How Is E-Commerce Affecting Retailing? | E-Commerce Or Retail? | #retail #ecommerce #yourretailcoach

Your Retail Coach brings to you one of the most heated discussions between Retail & Ecommerce businesses today, "How Is E-commerce Affecting Retailing?".
What is the impact of e-commerce on brick & mortar stores?
Are you wondering, if the rise of "e-commerce" would lead to the fall of "physical retail"?
Will the physical stores' era end?
What's the future of brick-and-mortar stores?

I am Dr. Rupal Agarwal from Your Retail Coach and today we are going to discuss one question in the minds of all the Retail & E-Commerce companies...

Who is winning, whether it's Brick & Mortar or E-Commerce?

Before we proceed, do not forget to subscribe to our channel to get notified each time we release a new video.

To understand the impact of e-commerce on the retail industry,

Let's understand consumer behavior & mindset, why do they prefer e-commerce?

We conducted research with online buyers across different geographies and found out the top 5 preferred reasons for online shopping

5. Browse and select products as per your choice and latest trend (even rare products are easy to find)
4. Saves time
3. Ease of delivery - same-day/next-day delivery
2. Heavy discounts & loyalty points with an easy product replacement option
1. Convenience to shop 24/7

(no parking hassles, no crowding, no queue at the cash counter, no hassle of carrying bags, and no sales pressure from shop staff)

But does this mean that "brick & mortar" is losing its charm?

Let's understand consumer behavior & mindset, why do they prefer brick & mortar stores?
Similarly, we conducted research with offline buyers across different geographies and found out the top 5 preferred reasons for offline shopping

5. Immediate availability of the desired product
4. Value-added services in stores such as personal styling, alteration services, etc
3. Quick trials to decide what to buy and what to not.
2. Touch and feel the product
1. Enjoy the in-store experience. Shopping is also about having fun

Thus, after analyzing consumer mindset, we conclude that e-commerce is not an alternative to brick & mortar retail, but they are complementary to each other.

So, now, whether you are an E-Commerce brand or a brick & mortar, or an omnichannel brand, you know exactly where to focus to enhance your customer experience.

There are several brands like Target, Singapore airlines, value city furniture, Sephora, Disney, Bank of America
Who have mastered themselves in omnichannel presence/

To know more about "omnichannel retail" stay tuned to the YRC channel by clicking the subscribe button.

If you want to know whether your brand is omnichannel ready or not, reach out to us & our experts can guide you.

For any other queries, questions or feedback, feel free to put it in the comment section, and we will try and answer them all.

TAT for this video:
Find your Niche before going online. E-Commerce is all about finding the niche in your product or service for which the consumers will come back to you. Your niche could be your pricing, your service, your quality, features of the product, or your product or service itself, which differentiates your brand from the other brands in the market. Your niche will help you play the long game!

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__________MUSIC USED_________
Alec Koff - @YouTubeMusicLibrary

___________Time Stamp__________
00:00 - Introduction
00:50 - Top 5 preferred reasons for online shopping
1:32 - Top 5 preferred reasons for offline shopping
2:11 - Conclusion
2:45 - TAT
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THANK YOU!