According to research by McKinsey the COVID-19 crisis in 2020/21 accelerated digital transformation by 3 to 4 years across all sectors. The impact of lockdowns, 5km limits, and retail closures made many people go online to produce goods and services, some of them for the first time, building shopping habits that are now firmly established. Now large and small retailers have had to adapt to omnichannel selling (both online and instore shopping). The reality facing many retailers is they are no longer in competition with shops down the road, they are now in competition with similar retailers from all over the world, and people are also opting to buy directly from the brand more often now. Establishing a competitive advantage can be difficult, however, we have identified a number of areas that retailers can strengthen in order to maintain or grow market share.

Establishing a competitive advantage can be difficult, however, we have identified a number of areas that retailers can strengthen in order to maintain or grow market share.

The reality facing many retailers is they are no longer in competition with shops down the road, they are now in competition with similar retailers from all over the world, and people are also opting to buy directly from the brand more often now.

Buying process

The companies with the most seamless buying process will lose fewer sales than businesses with complicated buying processes. Consumers are put off by long cumbersome buying processes. Gathering data is important, however, don’t fall into the trap of trying to gather too much data during a customer’s first purchase.

Many businesses don’t test their buying process regularly enough, we encourage clients to buy something from your online store, make sure this process is frictionless and not too long.

Become an early adopter of voice search

As the accuracy of voice search becomes more precise, consumers confidence in purchasing via search will continue to grow. Smart-homes devices like Apple’s HomePod, Amazon’s Alexa, Google Home are well placed (in your kitchen or living room to be precise) to be the next disruptor in eCommerce. Amazon is leading the way with Alexa linking up with your Amazon accounts for simple purchasing.

Augmented Reality

Consumer behavior is changing how brands think about their customer journey. Forward-thinking brands are adopting AR to help consumers make purchasing decisions. Many large brands in the fashion industry are leaders in implementing AR into their customer journey by allowing customers to virtually turn on products such as clothes, glasses and footwear. AR has been viewed as a great way to increase conversions and reduce returns, which can be costly for many leading brands.

Customer Loyalty

Consumers have so much choice today, and customer loyalty programmes are an effective way to ensure you stay ahead of the competition. Loyalty programmes can offer monetary benefits such as discounts, voucher codes, and shipping, but non-monetary benefits can be equally as effective, such as pre-sales, hot drops, exclusive products and invites to events.