Evolution of Retail DB Responses| Must Have Database access

RESPONSE 2: Shaunel

Discussion 4

How is the retail environment changing/evolving? Define Internet retailing and describe the current state of Internet retailing. How have companies had to adjust their retail strategies as a result? In your discussion, explain the impact of digitization on traditional retailers, brick-and-mortar stores, and the shopping experience, as well as the use of data to meet customers' needs.

Evolution of Retail

            Over time, the retail experience has changed with the generations.  In the last ten years, the ways people acquire goods have changed drastically.  Especially with the pandemic, so many things have transitioned to online services, and customers have shifted their preferences for in-store experiences to shopping online for nearly everything.  The book mentioned the differences between web rooming, showrooming, and omnichannel shopping (Hawkins & Mothersbaugh, 2020).  Webrooming is still performed to find deals but visits the store to try out the item in person.  Showrooming works equally well in allowing users to visit brick and mortar establishments and still shop in the comfort of their homes for deals.  Showrooming is common among Gen Yers who go to the brick-and-mortar store to touch, try out, or try on a product and then buy it online (Hawkins & Mothersbaugh, 2020). Showrooming has gained momentum among consumers looking for a deal. The Internet facilitates price comparisons, and often the lowest price is found online, not in-store (Hawkins & Mothersbaugh, 2020).  Nevertheless, webrooming is more common than is showrooming (46 percent). The barriers to online shopping mentioned earlier in the chapter contribute to the preference for webrooming (Hawkins & Mothersbaugh, 2020). These options make it possible for each shopper to identify ways that work to the best benefit of the consumer.  Brick and mortar establishments are still not

 

 incompletely phased out, and for these two kinds of shopping methods, the probability is still low.  

Internet Retail           

            Internet retailing presents a unique opportunity for firms to learn more about their customer's preferences, styles, shopping habits, and more. Incentivized registrations with email and other personal information make data collection easy to acquire and maintain to continue to maintain a loyal customer base.  The different ways firms can learn from their customers are through interaction, chats, crowdsourcing from social media platforms, and other open forums on how products and shopping experiences can be improved.  The downside would be the access to information consumers have to make different choices.  Additionally, keeping their focus long enough to remain on their radar considering the number of abandoned carts and cost factors such as shipping and handling may deter them from completing the sale.  Advertising, digital marketing, email marketing, and eWOM all contribute to internet retail's sustained success.  Each variable plays a critical part in the consumer buying process online and can make it simple and detailed in attracting and maintaining positive customer relationships.

As the market for online retailers continues to grow, firms must continue to diversify how they learn and service their customers—especially when competing against brick-and-mortar establishments that are well known and making the transition themselves.  According to the reading, service experience seems to be the most critical in influencing repeat buys and maintaining brand loyalty.  Just like a brick-and-mortar establishment, firms must facilitate a trusting environment for consumers to be satisfied in making purchases, before and after, in addition to being satisfied with service. As technology evolves, supply and demand for online sales and purchases are increasing. 

 

According to an article about the retail environment in Slovakia, using local-based marketing and proximity marketing, retailers can influence sales through mobile marketing based on location and proximity to the store (Gajanova& Nadanyiova, 2019). Compared to the surrounding countries, Slovaks are the leaders in online shopping (Gajanova & Nadanyiova, 2019). The increasing popularity of online shopping customers leads to a significant decline in several retail stores (Gajanova & Nadanyiova, 2019). Proximity marketing tools provide a means of creating a personal relationship between a customer and a vendor at the time of physical purchase by a customer in a store. To support and increase sales in retail stores, increase consumer satisfaction and build a positive brand image, retailers can utilize local-based and proximity marketing (Gajanova & Nadanyiova, 2019).

Integration of Faith

"When your wares came from the seas, you satisfied many peoples; with your abundant wealth and merchandise, you enriched the kings of the earth. Now you are wrecked by the seas, in the depths of the waters; your merchandise and all your crew in your midst have sunk with you (Ezekiel 27:33-34, English Standard Version)." This verse discusses the fall of Tyre, a place once abundant where travelers engaged in commerce, and this verse was a premonition of its fate.  Like most retailers whose time has come and gone are forced to reacquaint themselves with customers and renew their tactics to remain in favor of the future of retail.  The expectation of customers changes with more exposure to online amenities. If actions are not taken to regain a balance of traffic, retailers can miss out on future opportunities to reengage to influence buying decisions.

 

References

Bible Gateway passage: Ezekiel 27– English Standard Version. (n.d.). Retrieved February 23, 

2021, from https://www.biblegateway.com/passage/?search=Ezekiel+27&version=ESV.

Gajanova, L., & Nadanyiova, M. (2020). Reshaping of the Retail Environment Due to Internet as 

a Global Competitor. EDP Sciences. 

Hawkins, D. I., & Mothersbaugh, D. L. (2020). Consumer behavior: Building marketing 

strategy (14th ed.). New York, NY: McGraw-Hill.