When the catch and kill of Drizly sent shock waves throughout the CPG industry last week, it left a massive gap for innovation. Being a pioneer and first mover to the market gave Drizly a massive percentage of the marketplace. One question automatically came to mind first: How well is the e-comm sector actually doing?
Recent data: Leading International Data Institutes for the e-comm sector highlight the urgent need for innovation, as the industry enters a phase of stabilization post-Covid surge.
With global sales projected to reach U.S. $40b by 2027, the anticipated +4.5% value CAGR from 2022-27 represents a significant deceleration from the extraordinary +31% CAGR recorded from 2019-21. This leaves room for innovation and outside the box thinking to expand on the opening in the sector to meet consumer demands.
After the pandemic boom, e-comm value saw a slight correction in 2022 (-2%) as restrictions in most markets were removed, and shoppers returned to the traditional on-trade and to bricks-and-mortar retail stores. According to the findings, while 24% of alcohol buyers in 2022 said they had made online purchases in the past six months, in 2023 that figure declined to 17%, accompanied by an increase in the use of physical supermarkets/grocers, and the on-premise.
Enter virtual shopping: The retail landscape is on the cusp of a revolution as e-commerce embraces innovative technology, ushering in an era of virtual shopping. Virtual shopping is no longer about convenience; it is now about creating immersive and interactive experiences that bring the store to the customer, revolutionizing the way we shop online.
With the advent of virtual clientele, virtual placement, and 3D virtual storefronts, virtual shopping is set to redefine the online retail experience. This groundbreaking technology, fueled by augmented and virtual reality is poised to transform the future of retail by offering a seamless and engaging shopping experience from the comfort of our homes.
Now it becomes a matter of who is first to market and who perfects the process first.
The Top 5 Ways Virtual Shopping Will Transform the Future of Customer Interactions
Number 1: Private Viewings and Tastings
You may be thinking, how in the world would you virtually taste something privately? Enter E-Comm sites such as Flaviar.com, InGoodTasteWines, Saucey and Priority Experiences and you have an instant home run. Pairing these services with leading retailers across the country could open a wildly unique and cool process. Design the retail experience with virtual rooms that showcase your products and unique items that customers can truly interact with.
Number 2: Chatting Virtually One on One
Create your own way of connecting and chatting with your customers to boost engagement. Coming from a Digital and Trade Marketing background, I can understand firsthand how difficult it is to corelate marketing efforts directly to ROI. From digital billboards to Trade Shows, no one can really put their thumb on an exact ROI. This is where that paradigm shifts. To give your customers a more exclusive feel, you can assign a personal shopper to each customer as they browse through the product offerings, and how they landed into your virtual store. Your personal shopper will help them choose products, pair, and upsell, as well as provide tips and education. This is a great way to add personalization to your virtual store, notably in higher end establishments that offer white glove service.
Number 3: Showcase your Unique Selection Tailored to Each Individual.
Customers are not just looking for the cheapest price, they are looking for unique experiences with new and unique product selections. A great aspect of a virtual store is the ability to capture customers beyond the traditional e-comm store front. Customers are immersed in an endless store front, where you have the ability to truly capture their share of mind and business. This capability enables the retailer to capture otherwise unreachable customers. Global markets and clients that were prior relegated to their proximity, can now instantly transform into your storefront. Reach beyond your local consumer base, and into a global untapped consumer base. The ability to market and reach a wider audience by utilizing your creativity and vision.
Number 4: Automate Beyond the Traditional Methods.
Gain the ability to Educate, Engage, and Convert, while collecting data. Generate and create sales through your customers by including unique virtual store front experiences, beyond your actual storefront square footage. A section and immersive experience dedicated to all categories. Suppliers will line up to create a unique selling story behind their distilleries, vineyards, and methods to creating their products. The back-end data collection and up-charge for suppliers to convey their unique messaging is endless with no additional overhead.
Number 5: . 24/7 Conversations
Connect to an interactive chatbot to answer customer enquiries in real time. Prepare any frequent questions and have a live chat feature in case of more complicated inquiries. Your customers will appreciate getting feedback as quickly as possible, which will make their experience with your virtual store better.
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