investing Rs 50-60 crore every year on technology development. The brand is touted to sell 300,000 spectacles in a month and roughly 10,000 spectacles on a single day.
Impact of Internet
Online and Offline might be the two different words in the dictionary. But, Internet penetration has really blurred the difference between these two. Sharing the effect of Internet of retail sales, Vishal Kapil, IT Director, Emerging Markets- India, adidas India Marketing Pvt.Ltd said, “Internet has disruptive whole likes and dislikes even on colors, styles and many factors tremendously for many companies and adidas is one of those.”
Vishal shared an example of the collection that was launched in 2016 during May- June. The collection was made using thick linings and was not meant for tropical regions. The collection got sold out on same day in Dubai as it hits social media platform Instagram. Vishal Kapil was also a one of the panelists at IReC 2018.
Speaking on omni-channel experience he said, “It is really not about going online and placing order and then collect it. Click and collection is just one part of entire shopping experience. The real push should be on creating the lines which is relevant to audience as per their thought and design.”
At last, it would not be an exaggeration to state that Internet has affected the retailers worldwide far beyond from their physical space. And, that is the reason many fast fashion retailers such Zara, H&M and Forever 21 are harnessing the power of internet-based technology to drive growth.