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Retail + Technology = Happier Customers

One of the biggest challenges of the retail sector is to be able to anticipate its customers’ needs in order to offer them a better product or service. The new generations of consumers expect personalized attention in tune with their needs and expectations.

It is undeniable that customers' buying habits are changing at a surprising rate thanks to the available technology. We are in the presence of a new profile of buyers: more informed and actively combining their purchasing activities online and offline.

Fortunately, the digital era offers these advantages to buyers as well as retailers, who can generate incredibly useful information to boost their business.

The focus of customer service is directed to continuous innovation. The best way to innovate in retail is to create new and pleasant experiences, which then are stored in the memory of customers. This is achieved by identifying ways to get to know them better, to know what moves them to go to a specific business and why they come back. Ideally, clients should be the ones guiding companies in the process of innovation and adaptation to change.

HOW TO ADAPT TO THE NEW CONSUMER PARADIGM?

Companies should focus on information management through the implementation of technologies that allow them to obtain and analyze key data. In this way, businesses can offer customized attention to each client and connect the customer to the Brand. Thus, generating great experiences and receiving positive feedback can directly impact the business.

In this sense, the sector is facing key investment in technology, supported by Big Data and Data Analytics systems, capable of converting conventional data into relevant information to better understand consumers and efficiently establish connections to the company.

The alignment of all business elements is achieved quickly through the incorporation of technology that allows for people, resources and processes to connect.

According to a survey conducted by Forbes Insights, in collaboration with EY (which gathers the opinions of 72 companies in the industry), companies almost unanimously confirm the importance of technology instore [http://www.ey.com/es/Es/home/ey-closing-the-loop-the-last-1000-feet-of-the-shopping-experience]. A whopping 91% of respondents pointed out that they will invest significantly, even though in-store technology is less of a priority (29%) than new analytics and predictive analytics technologies, the area where retailers will invest the most (46%).

Another feature that links the retail sector with technology is the need to equip online sales channels with stability and scalability to deal with high demand flows, like Black Fridays or Cyber Mondays sales.

In the marketing and sales sector, data analysis will allow companies to identify better opportunities, retain customers, follow consumer trends and discover opportunities to develop products and services that meet customers ‘needs. The quality of the data, and hence the benefits that will be achieved, will depend on the degree of monitoring of the information. A processing and reporting software that is easy to use will improve the workflow and responsiveness of team and therefore their results.

One of the biggest challenges is the cultural change that technology brings about in a company: a digital transformation that not only happens to the client, but also to the organization. In this sense, it is important to strengthen the relationship of commercial, marketing and logistics departments with IT units so they can complement each other much better when facing this new retail model.

At what point in this technological transformation is your company?

Posted in Quick Audits Blog on Apr 26, 2017

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