Offline, But Online
How physical retailers can harness new technologies to gain visibility
According to a recent TradeTime survey, three out of four consumers prefer to shop in store if an item is available both online and in store. The reality is, there are hundreds of thousands of products sitting on store shelves near us that are completely invisible to us searching for them online. Retail technology company NearSt has a vision to change this reality by building an integrated live inventory database for local retailers of all sizes.
By creating a Real-Time Local Inventory (RTLI) system, NearSt plans to build ecosystems of community retail and businesses by as early as 2025. The system would give shoppers a live view of which stores stock what at any given time, making buying local faster and more convenient than buying online.
NearSt plans to roll out the RTLI system by integrating their “NearLive” platform with websites, apps and services already used by shoppers, such as Uber and Instagram.Avoiding reliance on historical data, brands can remain nimble, distributing products to retail locations based on live supply and demand locally. As RTLI drives intentional store visits, consumers will receive highly local and individualized paths to purchase. All things considered, perhaps we are contemplating a new era where universal access to live in-store inventory will make it possible for physical retail to offer the same efficiency level as online shopping, sans the complications that come after you check out online, like shipping and returns.
Sources: High Street Futures Report by NearSt | Image: Laura Pittaccio