Technology

4 Retail Tech Strategies To Unlock Growth

tech strategies - cfamedia

The role played, by traditional stores, (brick and mortar), is, drastically changing and physical stores, are now, gradually, becoming a combination, of an online and offline marketplace, with data generated from customer experiences and all this has been powered by tech strategies.

Almost every technological innovation one can think of has, either, been disrupted, or, is in the process, of being disrupted.

Disruptions have, also, changed the physiognomy that borders the difference, between online and offline retail stores.

What, then, can ensure that, the final value, to customers, is, effectively, delivered?

There has been a paradigm shift, in global retail, which has been made possible, through technology.

The traditional ways are, gradually, being jettisoned, as more innovative methods are now being applied.

This has reduced risk and there has been massive drive, towards customer satisfaction.

Three specific points have been identified, as the thrust that will cause the transmutation, of retail success, in years to come. These are:

• Convenience – Easy online payment options, fast website, etc.

• Brand strength – These ask questions, relating to what your brand offers.

• Customer experience – This deals with the customer’s experience and how customers find it easy, to operate.

To remain relevant, in a, highly, competitive retail sphere, retailers need to explore the three points highlighted above.

Below are 4 fundamental tech strategies that, retailers can employ to unlock growth in their business:

Employ technology

Technology has made, almost, many things that we can think of, very easy and with it, businesses have scaled and reached millions of people, around the world. Leveraging technology will ensure that, retailers are able to target specific issues that customers face and effectively, address them.

Delivering value to customers, instantly is, the surest way to boost the growth of your business and this can, effectively, be achieved, via technology.

Position yourself and ask the right questions

Delivering value is a process that comes with mixing the right ingredients, for growth together. You need to be fully equipped, with the right knowledge.

This knowledge, can be extracted, from data generated, from buying patterns, location data, debit/credit card data, stock trends, customer feedback, etc.

Once you have, comprehensively, explored the data, you will have a better understanding of what is working, what is not and how to improve customer’s experience.

The IoT Exploration

Internet of Things, IoT, is gradually, taking roots and it is just a matter of time before it explodes and becomes an essential component in retail service that cannot be ignored.

Everything will be super connected and data, will become the wheel that will nudge retail growth.

Employ the use of AI, Automation and Machine Learning

Another tech innovation that needs to be further explored, include Artificial Intelligence, AI, Automation and machine learning.

These innovations, offer thousands of opportunities and retailers need to key into them and start exploring ways to, effectively, apply them, in their businesses.

This tech, are still in their infancy, but the application is enormous.

Finally, from the stage onward, there is only one place to go and that’s up thus it is highly essential that retailers adopt tech strategies that will only lead to the exponential growth of their business.


Featured Image: rcc.int


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