Shopping Reinvented reflects how economic and technological shifts have rewritten the shopper journey, holistically. Today, shopping is a journey, the purpose of which is not just buying, but relationship-building. This report examines how new retailing in China redefines three core elements of retailing – consumer, merchandise and store, and how companies successfully implement the new retailing strategy in China.
As stores have extended from online-only or offline-only into seamless experience, it is easy to think that new retailing is equal to omnichannel. However, new retailing is an in-depth reform which utilizes big data to enhance consumers’ shopping experience. Consumers can participate the process of product-making. Also they can shop while enjoying contents or spending time on social networks. Smart retailers integrate products into overall shopping experience.
With development of internet, e-commerce expands quickly in the past few years. The cost of acquiring customers online has risen leading them to expand to offline. With the advantages of technology infrastructure, e-commerce retailers initiate new retailing strategy. Companies in new retailing can be categorized into three types—internet, in-store and logistics.
Traditionally, brands identify consumers and determine their needs with limited consumer insights. Transactions are limited by products availability in the retail place. Using big data and other technologies, new retailing redefines traditional core elements of retailing and their relationship to build a consumer-centric model with efficient operation.
The cutting edge technologies and consumer analytics will benefit retailers to improve operational efficacy and gain insights. Inspired by leading players, more companies enter into new retailing. As the competition unfolds, retailers must keep an eye on emerging formats and prepare their strategies appropriately.
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