Hybrid work models in online shopping are becoming increasingly popular among merchants and consumers in Bulgaria. To comment on this trend and share more about the advantages of the "Click & Collect" method (or BOPIS - buy online, pick up in-store), Stefan Chorbanov, co-founder and manager of @Stenik, was invited to share his practical experience and expertise on Bloomberg TV.
On September 18, 2023, Stefan Chorbanov participated in the show "In Development." In the company of the host - Veselina Spasova, Stefan shared his know-how on topics such as "Click & Collect," current trends in consumer behavior, and the attitudes of Bulgarian customers.
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Key Points from the Interview with Stefan Chorbanov
Specifically for Bloomberg TV viewers, Stefan commented on the challenges of the hybrid model for online shopping "Click and Collect" in Bulgaria and worldwide. The "Buy online - Pick up in-store" shopping option allows customers to order products online and choose to pick them up from the merchant's physical store instead of waiting for courier delivery.
During the interview, Chorbanov shared statistical data: over 50% of consumers in Western Europe have used this method, and 50% of online retailers have implemented the "Buy online - Pick up in-store" method in their online stores, indicating its growing popularity. In the United States, about 10% of the total retail turnover (offline and online) goes through "Click and Collect."
On the question: How popular is "Click and Collect" in Bulgaria, and what is the willingness of online merchants to implement it in their stores?
Stefan pointed out that the method is popular in Bulgaria as well. They observe that the needs of consumers surpass the readiness of online merchants to implement this shopping method. Customers seek and prefer it but do not find it in online stores.
There are two main reasons online merchants do not offer the "Buy online, pick up in-store" option, and these are challenges for them. Chorbanov explained that one of the main reasons for the lack of proliferation of the "Buy online - Pick up in-store" method in Bulgaria is the fact that merchants need to train their staff in a new way of working, involving new processes and software for preparing and issuing orders with this option. On the other hand, when implementing the hybrid shopping model, merchants encounter another difficulty related to physical sales and the turnover attributed to the physical store. The staff of the physical store needs to allocate time to process "Click and Collect" orders, affecting the service to the store's customers. Positive aspects related to the opportunity to take care of customers and make additional sales of more products are also seen during training and practice. This provides an opportunity to study the habits, interests, and preferences of the consumer.
After that comes the technological aspect, where enhancements and improvements are required for the systems that merchants use - ERP systems, warehouse software, and integration with the platform on which the e-commerce store is based.
Bulgarian consumers still do not actively use the hybrid online shopping method because its advantages are not well-explained by merchants. Stefan, the co-founder of Stenik, emphasized that among the advantages are free delivery, faster receipt of orders, and privacy in shopping. Although Bulgarian customers do not actively use this method, Chorbanov believes that the trend for some brands to expand their physical stores in smaller towns will stimulate interest and preferences for "Click and Collect" due to increasing incomes and customer value.
At the end of the conversation, Stefan emphasized that it is important for Bulgarian merchants to develop mobile applications as this approach can contribute to the competitiveness of merchants and create better opportunities for customers in online shopping.
"My advice to Bulgarian merchants is to consider developing mobile applications that will increase customer loyalty, raise the average basket value, and increase the frequency of purchases."
Stefan Chorbanov
Watch the Full Interview
Stefan Chorbanov's interview on Bloomberg TV's "In Development" show provided valuable insights into the development of online commerce in Bulgaria and the opportunities for customers and merchants in the context of the hybrid "Click and Collect" model.
Stefan's participation reminded us of the inevitable changes in the world of online commerce. Merchants must be flexible, and innovative, and implement new technologies to continue providing value and satisfaction to their customers. The future of online commerce is always in motion and depends on the ability of merchants to adapt to it.
