How Retailers can benefit from technology?

By: Retail CIO Outlook | Friday, February 08, 2019

The rise of E-commerce and online shopping has a led to the downfall of retail business as Consumers prefer to purchase products online than to drive down to the store

Connecting with the customer

Digital marketing has opened up numerous ways apps, social media platforms, websites, among the many, to interact with consumers. According to a survey, nearly fifty-five percent of the world population uses the internet, making it easier for product owners to connect with consumers. Companies could encourage their consumers to sign-up to a mailing list, in which they’ll receive monthly newsletters, which will significantly boost brand awareness.

Data Analytics

Many businesses are taking using data analytics to improve their understanding of their customers. Companies can discover the demographics, interests, and behavior of their customers with this technology. This information provides companies with precise insights on how to make decisions to improve the customer experience. For example, with information about where more number of a particular company’s consumers live, the company will know where to open their next branch.

The Omnichannel Approach

The omnichannel approach is an attempt to integrate the company’s operations across multiple channels, which will eliminate the Therefore, the differences between the online and in-store retail experience.

For example, consumers will purchase a product online and then pick it up in-store. This is called ‘click-and-collect’. By this approach the consumer engagement with the brand via multiple channels increases.

Artificial intelligence

Artificial Intelligence (AI) has been widely used across the business sector. Majority of businesses are adopting AI to improve the customer experience.

For example, in a cashier-less store, the consumer picks up the products and leaves the store without attending the check out point. A barcode technology scans each item as customers leave the store, then the total bill is automatically generated and sent it to the consumer’s mobile app to pay.

Augmented Reality

With an AR sensing technology, retailers created a virtual fitting room for consumers. By standing in front of the camera, customers were able to see how clothing items looked on their bodies without physically trying in traditional fitting rooms.

This is helpful with clothes and make-up, as consumers can try it digitally, before buying it for real.

Virtual reality

Many retail stores are investing in VR technology to improve the customer experience and business operations. Retailers can design the layout of their store with VR. This allows retailers to better imagine how to arrange products without investing the time and effort to implement.

Sensor Data

Retailers can install small beacon sensors around the store, which connects with your consumers’ phones. Consumers can receive special discounts and promotions during their visit to the store. This technology also allows collecting consumer data which will be used by the data analytics team to improve understanding of customers.