Next Big Thing in Retail - Social Commerce?
Over the last few years, Retail landscape in the US (and
across the globe) has been evolving very rapidly. Digital commerce is disrupting a lot of
traditional retail business models. In
today’s world, social media has resulted in a society where content creators
are inspiring additional content creators and at the same time resulting in a
culture of instant gratification. This is specifically applicable to millennial
generation that can’t wait to get with the latest trend whether it is fashion,
gadgets or even experiences.
As we know, various technology companies across the globe
has already changed the way we think about using our cars whether it is in
terms of renting owned cars or driving part time as on-demand cabs or a hybrid
model where people rent cars from other people and then drive it as on-demand (app
based) cabs. I think, similar models
could be applied to other consumer categories.
Consider the amount of clothes, shoes, and accessories lying unused in
your closet, which can be used to make money by renting it for few days/ weeks –
TRY before you BUY (or don’t even buy). I think, the lines between social media
and ecommerce would be removed to such an extent that we would be renting
consumer goods from our online friends and in the process make new online friends
to rent/ buy more goods. Perhaps, renting or buying items would become as easy
as hitting the “Like” button.
Blurring lines between social media and commerce would
create additional opportunities for innovative (or disruptive) business models,
and in this process a number of companies would either get disrupted or would
scramble to adopt the change in consumer behavior. On the other hand, I think, it would be a win
for the average consumer.
Author: Aishwarya Garg
**** Disclaimer ****
This blog post
reflects personal opinions of the author and is not sponsored by any company or
organization.
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