Phygital, the successul concept that retailers are betting on
It’s a well-established fact that the retail industry has undergone significant transformations in recent years, primarily attributed to the widespread digital transformation across most companies. In the current context, a pivotal emerging trend is the fusion of physical and digital realms at the point of sale, often termed ‘phygital’.
Get to know the phygital concept
As we have already mentioned, the term phygital refers to the combination between the physical and digital world, it’s the integration of online stores within physical store for unyfied in order to unify it into a single sales concept and create a cross-cutting and integrated shopping experience between both worlds. This strategy is based on offering a unique shopping experience to consumers, in which they can enjoy the benefits of both forms of sale.
How to implement a digital strategy in the retail sector
Before we start implementing phygital in our business we have to take into account several key aspects:
How is the integration of the online store with the physical store: It is essential that the online store and the physical store must be integrated so that consumers can browse the product catalog, make online purchases and pick up their products in the physical store. They should not be treated or behave as two separate sales channels, but rather the shopper should be able to move from one to the other indistinctly without changing their purchase path and be able to make online transaction in the store and in-store transactions online.
Define the use of technology in the physical store: Certainly, technology, such as interactive displays, mobile devices, or augmented reality systems, can enhance the in-store customer experience.
Offer personalization in the shopping experience: This factor is key to offer a unique shopping experience to consumers. Artificial intelligence technologies and data analysis can be good allies for this purpose.
The importance of optimizing the checkout process : Optimizing the checkout process is key to enabling consumers to make their purchases quickly and efficiently. This can be achieved by using mobile payment systems, reducing queues and implementing in-store online shopping systems.
What are the advantages of phygital in retail?
- You will provide greater customer satisfaction. By offering a unique shopping experience, you will improve the brand perception of your customers and that will make them more likely to repeat purchase.
- There will be greater efficiency during the purchase process. By having mobile payment technologies, mobile terminals, in-store pickup options such as Click & Collect, all of this will mean that there will be a reduction in wait times to finalize sales.
- Improved profitability. By applying all of the above, you will result in better profits for your business.
Phygital, a key strategy for the retail sector.
With the ‘phygital’ concept, you can dissolve barriers between the physical and digital realms, creating seamless shopping experiences unified by your brand.
This trend is also spreading to other sectors as diverse as hospitality and banking and is reality increasingly present in our daily lives, so it is vital that companies are prepared to adapt to these new forms of consuming.
From Cosin Consulting we recommend Retail Pro, retail management software, as the basis of your phygital strategy, tkans to the amount of features it offers and the greater adaptability to any type of business.
Remember that in Cosin we are exclusive partners in Spain and Portugal of Retail Pro. If you are interested in this retail management system or need any other solution for your business please contact us and we will help you.
And you, are you ready to enter to the phygital world?