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Running a retail business has always gone further than the shopfront or the e-commerce site: responding to the latest trends, and keeping up with your customers is fundamental to a business’ survival. But it’s business success which requires a new perspective. A perspective we just so happen to have.
Your customers’ needs and wants are never stagnant; constantly shifting, your technology needs to match its ebb and flow. This starts with anchoring your business to the new technology and automated processes designed to match their moving demand and perfect a personalised experience within the competitive retail industry.
And that equates to enhanced customer engagement.
Whilst e-commerce might seem set for a natural digital transformation, those working behind the till are sure to witness a similar shift within how the business is run.
From apps which polish off the personalised experience of an in-store purchase, to tech simplifying the checkout process, keeping up with your customers has never been easier thanks to omnichannel technology.
Beyond the customer at the till, the stockroom can similarly be simplified into a technology solution, with up-to-date inventory and monitoring of potential problems.
Aligning each step of the retail experience with a personalised and relevant alternative is key to guaranteeing the engagement only expensive marketing campaigns lead by private equity retail firms could afford.
The online shop may be born out of the need to take things technological, but it still requires a regular revamp that will keep your customers wanting more.
Anchoring your marketing techniques to personalisation through data-driven insights and up-to-date analysis is fundamental to grabbing the attention of online visitors - and keeping them.
Aligning your advertising campaigns from the big billboard to personalised phone adverts on a touch screen is a necessity to fulfill the all-encompassing experience that puts your customer at the centre.
That being said, in-store experience and online engagement are not separate entities - they’re the two-pronged approach you need to navigate to discover your retail success.
Director of Technology, Simply Brands
Retail is all about choice. It’s all about what your customers want, and when they want it. Not only can technology identify both of these things, it can streamline the business providing the goods and services they are on the hunt for. For those with an ear to the ground, this process is also known as a Digital Transformation. A Digital Transformation rethinks how you manage your employees, your clients' and business’ data, and how you carry out your business operations. Or, in simple terms, a DT is the technological revamp your business needs to stay competitive.
From performance management to process streamlining, our technological transformations focus on meeting your customers’ and clients’ desires on a whole new level, providing the data-driven insights the industry has been missing until now. Automation, for example, has the ability to cut corners on lengthy inventory tasks and tedious financial challenges. AI has the ability to think like a computer, but analyse like a human. And constantly updated data has the ability to cut the time spent waiting for success or failure.
Alongside this, machine learning and unified commerce are also pinpointed within the plan for your business’ future. The former, for example, can determine the emotional bond your customers have to their latest purchase, ensuring you can fulfill their emotional needs future by determining their exact needs, a necessity given seasonal changes. These technological insights can be translated into the unified commerce channels that connect web, mobile and social media. From the United Kingdom to the United Arab Emirates, a sleek omnichannel experience is proven to keep your business upfront on all fronts.
Testing the waters no longer requires taking a risk; failure is simply not an option.
AIM FOR CUSTOMER CONVENIENCE
In the ever-quickening world of business, we expect fast results and fast responses. Meeting these demands is key to keeping a customer.
MAKE YOUR BUSINESS RESPONSIVE
Your customers want answers, and your customers want them now. Your business has these answers, and it can start with something as simple as a chat-bot.
AND MAKE IT RELEVANT
Your clientele might know what they want, but you can make it that much easier. Thanks to fresh data on said clientele, discovering their demands and aligning the products to their needs only takes a tap or two.
CONNECT WITH THE EVER-CONNECTED
With the whole world online, your customers are never too far from the shelter of the cloud. Tap into the new way to connect with customers, and maximise your marketing from email to social media.
CHANNEL YOUR CUSTOMERS
Your customers can’t always be in your grasp. Or can they? By zipping together online-shopping and the in-store experience, this streamlined process can lead your customers straight to their next sale.
ADAPT YOUR ADVERTISING
Engaging with clientele doesn’t mean adverts crammed full of loud colours and big words, anymore - speaking directly to potential customers is far more effective than yelling at people less likely to convert.
STREAMLINE FROM STOCK-ROOM TO SHOP-FLOOR
The current disruption evolving the industry is not a wave that will crest and crash onto the shore; it is simply part of the tide to come. It’s time to rethink technology, and never stop rethinking it.
GUIDE YOUR CUSTOMERS VIA MARKETING
A conversion is not to be turned down; but a quick conversion shouldn’t go amiss, either. By creating a step by step process for customers with in-store and online experiences, more customers can click add-to-basket faster.
TIGHTEN YOUR TEAMWORK
It’s not all about engaging the customer; keep your team engaged and efficient with technology devoted to keeping them connected and cutting time spent trying to solve issues as they arise.
+ What is the retail sector?
This sector includes businesses that sell goods through shops and eCommerce online stores to the public. In turn it includes a wide array of individual sectors including convenience stores, specialty stores, department stores, supermarkets stores, and multichannel stores.
+ Is the retail sector growing?
The retail sector experienced a slowdown in growth in 2019 with political uncertainty driving lower spending growth. However, the Covid-19 pandemic has disrupted the sector with changes to supply, demand, and the daily operations of firms within the sector, and will further slow this growth in certain areas such as high street retail.
+ What technology is used in the retail sector?
A range of digital technologies are used in retail stores which help streamline daily operations. This includes customer tracking tools which monitor customer satisfaction and enhance the in-store experience with VR, autonomous shopping assistants and in-store technology, and mobile wallets.
+ What is the future of the retail industry?
The retail sector has always relied on the latest technologies to entice customers and secure a sale - but the future of this industry relies on the integration of the technology to create a seamless shopping experience from browsing online to the final purchase in-store.
+ What are the trends in the retail industry?
The retail sector is forecasted to experience a number of new trends including a shift towards sustainable products and in-store experiences, branding that promotes a cause or a purpose, and the reinvention of in-store experiences.
+ How is technology changing the retail industry?
As a result of data analytics, retailers can monitor customer trends and respond via international retail experiences, social media avenues of eCommerce, and new supply chain management solutions.
Taking things technological might seem a challenging feat set to rock your retail business to its foundations, but with Lolly Co at every step of the way, navigating the new territory need not be difficult. In fact, with our tech-team and retail consultants assessing your business’ exact needs and walking you through each step, you don’t need a map, either! But, if you do fancy finding your way around the future of your online shop or in-store experience, you can start here.
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