How Co-Retailing and O2O Commerce Are Creating a New Retail Reality
Dec 7, 2023
We are witnessing a significant transition in the retail landscape. Years ago, experts feared that e-commerce would end brick-and-mortar retail as we know it.
We see a different future - one where the fusion of Online-to-Offline (O2O) commerce and co-retailing will drive offline traffic like never before.
If you run a physical business and have never figured out how to get your marketing dollars to drive foot traffic...read up!
O2O commerce in a co-retailing context
Bringing online customers into physical stores is the goal of O2O commerce. This approach uses online channels to create awareness and to encourage customers to visit physical storefronts.
While O2O commerce has traditionally been about driving offline traffic to conventional retail spaces, we are redefining what a "store" is.
We connect online sellers with unique physical spaces not typically considered retail environments.
By connecting online sellers with businesses of all kinds, including service businesses, we create endless possibilities for sensory-rich shopping experiences.
O2O drives new customers to your establishment. Co-retailing gives your customers a captivating shopping experience, even if you're not in the retailing business...looking at you, tire shop!
The store of the future
Picture a future where AI, sensors, and automation replace most shopping. Imagine a world where your refrigerator orders your weekly groceries, tailoring choices to your liking. Envision those groceries being delivered to your doorstep by a sleek robotaxi. And then, a human-like robot unpacks and organizes them in your kitchen.
While this scenario sounds like science fiction, it's a glimpse into the potential future of retail. In this future, technology streamlines everyday tasks.
When routine shopping becomes a distant memory in the collective psyche, will we stop shopping in person?
Affirmatively not.
However, our notions of "shopping" and "shop" will change. We will demand better experiences, not just shelf after shelf of products.
The changes in how we shop signal fantastic news for you if you run a service business. You have a massive opportunity to capture foot traffic that currently would go to a conventional store. And you can redirect that traffic to your shop.
Are you a yoga studio? No problem. You can lease a part of your reception area to sellers who cater to health-conscious people. You and the seller work together to design a showcase that fits neatly in your space and engages your clientele.
Now, while your clients await the start of their class, they can peruse products that are relevant to them.
Here's another example. If you own a driving school, how about opening your space to sellers who offer safety products, such as phone mounts and dash cams? Or what about hosting an immersive showcase full of sunglasses? Displaying these kinds of products helps you educate new drivers. You can imagine that a new driver will not already own a phone mount for a car. And they may have never considered the need for a dash cam. Now, as they learn to drive, a showcase in your lobby can educate them and save them the hassle of finding these products elsewhere.
Parrading Forward
Parrade is here to help all brick-and-mortar businesses transition into a world where shoppers demand immersive shopping experiences.
Our platform helps you, as a physical business, connect with sellers. We help you find products that are relevant to your customers. You can skip the customer and marketing research. You stay out of the retail game because you only list your spaces. Sellers rent your spaces and take care of sourcing and delivering products to customers.
In this reality, service and retail become one. Service leads to retail, and retail leads to service. Online traffic leads to offline sales, and offline traffic leads to online retail.
The co-working space of the future will attract new members by being stocked with furniture sold online. Shoppers will be eager to view the furniture in person. And they'll stay to enjoy the day pass!
We are connecting more spaces than ever to sellers. And we are building a global network of experiential settings that delight shoppers and foster entrepreneurship.
At Parrade, we are helping businesses stay ahead of the curve. We are launching in early 2024. Stay tuned for more updates! You can also join our waitlist to become a trendsetter.