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Brands, retailers seek a phygital growth model amid COVID-19 crisis

 

Brands retailers seek a phygital growth model amid COVID 19 crisis

 

Realizing the significant impact that COVID-19 crisis will have on their businesses, Indian retailers are seeking new capabilities to leverage the phygital business model. Combining the advantages of both the physical and digital mediums, phygital model offers consumers a wider range of options besides enhancing their shopping experiences. The model also benefits brands by allowing them to leverage the reach of e-commerce. It helps brands launch the right products that address current needs by making a deep analysis of online consumer behavior through data-led insights. For instance, in the last six months many brands have aligned their offerings to growing demand for loungewear and work from home apparels.

Deeper collaborations between brands and e-tailers

As more consumers opt for safe delivery services, curbside pickups and app-based concierge services, fashion retailers are allowing customers to shop online. This led the online fashion market to grow at a CAGR of 32 per cent in 2019, says a Redseer Consulting report. Brands are connecting online with consumers besides booking slots for their store visits. Some are also using virtual look-books and virtual trial rooms to simulate physical experiences. This is leading to a deeper collaboration between brands and e-commerce marketplaces.

E-commerce is also helping offline retailers create seamless shopping experience by integrating offline stores with online platforms creating an ecosystem of services that benefits both sellers and customers. Brands are also building strong and efficient e-commerce supply chain to ensure faster delivery and wider access to customers. Technology is helping them offer a wide variety of products with speedy delivery.

Small cities future growth centers

For retailers, the future epicenters of growth will be smaller cities and towns. Consumers in these towns prefer to interact with retailers in regional languages and engage in a meaningful communication. For such consumers, including vernacular languages on their web portals can help brands onboard 200 million consumers.

Brands and retailers can also encourage vernacular communications with consumers across important consumer touch points. A deeper collaboration across the fashion ecosystem will help these brands and retailers minimize the impact of the pandemic and emerge successfully from it. The ‘phygital’ retailer will not only shape the future of fashion in India but also create a win-win situation for consumers, brands and sellers.

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