2nd November 2020
When “Having the world at your fingertips” has now become a new norm to society, customers just can no longer sit tied and shop traditionally as how they used to in the previous decades. I would say there’s almost a significant 360-degree shift in what customers expect from their in-store experiences.
Digital transformation rotates the world aggressively, as well the consumer behavior. 83% customers want their shopping experience to personalised (Infovison 2020). To keep up pace with these nonstop changes, retailers are working harder than ever to deliver a seamless shopping journey to cater their value customers, because it’s hard to say you’ll get more than one chance in such competitive landscape. All thanks to the power of Artificial Intelligence, digital transformation has seen several game-changing innovations that have redefined the entire customer experience.
Walmart, the giant retail organisation is one among other big retails that have been adopting so well to such transformation pressure. In 2019, Walmart has launched a brand-new tech called Intelligent Retail Lab (IRL) embedding the artificial intelligence-enabled cameras, interactive displays and a massive data centre. IRL has a combination of camera in real-time analytics that will automatically trigger out-of-stock notifications to internal apps that alert associates when to re-stock, detect the products on the shelf and compare the quantities, among others. This function is enabled through gathering real-time information of what’s happening inside the store through an array of sensors, cameras and processors, which allows to monitor its physical stores more efficiently and keep the costs under control.
Innovations in Retails: Key Strategies and Trends
From self-checkout kiosks, voice-search for product, and customised offerings to unique experience and finding just what you need, all these revolutionalised features have made retail probably one of the most digitised industry. According to IDC‘s anticipation, at least 55% of overall organisations will go digital by 2020, the new appearance of market and industries will be transformed with the new concepts both in business and technology.
Here’s some key digitisation strategies of the retail industry in this digital age:
Having the combination of Brick-mortar stores, social media, mobile shopping ready is to firmly ensure meeting your customer across channels, wherever they are without missing a touch-points. Creating an omnichannel shopping experience will most likely open the full potential of your business.
Connecting the physical and digital worlds to deliver seamless, cross-channel experience will define you as a company that blend-in well with today’s hyper-connected consumer. Leveraging new technologies naming from indoor navigation, contextual promotions distribution, and customer self-service will help you understand, engage and convert more consumers.
Businesses always want to ensure providing pleasure experiences to the customers. Best deal is requiring the retails to tailor offerings accordingly to the ‘wants and needs’ and provide personalised experiences. Therefore, data analytics are heavily in used to capture actionable insights of their customer’s behavior and preference. Moreover, using a smart bot that is a growing adoption of artificial intelligence to unlock opportunities to automate and upgrade a number of business routines such as a 24/7 customer support, gives retail companies loads of benefit of reducing staff while articulating efficiency and customer satisfaction.
Apple Pay, PayPal, Google Pay, these advanced payment methods are spreading faster than virus. The cashless world will soon be a cardless world as well, so trust me you don’t want to fall behind!
Walmart’s IRL example above describes how digital solutions can be used to efficiently manage and navigate your inventory and supply chain that would improve your staff agility and performance. Just imagine having over 300 items in the store, then this technology will be your company’s time and money saver.
26th October 2020
By Michaela Agius