So how can brands know which influencer is right for which campaign? With digital content creation being a relatively new profession, almost 90% of all influencers on the major platforms are between 18 and 34 years old. And when it comes to influencer advertising, age isn’t just a number. ‘Engaging influencers of the right age on the right platform can pay off when you’re trying to reach your target audience,’ the report states.

Nielsen outlines 28 categories to identify what intrigues and motivates Instagram followers. Analysing the top five audience interests per influencer type, it found out that Nano (1k-10k followers) and Micro (10k-50k followers) influencers’ followers are mostly interested in clothes, shoes, handbags and accessories. ‘Apart from influencer demographics, brands need this in-depth knowledge of audience interests to develop effective influencer marketing strategies. Because if your influencer’s followers don’t have a basic interest in your product, your campaigns will struggle to produce optimal results, even with a mega influencer,’ it asserts.

It is also important for brands to understand that different social media platforms focus on different types of content and different ways for audiences to engage with that content. Nielsen highlights, for instance, that Instagram is primarily a photo-sharing App with likes and comments as the primary engagement actions, while YouTube is a video content publishing platform — on which sharing plays a larger role in determining engagement levels, and views are the main indicator of identifying potential reach. There has now been a shift in preference toward shorter videos and vertical formats.

Hence, with social platforms only gaining in popularity, it’s clear that influencer marketing can be a major revenue generator. And brands that are able to dial in the right combination of influencer, platform, content and interest can create connections that drive engagement—and ROI.

The post Is Your Influencer Influential Enough? first appeared on PHYGITAL RETAIL CONVENTION (PRC).

Easy returns and last-mile delivery options have made e-commerce a formidable alternative to physical retail in the past two years. The new age retail shopping is defined by the ease of access to internet and e-commerce platforms. With online commerce and door-step delivery becoming a pertinent feature of shopping today, brick-and-mortar retailers must put an increased emphasis on virtual customer interactions to generate sales and offset the possibilities of a slump in store walk-ins. Offline retailers lagging in digital adoption need to fix their disjointed fragmented retail processes and awkward customer experiences, or else they are sure to fall behind in the race.

In the wake of their experience with the pandemic, smart retailers now understand that a lack of digitization and virtual solutions can impede productivity and slow down business. They are therefore transitioning to virtual retails solutions to avoid supply chain disruptions and labor shortages. By thoughtfully virtualizing business operations, eliminating silos between channel, and shifting to omnichannel models, brick-and mortar retailers are responding to the changing market dynamics in an agile and fast manner.

The unhindered rise of e-commerce, personalization, digital mannequins, and automated home deliveries are some of the key elements that will shape the shopping experience in the coming years. These changes will prompt retailers to adopt an omnichannel business model and deliver a consistent shopping experience across online and offline channels. It is now more pertinent than ever to build virtual retail ecosystem and connect physical retail to digital lifestyles.

Retailers must bring the in-store shopping experience online using AR/VR technologies and virtual sales assistants to guide customers and help them choose a product. They should deploy digital BTL activations and in-store activations to engage with customers and drive brand loyalty in the future. A cohesive blend of e-commerce with physical retail is the way forward for brands to maximize sales in a restricted market environment. In an omnichannel design, store promoters can effectively use customer data captured across virtual and physical stores to offer better personalization and product recommendations based on their previous purchases.

Physical retailers need to maximize the value of each store trip and their flagship stores can offer a mix of cafes, art galleries, and shops, etc., in order to drive store footfalls in the future. Omnichannel retail can help manage crowds by offering customers options such as ‘Buy Online Pay in Store,’ curbside pickups, digital payments, and more.

Additionally, retailers can use physical stores to execute experiential events, educate customers on product offerings, and reinforce their brand’s positioning in the market. New technology solutions can be leveraged to transform store formats and drive delightful experiences for prospects and customers. The future of shopping will definitely be a mix of digital and physical retail but, above all, the most crucial aspect would be building personalized relationships with customers and automating inventory and supply chain systems.

