Going Phygital : The way ahead for Retail Business
Phygital is the term coined to describe the emerging approach to retail that’s geared to meeting or surpassing customers’ expectations in terms of practicality and emotion. A blend of physical and digital, Phygital Retail is taking the best elements of E-Commerce and combining them with the unique aspects of browsing or shopping in a real-world brick-and-mortar store. For instance, many major retailers now use their physical storefronts to provide customers with an immersive brand experience. If they enjoy the experience they can then order products online. Likewise, services such as click and collect or buy online collect in store is a perfect example of phygital retail. The convenience of online shopping merges with the instant gratification of buying in store rather than having to wait days for shipping.
Phygital Solutions for SMEs
Indeed, small and medium-sized businesses may often have a hard time implementing digital technologies like augmented reality or artificial intelligence because of limited budgets and skills. What should they do?
Here, find some alternative solutions for SMEs. Approach the phygital phenomenon without large investments or special skills:
Social media, Instagram and Facebook can be excellent tools for offering discounts and coupons to the users who perform a certain action (e.g. content sharing), to be claimed in the physical shop. Social profiles can also work the other way around, inviting interested in-store customers to subscribe to our social channel or tag our company on their page and get a special offer in return. Pop-up and temporary stores A company that operates exclusively online might open a pop-up store at a strategic point (based on the analysis of its customer base geolocation data). This is a simple yet effective phygital strategy that’s becoming more and more frequent in the last years, especially during the holiday season and occasions like Black Friday. E-commerce plus Email and SMS Marketing for a multi-channel approach.
Keeping in mind the significance of Phygital retail and having recently started onboarding Retailers and Sellers in line with the revised definition of MSMEs, the India SME Forum is looking forward to assimilating Best Practices of Retail in line with the VUCA Economy to support millions of Retailers who are looking for support in these tough times. We are pleased to announce the Debut Edition of "The Best Sellers of India Awards", aimed at Identifying and Recognizing, innovative and successful Leading & Emerging Retailers of India, in the presence of key leaders and visionaries representing the retail industry in India.
India SME Forum is a staunch supporter of this hybrid retail mode and is hosting a first of its kind seller awards, the ‘Best Sellers of India Awards 2022 - Recognizing Phygital Excellence in Southern India'. This award aims to honor outstanding achievements and excellence of retailers across South India who have leveraged the latest technologies, credit facilities and digital solutions to serve the interests of the consumers with best possible deals while recording growth, said Mr. Vinod Kumar, President, India SME Forum.
Source: 1) SITEL.com 2) M Blog