Imperative for brands to have omnichannel strategy: Fynd
Brands have long affirmed the necessity of a digital presence. However, COVID-19 has accelerated the course, and it is now imperative for retail brands to have an omnichannel retail strategy, according to Fynd, India's largest offline to online (O2O) company that helps retailers to enable their store inventory to be shoppable across different channels.
In response to Fibre2Fashion's email asking how the company foresees COVID-19 fast-tracking India's total online shopper base, a Fynd spokesperson said, "As an omnichannel company, we have observed that retail brands are looking to create unique ecommerce websites that reflect their personality while extending customer experiences that are comparable to in-store shopping. Brands are also implementing integrations with third-party marketplaces, such as Amazon and Myntra, to engage customers on these platforms. All these initiatives will result in fast-tracking India's online shopper base."
"During the lockdown, we have noticed steady traffic on brand partner websites for essential skincare products, and a 25 per cent increase in demand for kids' products. The tier-3 and tier-4 cities also showed an increase in demand. The increased demand can be an indication of growing ecommerce penetration in these cities," the spokesperson added.
When asked about India soon seeing a different digital economy with a huge growth in e-commerce penetration, the spokesperson said, "India is not facing a different digital economy. However, we are accelerating towards digital at a faster pace while continuing to operate from our physical spaces. The retail industry needs to balance offline presence with online to maintain the momentum. Brands need to be frontrunners by implementing an omnichannel ecosystem throughout their distribution chain, be it physical retail spaces, distributors, or their online channel partners."