"media is now a cost of sales and rent is now a cost of customer acquisition. Retailers that miss or ignore this shift will do so at their peril" So says Doug Stephens Retail Futurist.
The link to his insightful article is below - so no further spoilers from me!
We all know that physical retail as was - is no more because the world around it has already changed.
We see it it daily in our news feeds and social interactions, especially following the recent festive trading period.
The last few years Physical Retail has been going through an enforced review around how (or even if) they have a future in today's always on, digitally connected, socially savvy and 'I want it now' impatient consumer.
But can the same be said for eCommerce as we've come to know it, are we witnessing the end of eCommerce?
Access to the consumer has never been easier, it's cost is at the lowest in marketing history mainly thanks to the phenomenal explosion of social networks around the globe.
So if a brand/company wanted to reinvent itself it must first take a serious note of those changing behaviours and recognise that inertia is firmly in the hands of today's consumer.
Daily there are more brands/companies (your current suppliers) electing to go where they never went before which is to build a direct relationship with 'your' customer' and look to cut you out.
And the rocket fuel that's helping them get there is the prolific use of social media to help educate, inform, listen, learn, and most likely transact.
Social commerce doesn't require a consumer to be 'driven' to your website, it doesn't require a consumer to spend an age going through your funnel today, that was yesterday!!
The reality is you could be buying your next car from social platforms like 'TikTok', Instagram, Weibo, WeChat, Alibaba or others that are constantly evolving the commerce landscape.
So, if you still see social networks as another place to transfer your advertise and promote thinking then keep a close eye of what today was your supplier, as they may well be tomorrows competitor.
Things such as automobiles, jewelry, real estate, perishable food items, pharmaceuticals, home furnishings, luxury items and home improvement products — these and other complex product categories represent the next frontier of online commerce, and companies like Alibaba, Amazon, JD.com and others will be aggressively working to unlock revenue in each.
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