The real estate landscape is changing rapidly. Along with which, there’s a massive shift in the core audience base. Millennials and Gen Z are now becoming key to the real estate industry as they now stand on the precipice of becoming home buyers. With an audience that is vastly different from their parents, the same methodologies cannot be used to lead this audience to their dream house.
Thus, the real estate industry as a whole needs to adapt to accommodate the needs of this audience. That’s since the real estate industry in India is estimated to grow to Rs. 65,000 crore by 2024. Moreover, to add to reasons to move on from traditional ways of selling real estate, 2020 has seen a shift to a more digital way of life due to the coronavirus.
How does the real estate industry then cope with such changing circumstances? One of the best ways could be by opting for a new way of attracting home buyers – phygital experiences. What are phygital experiences? And how can they help promote real estate? This quick guide will help you find out.
What are phygital experiences?
These days, people use multiple mediums to buy a product. As per recent studies, there are over 4.57 Billion internet users. 35% of these users shop online. Therefore, it has gotten easier for consumers to pull out their phones, Google the product or service they are interested in, then window shop online and order. Another pattern that has emerged is consumers window shopping online and then going to physical stores to get them.
We can observe from such behaviours that the lines between digital and physical are slowly blurring. And this is precisely where phygital experiences come in. As can be inferred from the name, phygital is a combination of digital and physical experiences. Phygital combines the power of both to target audiences better and converts real estate leads into home buyers.
How is phygital influencing real estate?
Major brands across the globe have already adopted phygital as the next step in their sales and marketing. A good example of this is Amazon Go – a physical store where customers can walk-in pick up any product and walk out as scanners in the store access their payment virtually. As the world recovers from a pandemic and digital gains more prominence in daily life, phygital experiences like that created by Amazon Go will witness a spike.
And a major industry that will make use of phygital will be real estate. From practices like using Virtual Reality while showing properties to potential homebuyers to converting leads through an ecosystem of streamlined digital and offline communication, phygital is being adopted by real estate to gain the attention of technology-savvy, new experiences-craving millennials and Gen Z.
Why is phygital important to real estate?
The generation of today will be the target audience for real estate tomorrow. This population with heavy social media usage and a hunger for new experiences is fierce in their opinion of brands. As a result, brands that provide an experience as opposed to simply offering a product sell more. This is why experiential marketing is already working wonders for businesses.
The shifting dynamics of the real estate industry’s core audience is the top reason for phygital experience to be the next big thing in real estate in India. Another reason is that a streamlined eco-system that exploits every available means to target a potential home buyer does a better job than either digital or offline marketing and advertising.
Thirdly, phygital bridges the gap between the digital and the physical. It creates a far richer experience for both the players in the market as well as their consumers.
In summary, phygital will be the biggest trend in the marketing of real estate in the near future. International brands have already started implementing it. And as per our predictions, top real estate brands in India too will follow suit.
Ready to get phygital? We at PropertyPistol.com can help with that. Get in touch with us to boost your online ecosystem and strengthen your offline reach. Get in touch with us today!
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.