06th Aug, 2021
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- Retailers need to implement a 360-degree retail solution to compete and grow in modern market dynamics
- Virtual retail solutions supported by retail analytics and big data is required to modernize the retail industry
Heightened customer expectations, massive technological advancements, and the rise of omnichannel commerce are just a few recent trends shaping the retail industry for the years to come. Traditional approaches are no longer rewarding in the face of change. Now is the time to clearly outline the aspirations, make fundamental modifications to operating models, and enable modern retail. There have been instances such as the covid-19 pandemic that have pushed traditional retail models to the brink of extinction. However, innovative technologies and smart thinking have always reinvented the market. The retail industry is primed for a renaissance with key emerging technologies such as Artificial Intelligence and automation tools.
Retailers can implement futuristic strategies and leverage business intelligence to enable modern-day retail. But, with new trends and patterns emerging every day, how are the retailers going to execute modern solutions to augment their stores?
Learn how Denaveâs end-to-end retail solutions enabled a global leader to penetrate unexplored market.
To answer that, here are a few ways to enable a modern retail experience.
Arresting dip in retail footfalls
As the market slowly finds its feet a year after the covid-19 outbreak, the retail industry is still under the pump. Shoppers donât want the same shopping experience as before. They are wary of visiting stores, and at least 66% of shoppers expect the retailers to keep them safe while they shop. As a result, retailers need to make experiences easy and seamless for the customers and add an extra step to surprise them.
New technology-enabled interactions like online ordering are a given. But now, itâs about creating the best in-store experiences for the buyers. Big retail brands are implementing store hygiene and safety measures to minimize risks while resuming operations. In addition, curbside pickups, omnichannel payment options, home delivery, and installation are implemented to serve customers where they are.
Personalized, virtual experience is the way forward
The future of modern retail depends on the use of technology to offer customers a personalized experience. Online commerce has seen an explosion post-covid, but customers are still looking for a personalized shopping experience. Virtual retail solutions powered by automation and machine learning technology can be used to facilitate customer outreach.
Retailers can make use of Virtual Brand Consultants to offer personalized consultations and purchase support to customers online. One major electronic brand has started one-on-one shopping consultations from a specialist online via chat or call. Big retail brands are leveraging retail analytics solutions to garner customer information across channels and augment in-store communication. OEM brands like Samsung have already implemented live virtual assistant to connect customers directly with Samsung store experts. Samsung is also piloting touchless mobile, TV, and audio display innovations to offer customers a safe in-store retail environment. Virtual shop combined with the physical store presence is the way forward for the industry.
Leveraging Retail Analytics to support Business Intelligence
The worldwide big data analytics for retail is valued at USD 2.85 billion in 2021. Data is the key to any business format and more so in a dwindling retail industry. Retailers need to implement retail analytics to analyze hordes of data collected at various touchpoints. Retail analytics is vital to understand business trends, customer behavior, inventory, supply chain patterns, in-store performances. Retail analytics is essential to consolidate all kinds of data, including demographic, firmographic, and technographic data, to better implement BI strategies.
A central data repository will contain historical data about customers that can be used to personalize customer communication and improve their shopping experience. Retail analytics give actionable business intelligence about in-store operations. From visual merchandising to promoter evaluation and inventory management, accurate retail analytics can optimize every aspect of retail operation. Predictive analytics in retail can be used to predict buying behavior, market trends, inventory patterns using historical data. Retail analytics is crucial for navigating the impacts of covid-19.
Retail audit and hygiene checks
Newmarket order has brought with it new opportunities for the retail industry. Major retail players have already implemented consistent audit and hygiene checks across all branches. From retail planogram to visual merchandising and customer relationships, every aspect has to be consistent with the universal brand appeal. Modern retail requires periodic retail audits and retail compliance to ensure uniformity with the brand. Technology-enabled retail audit integrates every aspect from promoter performances to in-store branding and store planogram.
Innovative retail activations
Traditional retail activations are no longer enough to attract customers and create brand awareness of a store in the market. Retailers must adopt a multi-channel approach for retail activations and leverage a sales intelligence database to target prospective buyers. Combining the traditional instore or outshop activations and demos with digital retail activations will help enterprises reach a wider market. It will open up new touchpoints for the retailers. For example, a leading soft drink brand donated its new energy drink to front-line workers and also placed it into online grocery pickup orders. Brands will need more such innovative ideas to augment their retail activations and adapt quickly to the changing market dynamics.
As we have seen through evolution across industries, businesses that are best suited to thrive can adapt and adjust to the changing business environment. Today, the retail industry finds itself at crossroads between health concerns and increasing competition from online commerce. Emerging technologies with data analytics and artificial intelligence can change these challenges into opportunities. Modern retail solutions will help retailers operate their stores more efficiently and be smart about everything from inventory to customer relationship management. Implementing new technologies will automate retail businesses, drive maximum market reach, and increase sales on different channels.
If you are interested in implementing modern retail strategies for your brand, learn more with our Whitepaper on modern-day Retail Solutions.