From sprawling malls that sell luxury brands to 5-inch smart phones that bring multiple brands right to your fingertips, the retail industry has witnessed some tectonic changes over the last few years. Customer behavior has changed drastically on a global level.
Consumers are now increasingly demanding the best in class service at all times and brands ignoring this do it at their own risks. The change in consumer behavior has been triggered by advancements in technology; the booming rise of smart devices and penetration of social media. Today, they demand instant response, look for personalization and are free from the ties of brand loyalty. The challenge for retailers is to build and sustain brand loyalty despite this awareness as the demand from consumers is just bound to become more complex in the coming decade. Retailers have to be geared up for these constantly changing demands.
The sudden rise of mobile-commerce, new modes of shopping, and ever-decreasing profit margins are driving retailers to explore new strategies to give customers what they want.
Today, with over 1.75 billion smartphone users globally, consumers will generate high volumes of data that can help retailers make better decisions for better ROI. This data can help retailers focus on key priorities, such as increased growth, operational efficiency and better customer experience. This requires a new approach considering the lines between traditional and new format of retailing are fast blurring, giving technology the opportunity to be a great enabler.
Imagine this: A customer walks into or walks by a branded retail store with her smart phone. The in-store Bluetooth setup picks up the customer number connects back to BI server. The backend analytics engine runs a real time analysis of her online buying behavior and sends out real time alerts on discounts to the customer, on all relevant products.
The consumer behavior pattern and insights that can be acted upon using data generated by online sales give retailers with new business opportunities and revenue streams. It is clear that seamless blending of customer activity across multiple channels can be truly driven by technology. Technology helps connect the traditional point of sales in a physical store to online and mobile platforms. A number of opportunities are waiting to be explored by retailers by leveraging the power of technology.
It is but ironical that as the retail world gets sophisticated and more complex the consumers demand solutions that are simpler; only technology can help achieve this feat. An able technology partner can help retailers in this journey by addressing the challenge of seamless integration and analysis of data across various channels and thereby allowing the retailers to focus simply on what they do best: being retailers – focusing on one’s strength is the best model for retail business operation.
The changes are taking place at a rapid pace, and so with the right mix of smart technology, brick & mortar and also online retailers need to get ahead of the game and deliver the right experience to consumers at all times. The key to success will lie in being obsessive about one’s own customers and leverage technology not just to be a winner but to be seen as the reliable brand.
Consumers are now increasingly demanding the best in class service at all times and brands ignoring this do it at their own risks. The change in consumer behavior has been triggered by advancements in technology; the booming rise of smart devices and penetration of social media. Today, they demand instant response, look for personalization and are free from the ties of brand loyalty. The challenge for retailers is to build and sustain brand loyalty despite this awareness as the demand from consumers is just bound to become more complex in the coming decade. Retailers have to be geared up for these constantly changing demands.
The sudden rise of mobile-commerce, new modes of shopping, and ever-decreasing profit margins are driving retailers to explore new strategies to give customers what they want.
Today, with over 1.75 billion smartphone users globally, consumers will generate high volumes of data that can help retailers make better decisions for better ROI. This data can help retailers focus on key priorities, such as increased growth, operational efficiency and better customer experience. This requires a new approach considering the lines between traditional and new format of retailing are fast blurring, giving technology the opportunity to be a great enabler.
Imagine this: A customer walks into or walks by a branded retail store with her smart phone. The in-store Bluetooth setup picks up the customer number connects back to BI server. The backend analytics engine runs a real time analysis of her online buying behavior and sends out real time alerts on discounts to the customer, on all relevant products.
The consumer behavior pattern and insights that can be acted upon using data generated by online sales give retailers with new business opportunities and revenue streams. It is clear that seamless blending of customer activity across multiple channels can be truly driven by technology. Technology helps connect the traditional point of sales in a physical store to online and mobile platforms. A number of opportunities are waiting to be explored by retailers by leveraging the power of technology.
It is but ironical that as the retail world gets sophisticated and more complex the consumers demand solutions that are simpler; only technology can help achieve this feat. An able technology partner can help retailers in this journey by addressing the challenge of seamless integration and analysis of data across various channels and thereby allowing the retailers to focus simply on what they do best: being retailers – focusing on one’s strength is the best model for retail business operation.
The changes are taking place at a rapid pace, and so with the right mix of smart technology, brick & mortar and also online retailers need to get ahead of the game and deliver the right experience to consumers at all times. The key to success will lie in being obsessive about one’s own customers and leverage technology not just to be a winner but to be seen as the reliable brand.
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