1st April 2021

Retailers and the phigital approach

Retailers and the phigital approach

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Over one-quarter of businesses in the UK have temporarily closed or paused their trading due to the pandemic. Research by Statista shows that daily footfall in UK retail locations (including high streets, shopping centres and retail parks) fell by almost 90% since mid-March 2020.

Almost one year later, cities and towns are slowly coming back to life. However, consumers’ lives and behaviours have changed dramatically, and retailers need to start embracing a phigital approach to stay afloat in the future.

PINTEREST PREDICTS

 

As a result of social distancing and worldwide lockdowns, people’s mental health has taken a toll. People long to be associated with positive people, positive communities and positive brands while surviving these challenging times. In this scenario, Pinterest is one of the preferred platforms for doing so.

People come to Pinterest to visualise the future– whether planning a wedding, dream home, outfit, or looking for dinner ideas. In a nutshell, Pinterest can inspire the future and get an inside glimpse into consumer’s purchasing behaviours.

Since August last year and the launch of its “Try On’ feature, Pinterest has researched how “positivity” is influencing consumer behaviour. According to this research, 1 in 2 Pinners agrees that they’re more likely to remember, trust and purchase from a brand that inspires positivity. Additionally, 8 in 10 pinners use Pinterest to feel positive.

Pinterest is already collecting data using “Pinterest Predicts“, its AI technology. This tech enables the platform to understand trends, something other social media platforms are struggling with. Last year, 8 in 10 Pinterest predictions for 2020 came true.

This year, the Pinterest team updated the Predicts feature even further and now it even breakdowns data to show where each trend is growing fastest around the world. In 2021, wellbeing and nomad travel are some of the predicted trends.

 

Pinterest Predicts

 

XESTO FIT

 

It’s no surprise that each year the fashion industry loses $18 Billion in cart abandonment, and during the Covid-19 pandemic, cart abandonment rates grew to over 90%. One of the main reasons are related to sizes or fit uncertainties around the products.

Recently, a free mobile app called Xesto has been gaining popularity. Its compelling 3D foot scanning technology helps retailers lower cart abandonment rates and returns by providing accurate sizing for customers.

The Xesto app also enables shoe recommendations. This 3D scanning software is a perfect opportunity for shoe retailers to get involved and reduce their return rates. As well as introduce the shopper to a safe and reliable way of shopping. This app is truly a place where fashion meets the future.

 

Xesto

 

FRICTIONLESS CHECKOUT

 

Amazon has been one of the first retailers to use the “self-checkout” technology in their physical stores. Everyone hates waiting in line at the grocery store, and now more than ever before, consumers are longing for a safe, virus-free experience.

Futureproof Retail is one of the first technology companies that has made their “mobile checkout” readily available for all major retail stores in the USA. One of the primary users of this technology is grocery stores and fashion retailers.

The technology is quite similar to that of Amazon Go Stores; once you scan each QR code on the label, you receive the receipt with the final amount due straight to the app.

There are lots of reason why retailers should make this QR scanning technology available in their stores:

  • Covid safe way of in-store shopping.
  • Avoiding checkout ques.
  • The shopping cart is updated as you shop, and customers can see their running totals.
  • Intelligent in-app recommendations, making shopping more seamless.
  • Customers can also use the app for click and collect services.

 

KEY TAKEAWAYS…

 

Setting up a business account on Pinterest is free; this community is a must for retailers to be the first to know what is the next big trend. We suggest your team create an ideal “Pinterest Buyer Persona” find those people on the platform and follow them, delve into their boards, inspirations and plans.

Second, upgrade your tech if possible. We understand this could be pricy for some businesses now, but trust us when we say it will be worth it in the long run. There is only so much your team can do manually; AI and immersive technologies are the future of eCommerce.

Lastly, while brick and mortar stores have been taking a seat back, they are, however, on their way back. But remember that consumers are looking for a new, safer and smarter way for in-store shopping.

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