Retailing has a long history, dating back to medieval traders and merchants. Since hundreds of years, retailers existed in defined geographies, with limited access to customer needs & their shopping behavior with merchandise often limited to a single product category. All of that changed with the industrial revolution. With average incomes rising, markets emerged at a steady pace, and so did the consumer’s craving for consumer products. This led to the rise of modern retailing with subsequent evolution of various channels of distribution, customer communication and transaction.
Modern retailing has rocketed with introduction of internet & mobility leading to wide acceptance of eCommerce & mCommerce platforms which in turn emerge as one of the fastest growing industries in world with likes of Amazon, eBay etc… By 2020, online sales are projected to be USD500 billion or 20 percent of nonfood retail sales. For many types of retailers, the percent-to-total sales could even be higher, as eCommerce growth continues to significantly complement overall retail sales growth. Much of this will be fueled by the accelerating use of mobile platforms for shopping online.
Forward looking retailers have started integrating their brick-and-mortar stores with integrated Web stores to penetrate deeper into the market & boost their sales productivity. With Integrated eCommerce solution retailers no longer struggle to redefine the role of the store in a multichannel, millennial-led world. They see Webstores as extended medium of their traditional store and want their customers to shop there with same ease & comfort.
With iVend Retail Management Suite retailers can successfully engage consumers wherever it makes sense in order to make it convenient for them to shop. Integrated eCommerce, Loyalty application and intelligent displays integrated with mobile devices can offer customers a satisfying multichannel experience that keeps them engaged. It is clear that all retailers need to aggressively embrace customer-shopping platforms of all types unless they find a way to create a differentiating value proposition that exploits the physical store advantages in a more compelling way.