How would it feel to walk into a superstore, grab all the things you need, and leave without having to wait in the purchase line— all while receiving offers on your mobile that are tailored as per your previous purchases? The universe of connected commerce is a sphere where big retail chains are the torchbearers of removing the differences between online and offline shopping.
An introduction to Connected commerce
Connected commerce is not just a tagline. it’s blending the digital realm with physical shopping. Imagine AI technology that tracks stock levels and mobile payments, individual customer deals, and augmented reality to showcase the products. For supermarkets, it involves finding a way to compete with e-marketers and constructing avenues to simplify and appeal the shopping process.
The Digital Tools Driving the Revolution – Omnichannel Experiences
Big box retailers now offer a fully integrated online, in-store, and mobile experience. Customers can use the internet to shop, check if the items are in stock at a local store, and readily select them at the curb side.
As per RetailEconomics report on UK Omnichannel Retail 2023: Understanding Consumer Segmentation for In-store & Online Markets, 61% of consumers prefer in-store shopping, while 39% shop online.
Personalization powered by AI
Have you ever been astonished by a highly relevant recommendation? American big box stores are being empowered by AI to do so. Retailers optimize data for retention and use it for persuasive promotional offers to, customized recommendations,
Smart Inventory Management
Those “out of stock” disappointments are behind us. Digital tools such as IoT-powered inventory systems guarantee that shelves are complete and clients are happy.
IoT sensors are appreciated by 75% of shoppers.
Frictionless Checkout
Cash registers? So last century. Big box retailers are adopting self-serve kiosks, mobile payment apps, and even scan-and-go technologies to replace traditional checkout counters.
The RBR Data Services, in its study Data and insights on cards and payments, retail technology and banking automation, mentioned that by 2027, the number of stores with checkout-free technology globally will reach over 12,000 by the end of 2027.
Why Big-Box Retailers Should Care About Connected Commerce
Historically, the success of big-box retailers has been predicated on volume; selling large quantities of different goods at lower prices. This is not the case anymore; modern-day consumers expect much more than reasonable pricing alone. Today’s shopping experience is not just limited to deals. The contemporary collection of customers desires a seamless and engrossing shopping experience, which is where connected commerce comes into the picture. Let’s have a concise understanding:
Personalization leading to an Improved Customer Satisfaction
Modern consumers wish brands to predict their requirements, and this is specifically what connected commerce offers.
AI and data analytics are leveraged by connected commerce to deliver personalized recommendations, promotional offers and additional communications. This is evident from the data according to a research report by EY-EY Future Consumer Index, consumers return to physical stores for personal service, even as AI and tech revolutionize online shopping, 68% of consumers are happy to receive and trust offers and promotions that AI has personalized.
Customers consider themselves valued through customized communications and taglines like “special offers for you” or “Curated specially for you”.
Enhancing Efficiency and Quickness in Service Delivery
Efficiency is a major essential factor in big-box retail, and it is being enhanced by Connected Commerce. A remarkable illustration is innovative inventory systems, mobile applications, and self-service checkout kiosks that eradicate stock shortages, prolonged waiting times, and general pain points. A data suggests that about a quarter of shoppers are encouraged to purchase through interactive grocery store kiosks. A streamlined process leads to an enhanced customer experience, improved productivity, and lower costs.
Building Loyalty by filling the gap Between Digital and Physical Shopping
In today’s retail scenario, clients need the benefit of e-commerce combined with the immediacy and tactile enjoyment of in-store purchasing. 32% of consumers still wish for personal service that can only be offered through in-store shopping. Connected commerce forms a unified experience across online and offline channels, delivering bonuses like “buy online, pick up in store”, real-time availability information, and constant engagement.
A Glimpse into the Future
What’s next for linked commerce? Picture intelligent purchasing carts that recommend recipes primarily based on your purchases or robots that help you find the goods in store. Big-box shops are handiest scratching the floor of what’s feasible with digital tools. Retailers need to evolve with the new generation of customers and sync with the latest demands of engagement and satisfaction.
Conclusion
Retailers reinvent personalization, amenities, and engagement by incorporating digital tools into every aspect of the customer journey.
In the present era of technological advancements and customer awareness, big-box stores are not just limited to being places of shopping; they are cradles of innovations where the physical and digital amalgamate. So the next time when you cross a big-box store with a flawless checkout system and targeted deals for you. Do recall that it’s all part of a revolution called the commerce revolution- and it has just begun.
UK Omnichannel Retail 2023: Understanding Consumer Segmentation for In-store & Online Markets
Ibid
RBR Data Services, in its study Data and insights on cards and payments, retail technology and banking automation
EY Future Consumer Index: consumers return to physical stores for personal service, even as AI and tech revolutionize online shopping
RETAIL 2024: NEXT-LEVEL PERSONALISATION, AI AND HARMONY
EY Future Consumer Index: consumers return to physical stores for personal service, even as AI and tech revolutionize online shopping
