Retail and E-commerce
From brick-and-mortar to click-and-order, the retail industry has transformed over the last decade. E-commerce and M-commerce are fast emerging as viable alternatives to traditional retail channels. Across horizontals (fashion, jewellery, consumer goods, groceries, etc.) sellers across formats and geographies are facing unique challenges, for which there is no precedence. Be it deciding on the format mix (invest in more stores or strengthen online presence?), pricing issues (how to price goods that are available at different discounts on different platforms every day?) or devising channel strategies (buy from distributors or directly from manufacturers?), the scale and nature of challenges facing retailers is unprecedented.
While several physical stores are establishing an online presence, interestingly, quite a few online retailers are setting up physical stores as a means of getting customers to engage with the brand and establishing credibility. There are no clear thumb rules for growth. As such, the retail industry is seeing immense volatility. Pace of decision-making, ability to align organizational structures and systems, increased focus on alliances and enhanced focus on listening to the customer are being seen as critical success factors.
Areas of specific interest to retailers (both traditional and online) are lead generation, unique customer service solutions and sustained customer engagement. Players in the retail industry are increasingly looking at business process outsourcing service providers that can help address their needs successfully in these areas, and help bring greater predictability to their business.
At Conneqt Business Solutions, we work with several global retail and e-tail players, helping them address the challenges of a changing world, with customized solutions.