Boardroom Media || The Future of Retail: Bridging the gap between online and offline shopping
The future of retail is now personal.
RainCheck unites online shoppers with offline purchases, generating an on-demand shopping experience.
RainCheck aims to deliver solutions on the online shopping problem; majority of people are now browsing products online, but only few close the purchase.
Co-Founder and CEO Cameron Wall says, ‘We found that there was a lot of people obviously saving items into their list. I think the average basket size from online was about just over a hundred dollars but the average basket size in store was probably 2.5 times the size of that.’
With 90 percent of people researching new products online, 90 percent of purchases continue to take place in offline in-store.
The company has built, designed and launched its RainCheck app which facilitates people to use their mobile device to choose a brand, save preferred items in a shopping cart to a ‘wishlist’, where users then receive notifications when a product is available in nearby stores.
Cameron Wall states, ‘Raincheck is transcending online to offline so it’s a layer that plays that whole ecosystem.’
As we are living in an online world, people are taking on a multichannel approach when shopping, hence much more focus should be pointed to transforming the online shopping to in-store purchasing.
‘I think there’s a big opportunity for everyone’s discovering things online. But let’s try and work out what store they went into when they went there whether we converted them and if they actually bought the item. I think that’s more important for brands to understand that’, says Cameron Wall.
Digital devices have a significant influence on in-store sales according to GeoMarketing, Mobile phones will influence $1.4 trillion in offline sales within the next 5 years.
The sales that Mobile influenced in 2016 account for over one-third of total retail in online and offline sales. (GeoMarketing)
Retail has shifted to using technology to close the sales to an extent that it is both contextual and consistent. RainCheck creates relationships with consumers and assists in determining the sale and retail journey, making it personal.
RainCheck transcends the future for retailers to establish balance of power, measure the online to offline conversion of sales and target online users that ensue in-store activity and purchases.
‘Our original mission is transcending the online and offline worlds and that’s what we’re focused on and everything that happens around that’, says Cameron Wall.
RainCheck is a digital channel that transforms the digital and physical systems of retail shopping. For the consumers, there is the opportunity to obtain both an online shopping request and an in-store experience.