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Wednesday, 18 February 2015

Why You Need To Be Pro-Phygital in Retail


The term ‘Phygital’ is derived from the existing and emerging technology which employs the concept of bridging the gap between the physical and digital world, through convenient and interactive experiences.

In retail, phygital signifies the convergence of the physical and digital marketplace which helps brands and enterprises to engage customers on a broader spectrum and create a retail ecosystem which is truly seamless.

To cite a couple of examples, Tesco’s Homeplus pioneered the virtual supermarket where consumers scan the QR code of the product they’d like and the item is automatically added to an online shopping cart. Post payment through the secured mobile app, shoppers can continue towards home to find a bag of groceries on their doorstep. Brazilian fashion retailer C&A created a store with real-time "likes" counters on its clothes hangers. The like data was taken from C&A's Facebook page where the clothes were listed for people to interact with, allowing customers at the store to see how many people online think that a particular product was a good buy.

The last couple of years have shown us the phygital marketplace is teeming with opportunities and retailers have just begun to explore and execute the same. In many ways, it is the organic evolution of the omni channel retail space with a multi-dimensional approach to not just increase customer reach and revenue but also create experiences that weave themselves perfectly into the customers’ lives.

Charles Darwin said, “It is not the strongest or the most intelligent who will survive but those who can best manage change.” Shoppers today have adapted to change and traversed onto the interchangeable, interdependent and integrated multiple channels of retail.

Global leaders in retail will engage and exchange their perspective and ideas on the evolution of phygital retailing at the Retail Congress Asia Pacific 2015. ETP Group is proud to be the Key Partner at the Retail Congress Asia Pacific 2015.

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