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.
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.
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.
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.
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.
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.
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.
Statistically, over 45 percent of the customers prefer to shop from retailers who incorporate digital developments to their in-store infrastructure. As a result, including these technologies will improve customer satisfaction and retention rates.
Retailers can now accurately track customer movement and gain real-time insights on customer preferences and the impact of marketing strategies. Furthermore, firms can also improve customer interaction by over 40 percent and thus, promote repeat purchases in-store.
Retailers must look out for flexible IT-based solutions such as IoT and Cloud Computing to ensure high connectivity between devices. These solutions help firms to generate and transfer real-time and accurate customer information across various platforms. Moreover, they also assist retailers to adapt to the current and upcoming digital trends and grow in the highly dynamic and competitive retail industry.
More than 55 percent of millennials prefer stores with chatbots as they believe that these stores are technologically-forward. Moreover, these digital advancements are a crucial marketing tool that can assist in saving over $8 billion in costs.
Through the use of IoT platforms, businesses can reduce costs, improve efficiency as well as increase sales and profits generated. As a result, more than 80 percent of the companies will or may plan to implement IoT technologies this year.
Virtual assistants enhance other in-store technologies to complete a wider range of business tasks more effectively. Moreover, they help in identifying and prioritizing day-to-day operations to manage the business optimally.
Many organizations have implemented the Hands-Free RFID Technology due to its multiple uses, as it enables Real Time Location Tracking of asset or resources for scheduling and maintenance purpose, measuring employee efficiency and customer tracking.