Everything You Need For The Retail Journey
Whether you are an online retailer or have physical retail stores, the consumer shopping experience has changed. For the first time, mobile shopping has overtaken desktop. Retailers that did not put a heavy emphasis on e-commerce 10 years ago are seeing the downward spiral now and big-box retailers are falling like dominoes. Just like e-commerce was 10 years ago, innovative retailers are launching retail video chat solutions to connect face to face with their prospective customers.
With the rise of the digital age, retailers are shifting their business model away from brick and mortar to a model that is customer-centric with virtual borders.
Across all demographics, consumers are buying based on customer experience and convenience.
A few stats to think about when considering why retail video chat solutions can increase your Customer Experience and Conversion Rates:
- Gen Z & Millennials will be over 60% of the population by 2020
- By 2018, Millennials will have more buying power than Baby
Boomers ($1.4 Trillion)
- Baby Boomers shop online just as frequently as Millennials
- Gen X made more online purchases (19) in 2016 than any other
Online purchases of larger items such as appliances, furniture, home décor, and luxury items are on the rise as consumers get more comfortable with e-commerce. Historically, these items required a consumer to go into a retail location to “showroom” before making a buying decision. Retail video chat technology allows the best of both worlds. A retailer can enhance the e-commerce experience with a hybrid model of virtual and physical stores. There are only so many images and descriptions that can be provided on websites, which reduces the conversion rates on ticket items over $500. Today’s digital consumer is socially A-D-D and wants their purchase and information instantly. With instant retail video chat, a consumer can video chat with a sales or service representative and get to see products in-store through remote video. As a result, this hybrid model approach can increase conversion rates by 4x.
Retail video chat solutions allow for the highest convenience, highest engagement while being the lowest cost to implement.