The implementation of technology within the retail space is shaping how consumers interact with brands. A number of technology trends over the past five years have dramatically altered the retail landscape.
Today, consumers have become increasingly savvy at taking more control of their shopping experiences. Smart retailers understand that deciphering shoppers’ behaviour is instrumental for a unified success. Retailers are warming up to sending target specific messages to their customers, creating an exclusive, personalized experience, unmatched by competitors.
The foundation for this revamping lies in the attempt to utilize a massive amount of data that is easily available to retailers and channel, benefiting both, the retailers and their customers. This warrants the incorporation of technology in the following ways:-
Reduced Inventory Costs
Inventory mismanagement has plagued the industry since ages, driven by a huge management and supply gap. This often leads inflation of costs that adds disparity in the profit-expenditure margin. An inventory control system has become a common tool for retail management, allowing retailers to keep a tab on accumulating and depleting inventory.
Once setup, these systems automatically update the database when products sell or move from one location to another. They also provide a variety of instantaneous data analysis tools to keep track of the business.
Improved Customer Service
Customer service is the key in substantiation of a positive business growth in current market – according to CEI Survey, 86 per cent of buyers will shell out for an incomparable customer experience. Retailers comprehend this as well and have been successful in revamping their customer service, leveraging key points as enhanced in-store experience and free, effortless returns to build an inimitable service.
Technological enhancements in customer service, including augmented use of digital channels, are leading a surge in consumer expectations, while providing a space for retailers to excel in. Maintaining the happiness and well-being of their customers reflects in revenue and loyalty, two areas where technology provides retail an upper hand.
Ask any consumer their reason for pain and they’ll lead you to a hassled checkout. Because of this, retailers are reshuffling the procedures involved in purchase, facilitating well-situated services such as one-click ordering, secure billing information storage, and direct purchasing from alternative retail modes, to create a uniform experience.
By abolishing hindrances at the point of purchase, retailers are furthering the cause of modern user-experience and directly influencing ROI through elevated checkout achievement rates.
Through simplified checkouts, modern consumers are being privy to a surge of augmented shopping experience, which translates into a hike in profit.
Convenient Payment Methods
Thanks to mobile and cloud-based Point of Sale (POS) systems, the traditional payment process is in the midst of a huge transformation. Mobile wallets and digital payment gateways are simplifying the process of payment, by providing it a flexible medium. These payment portals also come up with consumer- centric lucrative deals to sweeten up the process. Irrespective of the scale of operations, these payment portals provide an ease in completing the purchase and elevating services.
Speed, agility and efficiency are the demands of every modern-age consumer that every retailer needs to cater to. To achieve this, retailers are progressively incorporating digital practices to enhance their position in the market. The future seems bright as more prolific technologies are being discovered to help the market rise to greater heights.