Phygital: The Future of Retail and How Brands Are Embracing It

The concept of phygital has gained traction in recent years, especially in the retail industry, as companies aim to create immersive experiences for customers by combining physical and digital elements. Phyigal is a term used to describe the integration of physical and digital elements, where physical refers to brick-and-mortar stores, and digital refers to online shopping experiences. The result is a unique combination of both worlds, enhancing the customer experience in ways that neither of them can achieve alone.

The evolution of the phygital concept has been significant. A decade ago, the future of brick-and-mortar retail seemed bleak, with declining market confidence in the physical retail space. However, with the growth of digital adoption and the demand for great customer experiences, companies have realized that combining physical and digital elements can create unique and engaging customer experiences. The COVID-19 pandemic has also accelerated the adoption of phygital experiences as consumers demand contactless and seamless shopping experiences.

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There are five key elements to consider when implementing a phygital strategy.
First, phygital is omnichannel. Companies need to view themselves as a single organism and design processes, objectives, roles, and responsibilities across channels to reduce friction and increase positive intervention.
Second, phygital is psychology. Consumer psychology is central to the phygital concept, and companies need to understand how consumers behave in both physical and digital environments to create immersive experiences.
Third, phygital is combined revenue recognition. Budgets should be set on a cross-channel basis, and channel owners should be accountable for a single number that underpins the business.
Fourth, phygital is a compromise. Companies need to find solutions that are optimal across retail and digital channels, and design principles need to be in place to ensure that decisions are not subjected to bias.
Finally, phygital is a journey, not a destination. Companies need to be committed to consistently evaluating, improving, and responding to the market to implement a successful phygital strategy.

Some fashion brands that have been experimenting with phygital collections include Nike, Tiffany & Co and Givenchy.
Nike’s CryptoKicks is a collection of customizable NFT sneakers that originally started as a digital-only collection but eventually went into the physical world. Physical sneakers feature auto-lacing, enhanced lighting, haptic feedback, gesture control, walk detection, app connectivity, AI/ML algorithms, and other advanced features.
Tiffany & Co. offered The CryptoPunks the opportunity to convert their avatars into a personalized necklace crafted as an NFT and a physical necklace made of gold, diamonds, and precious gemstones.
Bulgari also invited visitors for a novel shopping experience, where they could explore their new collection through augmented reality.
Givenchy is also going to release an NFT-based capsule collection that connects tangible objects to digital twins. Givenchy has previously done token drops and joined the metaverse with a Givenchy Beauty House on Roblox, but this is their first attempt at using blockchain technology.

Some ecommerce giants such as Amazon and Alibaba did not want to miss this trend. Amazon Go stores have been ahead of the curve with the contactless element of their shopping experience. Customers can seamlessly pick up items and walk out of the store without having to go through the traditional checkout process. In 2018, analysts estimated that the sales per square foot for an Amazon Go store in Seattle were $2700, which is significantly higher than the industry average regional sales per square foot of $250-$350.

The phygital concept has opened new possibilities for businesses to create immersive and engaging experiences for their customers. Companies need to embrace the five key elements of phygital and be committed to consistently evaluating, improving, and responding to the market to implement a successful phygital strategy. As consumer demand for contactless and seamless shopping experiences continues to grow, phygital is likely to become an essential part of the retail industry in the years to come.

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