DIGITAL TRANSFORMATION OF RETAILby Trident Information System PVT LTD Trident Information System Pvt Ltd.
The competition in retail is at an immense level. Satisfying the customer is no longer a piece of cake. They have infinite choices at their fingertips and also have a voice. In this era of the customer – where technology has transformed the way of how we engage, connect and interact with one another, it has become very important for organizations to monitor the customer's demands to render great experiences and build long-lasting relationships with them.
In spite of this, many retailers are not accepting the fact of changing the way of doing business. They need to realize that they have to change as customers won't change for them. If they don’t, they will soon be seen as irrelevant or “boring” – labels that can be the death knell for any retail business.
So how to engage a technologically-savvy and selective customer? How can a retailer differentiate themselves from the competition, and deliver the extraordinary experiences that customers seek?
There is only one answer to all the question and that is Digital Transformation.
We got the answer to what is the solution for retailers and that is
digital transformation but we should also know the answer to how you should
digitally transform your business? , which we will discuss in below context
Technologies Leading Digital Transformation in Retail
Here are technologies that can keep retailers alive and well, if they remember to keep customer a top priority:
Omni channel retailing is a fully-integrated approach to commerce, providing shoppers a unified experience across all channels or touch points. It doesn’t require you to be everywhere, just everywhere your customers are. True Omni channel shopping goes beyond brick-and-mortar locations to mobile-browsing, online marketplaces, social media, and wherever your users browse online through retargeting ads. Nearly 75% of shoppers say they use multiple channels to compare prices, hunt for discounts, or use in-store tablets to shop online.
Various Researches suggests an Omni channel approach results in:
- A 9.5% year-over-year increase in annual revenue
- A 7.5% year-over-year decrease in cost per customer contact
- An 89% customer retention rate vs. 33% for companies with weak Omni channel customer engagement
Therefore retailers must realize that this distinction is what separates their enterprises from the rest.
Bringing innovative business models, smart shelves have already started working their way into the retail industry. Being placed on the goods, RFID tags have an integrated circuit and a microchip antenna that transmits data to the RFID reader. Information is collected from the RFID tags and sent to an IoT platform, where it’s stored and analysed. By monitoring inventory and transmitting data about items movements and whereabouts to an IoT platform, the system can provide retailers with information about customer needs and preferences, showing them ways to improve their services, increase customer interactions, and boost sales.
Researches on IoT shows that:
- 77 percent of retailers believe that IoT solutions help improve customer experience.
- 89 percent of early-movers
in the retail report that IoT enables us to gain increased
insights into customer preferences.
Most of the Retailers find it costly but they should realize that the ROI of IoT is great and above facts are proving it right.
Electronic POS software systems streamline retail operations by automating the transaction process and tracking important sales data. Basic systems include an electronic cash register and software to coordinate data collected from daily purchases. Retailers can increase functionality by installing a network of data-capture devices, including card readers and barcode scanners.
Depending on the software features, retailers can track pricing accuracy,
inventory changes, gross revenue, and sales patterns. Using integrated
technology to track data helps retailers catch discrepancies in pricing or cash
flow that could lead to profit loss or interrupt sales. POS systems that monitor inventory and buying
trends can help retailers avoid customer service issues, such as out-of-stock
sales, and tailor purchasing and marketing to consumer behaviour.
The good news is that it looks as though many players in the retail industry have already recognized the importance of POS. A survey by Alteryx and RetailWire of nearly 350 retailers, found that 81% of respondents say it is more than just ringing up sales, it also gathers important metrics such as planning your stocks, forecasting, sales trends, and more.
Mobile is transforming the way we shop and how retailers run their businesses. Its features are the same as POS but still, you need it as it gives retailers the flexibility to be able to add extra checkouts rapidly at a busy time and when queues start to lengthen as you don't want the customer to wait in long queues.
If you want to be an ace in this competitive retail environment you must digitally transform your business. Digital Transformation of retail business is not a choice, it is a need.
If you want a complete digital transformation of your retail business then you can blindly trust Microsoft gold partner Trident Information Pvt. Ltd. as its LS retail solutions is all in one solution for digital transformation.
Created on Oct 14th 2019 00:57. Viewed 627 times.