The post The Future of Shopping first appeared on PHYGITAL RETAIL CONVENTION (PRC).

1. ChatBots
With ChatBots gaining more human qualities, it is important to utilize the power of machine learning in online shopping. AI-powered tools have become a central part of a lot of customer-centered experience creation and can emulate the presence of an ‘in-store assistant’ while shopping which can prove to be a great aid for the customer.

2. User Experience Optimization
One of the more important aspects of working in an E-commerce store is to make the customer’s experience as seamless and hassle-free as possible. Similarly, an easy and well-designed user interface can have a lot of impact on the customer as well.

3. Mobile Commerce
Making your E-commerce services available on phones and mobiles is another trend that e-commerce companies must hop on. Making their businesses mobile-friendly allows one to tap into the market with utmost ease since smartphones are a largely available and viable source of growth.

4. Diverse Payment Methods
Consumers today wants to pay for their order in various ways and it is up to the E-marketers to utilize the plethora of various technologies available to integrate a whole lot of diverse payment modes, like E-wallets and Pay later options, available on their websites and apps.

5. Using AR and VR Technology
With the unprecedented growth in consumer tech, using tech-based systems like AR and VR can make online shopping a more immersive and informative experience. The use of such visual technologies can also help companies reach out to a new market.

6. Personalized Marketing
Customers today are asking for personalized services and marketing efforts. The push for using customer-specific materials is great and it has never been easier. Technology and data tracking allow AI to utilize the innumerable resources of the internet and channel-specific marketing content as well as personalized product recommendations to each individual.

7. Data Control
It is important to know that even though there is a lot of importance that is being given to personalized marketing efforts, data privacy concerns are also gaining ground. It is important to balance the personalization aspect with privacy concerns.

This shift in the consumer base and their demands are the driver of change this year. For E-commerce businesses to be successful and profitable, it is necessary to embrace the changes and rework your business model to focus on the customer and their needs. When this is done properly and targeted at the right audience, you will notice a positive shift in the market as well.

The post E-COMMERCE TRENDS 2022-23 first appeared on PHYGITAL RETAIL CONVENTION (PRC).

The report from Capgemini suggests that Gen Z and Millennial shoppers are now more likely to order products directly from brands, and 72 per cent of all shoppers expect to have significant interactions with physical stores once the pandemic subsides – up from 60 per cent pre-COVID.

More than two-thirds (68 per cent) of Gen Z and over half (58 per cent) of Millennials have ordered products directly from brands in the past six months, compared to 41 per cent on average across all age groups. Only 37 per cent percent of Gen X and 21 per cent of Boomer shoppers have ordered directly from a brand in the last six months. For those who have bought directly from brands, almost two thirds (60 per cent) cite a better buying experience as a reason for purchasing directly, and 59 per cent cite access to brand loyalty programs.

Health and sustainability continue to sway the consumer decisions going forward, and the retailers should consider investment in empowering customers to make informed choices around these. With convenience remaining a key priority for the consumers, delivery and fulfillment are increasingly being transformed from a cost center to a growth driver for many organizations. Today, shoppers are not much willing to pay a premium charge for even fast delivery.

Evolving Consumer Trends
To meet the evolving needs of today’s consumer the report identifies four key actions for brands and retailers to benefit from these underlying consumer trends:

• Collect and analyze first-party consumer data to customize new products and services for specific customer segments
• Develop an omnichannel strategy that incorporates the roles of in-store, ecommerce, direct to consumer and marketplaces
• Reposition delivery and fulfilment services as a growth driver for customer experience
• Set pricing of sustainable products more competitively in line with consumer expectations

— Sandeep Kumar

The post Online Not Likely to Replace in-store Shopping Entirely first appeared on PHYGITAL RETAIL CONVENTION (PRC).