Empowerment, empowerment, empowerment of the consumer by making the most of key technologies will result in shaping retail business. How? Give the consumers what they want by innovating with technology and providing maximum consumer benefits. Incorporating transformative business technologies in the online and offline store, will help in giving you that innovative slant in business success.
What will this innovative ‘new normal’ entail?
- An expanded consumer equation – smooth interactions between the retailer for his products with the consumer
- Their engagement experiences – in-store help received, personalization recommendations for retailers’ products, reasonable pricing, etc.
Greater control of the purchasing journey will help business leaders give them exactly what they want. Therefore, with diversified experiences, the gap between the valued consumer and the liberal retailer/consumer goods industry will be narrowed. There will be greater flexibility in picking products from anywhere at any time either in-store or online resulting in a much improved consumer-retailer equation.
For eg., Oasis, a fashion retailer, fuses its e-Commerce site, mobile app and brick-and-mortar store into simple shopping experience. How? Their sales associates are equipped with iPads which give you current product information, (iPads) serve as a cash register and if a product goes out of stock, the sales associate can place an online order which can be directly shipped to your home.
Next, using visual cues, or through effective messaging - through dynamic (videos) or static (pictures with or without text), better engagement with products, greater footfall and brand loyalty will transpire.
For eg., Amazon stresses the importance of email campaigns and other marketing tools to create meaningful consumer experiences. Similarly, Starbucks provides information regarding who produced the coffee bean for all its varieties helping the consumer make an informed choice.
Since a strong shift is perceived in consumer spending from products to services, the Retail industry will witness leaps in looking for THE business model or Company that provides maximum value addition and contributes effortlessly through effective use of technology. As a result, the consumer will get what he wants.
This will:
- Help build a broader understanding of and with increased connectivity, empower consumers
- Unleash the power of transformational business models in the physical and digital spheres
- Increase impact on sustainable deliveries by harnessing valuable data
It is foreseen that, organizations will need to persevere in their attempts to innovate and must be willing to be a channel for disruption, culminating in the rise of a new breed of consumers who will shape up retail business.
Innovation unleashed and innovation consumed, retailed fresh and creatively recognized. Isn’t this what you want? Read on for more clarity.