How Well-Connected Retail can Transform the Retail Industry?

How Well-Connected Retail can Transform the Retail Industry?

By: Retail CIO Outlook | Monday, August 31, 2020

A massive number of retailers are now adopting the connected retail approach. How is it beneficial to them?

FREMONT, CA: We are living in an era where customers are active 24/7, 365 days a year. They hold the power to like, follow, and shop from their favorite brands at their own will, and all with a touch of a button.

This seismic shift has made the retailers transform the way they target, obtain, and engage with customers, to meet the ever-rising demands of modern shoppers.

The key to a satisfied and happy customer in 2020 is offering a connected retail experience which is customer-centric and personalized.

Connected retail holds the potential to revolutionize the industry and change the way retailers function and connect with consumers. It has the colossal capacity to enhance operations, smoothen processes, and lead to greater efficiencies.

Connected retail connects three key elements of the customer’s journey.

1. Convenience

The modern shopper wants to track items they want and expect to be able to browse and purchase when, where, and how it is comfortable for them.

However, delivering convenience to the customers can be a little tricky for the retailers. With uncountable stores, SKUs and website visitors, making sure that the right items at the right places are only attainable with Artificial Intelligence (AI). It crunches the millions of possibilities around merchandizing, stock collection, markdowns and buying to lessen the intricacy, and empower more intelligent decision-making.

2. Control

Currently, we are witnessing a great transition of power where the consumers want to interact with the retailers on their own terms.

Buyers want to avoid all kinds of concerns related to transactions, delivery windows or return processes, which can be difficult for the retailers as they are dealing with thousands of orders per day and intricate distribution centers.

AI helps the retailers to optimize the flow of products to and from customers, smoothening the supply chain for helping warehouse operations and logistics processes in running more smoothly.

3. Context

Customers want to be treated uniquely and as individuals. AI helps the retailers to help in the personalization of the customers by interacting with millions of customers on an individual basis and making sure that customers are provided with a satisfactory answer at the right time through the right channel.

To stay relevant to present day’s customers include retailers making a commitment to developing completely connected, engaging experiences that are seamless throughout all channels.

The brands can make use of personalization with the help of AI for targeting and acquiring new customers for enhancing productivity and streamlining the supply chain to drive proficiency and lessen costs.

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