Digital Transformation in Retail: 4 Solutions for Offering a Connected Digital Experience
With online customers hooked to digital innovation like real-time personalization, recommendations, loyalty programs, in-store personalization, expedited order and delivery, retailers are left with no other choice but to adopt advanced digital solutions to align with changing customer behaviors.
A digitally connected retail experience not only increases customer engagement but also employee engagement and sales. So, retailers can no longer be 'little bit digital' but 'all digital' to improve sales. So, the success in the retail industry is not dependent on product itself but the buying journey of customers.
According to eMarketer, the retail sales will skyrocket to $4.058 trillion in 2020, making up 14.6% of total retail spending.
From the above statistics, it's apparent that retailers have to rethink their digital strategies to transform every part of their businesses for better customer engagement through employee engagement driving sales.
The 4 digital transformation solutions below will enable your retail business to perform better and reach out to more customers and improve ROI.
Mobile apps once adopted only by large brands have now been accepted by companies of all sizes for their ability to create engagement with customers. Consumers look out for convenience addressing the changing customer behavior with highly scalable business applications is an amazing idea to enhance sales and growth.
With mobile apps, your retail business can:
- create immersive and dynamic shopping experience
- strategize effective business marketing
- offer personalized services
- ensure customer relationship management
Utilizing beacons smartly can improve the consumer footprints to your retail store by leaps and bounds. By fixing the beacon on to your shop, you can engage directly with your customer in the proximity of your store and can allure him with personalized discount, freebie offerings. Such type of targeted approach toward customer leads to enhanced sales.
With beacons on your retail shop wall, you can:
- advertise effectively
- save cost
- empower personalization
- provide insightful data
- increase app engagement, retention
According to Forbes, 70% of retail decision makers globally are ready to adopt the Internet of Things to improve customer experiences.
Internet of Things (IoT) has started to take off well and almost all industries have already started to utilize the potential of this transformational technology; retail industry is no exception to this. As retailers directly face customers, transforming the retail processes using innovative IoT solutions will lead to yielding better results.
With IoT technology, retailers can:
- enhance customer experience
- optimize store operations
- enhance inventory and supply chain management
- capture new revenue opportunities
Over the past few years, Artificial Intelligence (AI) technology is evolving fast and large retail companies have already started to embrace the emerging technology to take their customers' experiences to the next level.
According to Transparency Market Research, global AI market is all set to reach S$3,061.35 bn by 2024 due to increasing application in diverse industries.
With AI-based solutions, retailers can:
- help setting up new stores based on demographics, distance, competitors, weather patterns etc.
- improve staffing for better customer satisfaction and retention
- improve in-store shopping experience
- optimize supply chain
- improve marketing and hiring
- revolutionize customer experience with personal shopping assistants
- enhance decision making of buyers with virtual mirrors
- improve sales using gesture recognition
- personalize messaging for customers
- offer omnichannel shopping experience
Retail industry has started off well with digital transformation and they shouldn't focus on implementing this technology only for ecommerce. In reality, digital transformation has more using which transforming the entire process of your retail industry is imminent.
Planning to digitize your retail business? Don't know how to get started? We can help.