Retail is changing - new concepts

Retail companies are digiatlizing their business in a rapid pace and this shows especially in fashion retail. There are certain trends in digital sales, here's a couple of the most relevant described below.

Retail concepts are changing

For a good time now it has been well known that retail chains need to adjut their concept if they want to make it in competition against large International ecommerce companies such as Amazon. Being local is a true advantage but only if you know how to make the best out of it.

Store should offer better customer experience than before and now we have digital solutions to do that.

Fashion retail chain JC has started collecting online orders in-store instead of pick&pack at central warehouse. With this concept they can now eliver orders to customer way faster than before and at the same time, reduce the need for storage. Having all product available in both online store & physical makes shopping easier as the consumer doesn't need to wonder where the products are available.

Focus on performance

Along the development of digital solutions, better performance is needed. Performance often refers to page load times - the faster an online store's pages are loaded, the better conversion.

Online stores use a lot of media today: high resolution images, videos and 360-product images. Also product info, stock balances and store availability are displayed. This all requires performance of the software and server environment. The problem usually is that ecommerce softwares have not kept up with the development and simply can not offer performance demanded for modern ecommerce.

Server capacity can quite easily be scaled but that onyl sures symtoms, not the actual cause: not good enough code. Several e-tailers have started paying attention to performance more than before and demanding better solutions from their ecommerce software providers for faster page load times & stability during campaigns.

Disappearing cash

This is happening already: Fashion retail chain ClubXPRS in Sweden only offers possibility to pay with digital methods - no cash is accepted.

Handling cash is one relevant costthat they don't have to worry about anymore. Cost-efficiency is optimized with self-service checkout as well. Their stores don't have traditional checkout points at all. Every purchase is handled self-service!

Targeted solutions

Along with high-performance ecommerce platform, there are specialised solutions available. No more waiting for the ERP provider to make something in the same direction. Digital sales have solutions available that are designed for that specific need - order management in omnichannel environment or handling pick&pack in-store, for example.

Fashion retailes are often in the development forefront and taking advantage of these solutions already. Good example is online chat service we see in many online stores.

These two together

Klarna is a good combination of concepts described in two previous chapters: Targeted solution adapted to cash disappearing from retail scene. Klarna offers customer-friendly payments now also in-store, making shopping way smoother than before.

Making shopping easier for consumers is a huge trend. It's an advantage to go for when reducing prices is not the solution.

 

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