Technology’s Role in Retail Success

The use of technology in the retail industry is what keeps companies successful and relevant in the digital era of today. A key element of retail stores is to ensure customers have good experiences with the retailer however, customers’ needs and wants are changing and their expectations are changing with it.

Adapting to Changing Customer Expectations

Retailers must begin re-examining who their customers are, what they want and how best to reach them (Bayern, 2018). Customers seem to want more convenience in their daily lives and for the retail industry technology can assist both the retailer and the customer.

Digital Transformation in Retail

Retailers will have to digitalise more of their traditional physical aspects in order to connect with customers in a more effective manner (Bayern, 2018). Technology used in retail industries have the ability to improve the convenience of the business for both employee’s and customers, improve the price of products and operations, improve the speed at which business operations occur as well as the size of operations (Lipow, n.d.).

Enhancing In-Store Experiences

Through improved inventory tracking, managing and ordering, customers in-store experiences are enhanced leading to customer satisfaction and customer loyalty (Lipow, n.d.).

Omni-Channel Technology Integration

Technology is not only important in-store but can be used for all online platforms. Technology provides the ability to: communicate with customers through convenient social media platforms, promote the retail store through more cost-efficient channels, purchase products from the retailers’ website and manage customer feedback and complaints (Gilliland, 2019).

Streamlining Retail Operations

The improvements of technology for retailers enable speed, agility and efficiency of retail operations (bdc, 2020).

Omni-Channel Technology Integration

The introduction of inventory control systems ensures every retailer is aware of what stock they have and what they need to order in a more cost-effective manner, ultimately reducing inventory cost’s by preventing over ordering, under stocking or hours wasted searching for inventory.

Inventory Control Systems for Efficiency

Knowing what stock is available as well as it’s exact location thanks to the inventory control system ensures customers will not have to wait too long to receive their order, leading to improved customer satisfaction. Inventory control systems provide the added advantage of suggesting pricing and markdowns according to pre-set parameters (bdc, 2020).

Leveraging Big Data for Customer Insights

Big data in the technological era allows retailers the ability to learn more about the customers and what they want, how to target their promotions and improve the in-store customer journey (Sensormatic Solutions, 2019).

Improving Customer Experiences

Customer experiences can also be improved through the use of self-service checkouts reducing the amount of time they may spend waiting in lines and providing more convenient and faster experiences (Sensormatic Solutions, 2019).

Harnessing AI and Virtual Reality for Customer Engagement

Chatbots a form of artificial intelligence allows for faster and easier communication for customers, any simple queries can be answered by chatbots on the retailer’s website putting customers minds at easy at convenient times for them (Marr, 2019). Virtual and Augmented reality introduce new and immersive experiences for customers enabling them to see and touch the product virtually before deciding to purchase (Marr, 2019).

Embracing Technological Innovations in Retail

Ultimately technological innovations offer retailers the ability to improve operations while providing more convenient and efficient customer experiences, leading to customer satisfaction. Technology in retail is one to be embraced and explored in order to remain competitive and successful in the industry.

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REFERENCES:

Bayern, M. (2018, July 3rd). 10 technologies leading digital transformation in retail.
Bdc. (2020). 7 ways technology can improve your retail business.
Gilliland, N. (2019, January 23rd). 12 examples of digital technology in retail stores.
Lipow, V. (n.d.). Tech Trends in Retail.
Marr, B. (2019, November 25th). The Top 10 Technology Trends In Retail: How Tech Will Transform Shopping In 2020.
Sensormatic Solutions. (2019, August 13th). How technology is changing the face of retail.