To offer more convenient products & boost sales, today’s retailers should start understanding the consumer’s behavior. By utilizing data coupled with advanced analytics, retailers could expand their understanding of consumer behavior. This includes what shoppers are doing pre & post-store visits. Allowing the retailer to expand their view beyond the traditional competition.
Retailers should approach their data strategy cautiously. Many companies are looking into data monetization efforts as a new revenue stream. But digitally savvy consumers have a strong understanding of what personal data is collected & shared.
To address the consumers’ desire for convenience, retailers should own the narrative around product availability. They must opt for smart merchandising strategies to remain cost-effective. New approaches are likely needed to influence shopper demand, making that demand more predictable & manageable.
By combining investments in AI & ML technology solutions, retailers can be at the forefront of convenience. Providing real-time product availability without having to accumulate unsold inventory.
Retail is not dead, and nor are the stores. Despite all the noise about digital, physical stores continue in the retail industry. In fact, brick-and-mortar accounted for nearly 90 percent of all retail sales in the third quarter of 2019, according to the US Census Bureau.