The transformation of retail commerce: Between technology and new consumer demands. Digital world, physical world or a mix of both?

Shopping has undergone a profound transformation driven by emerging technologies and new purchasing modes. Large retail events, such as Cyber ​​Day or Black Friday, until a couple of years ago, managed to have thousands of buyers waiting for discounts of up to 90% on some products.

However, in recent times, the sales have left the novelty and expectation behind. In the latest edition of Cyber Monday 2023, the survey carried out by TNS Kantar Argentina for CACE announced that during the three days of the event, sales of products and services were made for a total of 157.7 billion pesos, (about 192 thousand dollars at the new official exchange rate), which meant a growth of 187% in turnover compared to CyberMonday 2022. Access to flash offers on the Internet, at any time of the day and year, has resulting in “discount fatigue” for consumers.

What are buyers really looking for in today's market? “Today, whether it is a supermarket, a furniture seller or a home equipment supplier, companies need to add value and satisfy consumer demands, such as ecological awareness and personalization,” says Lorena de León, Managing Director of Accenture Argentina.

Consumer spending continues to advance, but to capture them you have to know what attracts them, explains the executive, ensuring that companies must renew their approach and focus on the purchasing experience, commitment and enrichment of the buyer.

But today's buyers are also paradoxical: they want to be more sustainable, even though rising costs are an obstacle. They want to directly support SMEs, but ordering food at home from a large restaurant chain may be the most convenient option on an intense work day. These needs may seem contradictory, but it is the reality that companies face.

Bring back the purpose

It is essential that companies renew their long-term buyer acquisition strategy. "First, staying relevant to today's consumers means aligning offers with their purpose so that they are authentic to the brand. You have to look beyond a purely transactional relationship. Engage and understand customers differently. Brands must move from a linear concept of the customer journey to one focused on life," Lorena recommends.

The survey carried out by TNS Kantar showed that More than 2.9 million users entered the official site www.cybermonday.com.ar. Among the most purchased items are tickets, cell phones and telephones, construction tools, home and garden furniture, accessories for motorcycles, cars and other vehicles.

In that sense, the beauty category, and especially digital native stores, stand out for having great design, purpose, creativity and personalized experience, says the executive, where every point of the consumer's journey is planned, from in-store tutorials to live streaming of events.

Secondly, it details, It is necessary to use technology and creativity to enhance the shopping experience. Thus, concepts such as “shoppertainment”, live streaming and product innovation are recognized as effective strategies to attract consumers and strengthen the relationship with the brand.

Third, incorporate the use of data, analytics and artificial intelligence (AI). “They are a fundamental element in practically all aspects of a commerce strategy that is updated in this digital era for brands that seek to drive continuous improvement and create winning offers,” says the executive.

This way, People expect companies to reach out to them regardless of where they are located - digital world, physical world or a mix of both - and offer them products through all channels, and whenever they need it. It is key that companies are in tune with the needs of their customers and offer them options that help them make easy decisions, rather than segmenting them into broad stereotyped groups and expecting them to buy in the same way.

Fuente: Accenture