The consumer collaborative shopping site will be a game changing concept in the omni channel retail purchasing program. This will however shortly become a standard cost of doing business in the retail marketplace. The retail market is changing as a result of the demands and, most importantly, the time constraints of consumers. These changes are poised to refresh the market and dramatically change the retail practices by implementing a true omni channel shopping experience. In a very short period of time it will no longer be enough to simply support purchasing across the retail channels. The channels will need to provide a cohesive shopping and purchasing capability that allows the consumers to shop and complete the purchase anytime and anywhere.
Millennial, and newer, consumers are driving change and bringing pressure to the retail market to support their demands and this pressure will only grow as they become a greater segment of the consumer base. Retailers have been focused on adding eCommerce to their purchasing channels as a result of the rise of the Internet and they have provided a robust method to complete purchases at the consumer’s convenience. The resulting omni channel market supports the extension of purchasing across the channels which is the legacy retail channel marketplace. This will be changing with the undercurrent of demands from the millennial and younger consumers especially and these demands will be a new requirement for retailers to maintain their business. There will be no choice for retailers because the demand for change will quickly pick up steam when the first retailer offers a consumer collaborative shopping site.
The first retailer to offer the consumer collaborative shopping site will require a huge investment; there is no question this is a long term strategic initiative and the investment in time and effort will be the greatest as the leader. However this will be easily recovered with increased sales and consumer retention and growth when the capabilities acquire full participation from the consumer and becomes a true consumer social shopping landing site. When the program takes root and achieves acceptance in the consumer space it be a game changer in the marketplace that will generate increased sales for the first to deliver.
This consumer collaborative shopping program will not be an option, the millennial and younger consumers coming into the market will demand these changes to meet their social and cultural retail shopping and purchasing demands. The first to provide these capabilities stands to achieve huge market advantages and a dramatic head start to maintain their position and a leader for a long time. This will ensure their place and long term success in the retail market.
And now for the audience participation portion of the show…
ECommerce will have wide ranging impacts on both the retail and manufacturing sectors. How can you focus these abilities to improve the consumer's experience? Improving the consumer’s experience will require a re-evaluation of the sales channels, the manufacturing channels and practices and the supply chain channels and practices from the raw materials to the consumers’ homes. In order to ensure and maintain success in this new reality you must harness the tools and capabilities in many new areas. How can you support these continuously changing requirements?