Evolution of Online Retail Practices
Ai-based software enables online retailers to enhance performance metrics and generate opportunities to build upon employee skills. In addition, Artificial Intelligence also assists in promoting brand loyalty and reducing lost sales opportunities by over 35 percent.
Growth of the Radio-Frequency Identification Market
Through the use of RFID solutions, retailers can accurately locate and monitor products in-store. As a result, firms can fulfill shopping orders and avoid lost sales opportunities due to out of stock or misplaced products.
Strategies to Drive Brick and Mortar Traffic
People Counting Solutions enable companies to monitor traffic, popular zones in-store and overall time spent by visitors. As a result, retailers can gain valuable insights on which areas can be improved and launch strategies to gain an advantage over their competition.
Adapting to the Era of Digital Solutions
Advancements such as the Internet of Things, Artificial Intelligence and Data Analytics help retailers to gain insight on industry trends as well as fulfill customer demands and preferences. Furthermore, these developments also increase productivity and reduce the overall cost incurred drastically. As a result, over 85 percent of the businesses are predicted to invest in these developments to stay relevant in the highly dynamic industry.
Virtual and Augmented Reality – Trends and Insights
Virtual and Augmented Reality will enable retailers to provide unique and one-of-a-kind services and promote customer satisfaction and retention. As a result, more than 60 percent of the business executives expect Virtual and Augmented Reality to go mainstream within the next few years.
Importance of Customer Relationship Management – Crucial for Hotels, Malls and Retailers
Customer relationship management systems promote operational efficiency throughout the organization. As a result, more than 40 percent of the business executives consider CRM as a vital tool in optimizing day to day business operations.
Impact of Artificial Intelligence on the Retail Industry
Artificial Intelligence enables firms in generating creative and innovative strategies to stay at the forefront of digital developments and incorporate futuristic features to the store layout. These features include popular industry trends such as digital mirrors, self-checkout counters and mobile wallets.
Loyalty programs – Crucial for Organizational Success
Loyalty programs encourage businesses to provide benefits specifically tailored to match the preferences of their regular customers. These benefits would include offers, discounts, access to exclusive events and free store merchandise.
Experiential Retail – Future of Interaction
More than 70 percent of the customers consider ‘shopping experience’ as the most crucial factor in driving retail sales. As a result, this year, over 45 percent of business executives are expected to increase investments in strategies to improve customer experiences.
Strategies to Enhance Customer Journey In-Store
Businesses must also introduce technological advancements to monitor customer journey and gain insights on how it can be improved. The data generated from these developments assist firms to launch successful marketing strategies to attract new and retain current customers.
The Significance of Inventory Management in Retail
According to market research, over 35 percent of businesses experienced lost sales opportunities due to issues with optimal inventory management. As a result, the demand for high-value inventory solutions continues to grow.
E-Commerce insights for 2020
Chatbots interact with shoppers on product information and respond to any queries, thus, building strong customer relationships. As a result, over 45 percent of shoppers prefer shopping from E-commerce retailers with chatbots.
People Counting Solutions – Crucial for Optimal Queue Management
People counting technology enables stores to improve the in-store experience and checkout process through optimal queue management, thus preventing customer dissatisfaction.
Omnichannel Retailing – Strengthens the Retail Industry
Omnichannel retailing enable firms to boost repeat purchases and customer satisfaction rates. Therefore, more than 40 percent of the business executives list Omnichannel retail as a top priority for organizational success.
Data Analytics – Crucial for Digital Evolution
According to research, over 70 percent of the business leaders consider data analytics as a critical element in organizational growth. As a result, within the next ten years, over 45 percent of the firms are expected to incorporate data analytics into their store infrastructure.
