E-commerce
The Role Of Location In Omni-Channel Retailing: A real Game-Changer For Retailers In 2016
The last decade has been a watershed for global retailers; with the adoption of new age digital evolution successfully transforming shopping behaviours of buyers globally. As a matter of fact, the digital maturity of consumers has pressed the accelerator rings of retailers to reinvent buying experiences of the two worlds, one being the dynamic online multi-screen domain and other being the traditional offline space.
As e-commerce continues to grow exponentially, retailers are aiming to win the race by amplifying marketing effectiveness and optimizing conversions through omni-channel marketing – seeking to offer a more personalized shopping experience to consumers.
Today, buyers are largely influenced by the ease and comfort of online shopping during their shopping journey. That said, various studies have shown that consumers switch between online and offline mediums before making purchasing decisions. And, this altering consumer behaviour has pushed retailers (who run both e-commerce and in-store channels) to invest in new realities.
Chief among these are smartphones that are eventually becoming a must-have during the shopping cycle. As per a recent study by Google, 95% of smartphone users conduct local searches on search engines; with 50% of these users who conduct information searches are most likely to visit the store within 24 hours; with 18% of all local searches converting into a purchase. The study also highlighted that maximum local searches involved location details of the local store, in-store product availability and business hours among others. Stating that location (of the customer and retailer) is an integral part of omni-channel retail and in the absence of right local-retail based insights, search fails to play a tangible role in digital marketing strategies.
Point in statement is that retailers can now make use of online channels to attract shoppers to the store by seamlessly integrating search, location data management systems and discovery with omni-channel retail marketing. To start with, it’s quintessential for retailers to understand customer profile and preferences by analysing demographic, online browsing and search habits, most-visited store locations and frequency of visits etc.
Simply put, by monitoring and analysing location-centric insights received from POS systems, direct mail, in-app, social and online data among others, retailers can assist shoppers starting from deciding which product to purchase, to finding out where to buy it, availability of in-store inventory, to eventually going out there and buying it, or buying them online after visiting the store – essentially engaging with customers to drive sales.
Since, location is a key element in omni-channel retail, retailers should now be empowered to find answers to the following questions in order to optimize their marketing strategy. For instance,
- A customer’s frequency of visiting the mobile site of the retailer
- Does the customer conduct a search on price comparison sites
- Which is the most visited offline store of the brand
- Does the customer click on the ads of their most visited store
- How often does the customer make use of search to understand the availability of a product in a particular store
- Does the customer prefer shortlisting the product in the online space and later picking it from the nearest store (after trial). And, more!
Such questions when answered can help retailers to seamlessly connect and integrate online with offline marketing strategies that can further drive in-store visits and subsequent sales. With increasing focus of brands towards a consumer shopping journey, retailers can easily offer products that a customer may like owning or are possibly searching for with an assurance of availability in a store nearby.
In point of fact, integrating omni-channel retail definitely presents a huge opportunity for retailers and undoubtedly one of the best ways to smoother the path of customers to get to the brands front door. To start with, retailers must closely monitor and analyse purchasing trends and behaviours of shoppers across all channels in the online and offline space. Precisely, focusing on understanding customer needs and providing them with the relevant information on all local search queries.
The lesson here for retailers is to create a seamless shopping experience by optimizing for consumer location, preferences and shopping behaviours; providing right localized information, product details and in-store availability; and periodically engaging with consumers across all channels.
E-commerce
Blinkit delivers Lenskart products in 10 mins.
In an announcement on Friday, Albinder Dhindsa, the founder of Blinkit, revealed that the quick commerce firm, owned by Zomato, will now offer delivery of eyewear products from Lenskart in under 10 minutes. This partnership allows Blinkit customers to access Lenskart.com products swiftly, initially focusing on sunglasses and Lenskart’s Hustlr range, which includes computer glasses. Dhindsa expressed curiosity about the evolution of the Hustlr brand over time.
The expansion of quick commerce services beyond groceries is evident as various categories such as beauty, toys, health, and electronics witness significant sales growth on such platforms. For instance, Arindam Paul, a founding member and CBO at Atomberg, recently shared on LinkedIn that the company has started selling its products on a quick commerce platform, maintaining the same prices as offered on other e-commerce platforms.
Additionally, Blinkit recently announced its availability of PlayStation 5 on its platform. Dhindsa noted that Blinkit customers in Delhi NCR, Mumbai, and Bengaluru can now have the all-new PlayStation 5 Slim editions and controllers delivered within 10 minutes. However, due to high demand, the product quickly went out of stock within a week of its launch. Dhindsa reassured customers on LinkedIn that the company is actively working on restocking PlayStation 5 units at its stores to meet demand.
E-commerce
Amazon collaborates with neighborhood stores to offer community New Year items.
In Kolkata, approximately 15,000 local shops spanning across Bengal have partnered with Amazon India to provide a diverse range of items essential for various community New Year celebrations. These items include fresh flowers, rangoli, and puja essentials necessary for rituals during festivities such as Poila Baisakh, Ugadi, Gudi Padwa, Bohag Bihu, and others.
Furthermore, not only shops specializing in traditional festival items, but also those selling home furnishings, kitchen appliances, personal care products, computers, and peripherals have joined Amazon for this occasion. The collaboration aims to cater to the diverse needs of customers during the New Year celebrations of different communities.
These local partner shops of the e-commerce giant are situated in prominent locations across Kolkata, Howrah, Durgapur, Nadia, Hooghly, and Kharagpur. Abhishek Jain, the head of local shops at Amazon India, assured that orders placed would be promptly delivered to customers.
The festivals such as Poila Baisakh, Ugadi, Gudi Padwa, Bohag Bihu, Maha Vishubha, and Sankranti are celebrated with great fervor in various regions. In Bengal, these New Year festivals are embraced by the respective communities residing in the state.
Jain further elaborated that this year, nearly 4,700 sellers are offering approximately 60,000 festival-themed products across India through Amazon’s platform. The company anticipates an increase in the number of sellers partnering with them, thereby enhancing the variety and accessibility of festival-related products for customers nationwide.
E-commerce
Indiamart shakes up management, names new CFO, CIO.
Indiamart, a prominent B2B e-commerce platform, has announced the appointment of Jitin Diwan as its new Chief Financial Officer (CFO), effective May 15, according to a regulatory filing on Monday. Diwan brings over 17 years of experience to his new role, having previously served as the Head of Finance (Vice President) at Upstox Securities and holding positions at companies like Amazon India, Bharti Airtel Limited, and Vodafone.
Diwan will succeed Prateek Chandra, the current CFO, who will transition into a new role within the company as Chief Strategy Officer starting June 15.
The filing also revealed Indiamart’s recent investments totaling Rs 1100 Cr in pursuing inorganic growth opportunities across B2B, Fintech, Logistics, and business SAAS sectors. It mentioned acquisitions of Busy Infotech and Livekeeping Technologies, along with multiple minority investments. To further nurture and grow these investee companies while exploring organic and inorganic growth opportunities, Indiamart has created the new role of Chief Strategy Officer.
Furthermore, Indiamart has appointed Nikhil S. Prabhakar as its Chief Information Officer. Prabhakar, with over 13 years of experience, brings expertise in business management, sales management, product management, and leadership. Before joining Indiamart, he was associated with companies like Pristyn Care, Ola Financial Services, and Bharti Airtel.
In addition to these appointments, Dinesh Chandra Agarwal has been re-appointed as the Managing Director and CEO for a term of 5 years, effective from January 8, 2025.
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