Instant. That's the buzz in the new world of retail. Consumers don’t have to wait for anything today. It’s all right there, for them to see and experience. They see no reason to wait or pay a premium for anything. With renewed optimism, a fast-paced society, and an even faster-paced change in technology, consumers want new, different, and customized goods – now. Enterprises can certainly live up to that, by living up to the retail mantra of today – better, faster, leaner. With the immense growth observed and greater confidence in the economy, retailers hope to see consumers demonstrate some serious spending power. However, retailers will have to focus more on the digital front — ‘channelize, mobilize and socialize’ to stay ahead in today's ‘click-and-mortar’ retail game.

Challenges and opportunities

Multi-channel retailing: The more your consumers see you, the more they'll want to know about you. Online consumers will buy if they’ve seen it, like it, and are convinced of it. Their product research actually drives more land-store sales than online sales. So, all channels where the consumer might get information from — the retail store, website, and catalogue — must be closely aligned and monitored for maximum impact and hence, sales.

Mobility in retail: Consumers around the world are ready to use mobile devices to shop, compare, and transact on the Web or in stores. Market research indicates that nearly 70% of consumers across the globe always have their mobile devices with them while they are in a store — which they use to consult family and friends about their purchase. This gives retailers an unprecedented opportunity to make an impact on the consumers at their so-called 'moment of truth'.

Digital consumers: Today's consumer has access to information at a click – about product assortment, pricing, quality, and everything else there is to know. Given the scenario, companies can create more walletshare by reaching out across digital channels — mobiles, interactive TVs, social communities. In-store technology like smart kiosks and digital signages hold immense potential to observe and influence shopping behavior. With traditional media failing to deliver the impact it once did, mastering ‘group’ coupons and social channels, in addition to email and search ads, rounds out a retail strategy to maximize today's ‘convergence of opportunities.