The Future Of Retail Is Phy-Gital

Phy-gital refers to a retail environment in which physical and digital experiences merge together seamlessly and complement each other in order to offer the consumer a single, positive, integrated experience…

- Sandeep Kumar & Charu Lamba

2018 promises to be a crucial year for Indian retail. Even as the retail sector welcomes e-commerce with open arms, it is brick-and-mortar which has emerged victorious over the last one year in the country, for after all, while Internet may have penetrated the heart of India, the hearts of Indians (and their trust) still lies with the physical retailer.

In fact, an AT Kearney study states that 95 per cent of all retail sales are captured by retailers with a brick-and-mortar presence while two-thirds of consumers who purchase online use the store before or after the transaction.

In order to accommodate the evolving demands of the ever-connected consumer, and lure him in, the physical store needs to change its mindset. Traditional retailers need to consider the power of digital transformation and use it liberally to enhance instore experiences. The brick-and-mortar store needs to go Phy-gital.

So, What is Phy-gital Retail? 

Phy-gital refers to a retail environment in which physical and digital experiences merge together seamlessly and complement each other in order to offer the consumer a single, positive, integrated experience.

While modern consumers are actively looking for Omnichannel experiences, offline shopping remains important for a large number of them – especially families. Some like to hit stores out of habit, while others shop offline simply because they enjoy the activity.