Cost-effective Innovations Aiding Retailers Make Increased Profits

Cost-effective Innovations Aiding Retailers Make Increased Profits

By: Retail CIO Outlook | Wednesday, April 10, 2019

Retailer InnovationsIntegration of technologies adds incremental value; the main purpose of technology was to create intelligence by efficiency and to make significant savings in ideal conditions. In addition to leading the way, technology is an integral part of the top of the line, making it an easier-to-reach rich store of information’s and a more consumer connectivity enabler. Although technology has undeniably developed retailer capacity and accountability to deliver seamless client experiences, many retailers are a long way from ending up with past choices that were more short-term gains than longer-term viewing. Despite a focus on innovation, many retailers are also striving to reduce costs, especially in the area of IT costs. Every company wants to innovate but at the lowest possible price. So what innovation do retailers expect in 2019 as the retail forces continue to push and pull?

Many shoppers are looking for more personalized shopping experiences, whether online or in-store. However, branded companies must use clients' data, which can be a sticking point for shoppers, who care about handing over personal information and are skeptical of the way it is used, to provide customers with these experiences. Although many consumers are all right with retailers accessing information, many feel that other information sources such as social media should be unrestricted. In addition, a recent RetailMeNot study reported that 17 percent of consumers do not wish to collect or track any information. Data security is extremely important not only because retailers and brands need to be complied with, but also because of the law and all the requirements, including the California Consumer Privacy Act to GDPR.

Though mobile devices have not evolved much in stores, in recent years–consumer price comparisons, read reviews and product information research still mainly on their phones-shoppers have started using telephones or other devices to increase their interactions with retailers outside the shop, at home or in a shop. In such a competitive environment, companies need to adopt state-of-the-art technologies and digitalize operations.

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