Let’s face it, retail is known to be a cut-throat industry, and overcoming its competitors is a direct link to any retailer’s abundant success. So then, what’s cutting edge in this game? Technology. Or rather, retail technology. The current retail experience has changed vastly from just over a year ago. From physically walking into a store when the need is called, to your product being delivered to your doorstep with just the click of a button, it’s safe to say that technology has opened a whole new world of opportunities.
New services like omni channels provide consistent quality across multiple platforms and exhibit a larger customer base. They are proven to retain about 89% of their customer base, contrary to the 33% from companies that don’t employ Omni channels. Newer advancements in the technological field like Artificial Intelligence, AR, and VR have pushed the envelope on enhancing customer experience. It allows e-commerce companies to provide personalized recommendations by learning their interests through purchases, as well as simulate their customers with a better viewing experience of their products online. Internet Of Things, on the other hand, has brought the digital world even closer. We can even talk about Blockchain and improved digital payments to make online transactions more secure- ah we could go on and on, the list is quite endless.
Not just online, retail stores can benefit from technological advancements in their offline world as well. Robotics have enabled automatic engagements and operations — leading to more unmanned stores and autonomous store assistants. In all these cases, a direct link can be made with technology and a boost in sales in the retail industry.
Although just using technology may not guarantee a retailer’s success, it can surely be a big step in the right direction. Learning how to combine tech know-how with common sense, key marketing, and general problem-solving skill with enthusiasm, one can see their retail services flourish.
But why aren’t we seeing any of these changes in our markets in India? Well, stay tuned to this blog.