Retail shopping experiences have significantly transformed over the years. Customers now use various channels such as social media, review and recommendations before beginning the buying process. The rise of e-commerce companies urges brick and mortar stores to step up their retail game. According to industry experts, store engagement strategies and building positive customer relationships is vital in gaining a competitive advantage over online retailers.
Evolving customer habits, preferences and demands have made it difficult for e-commerce firms to generate customer loyalty and brand advocacy. According to a recent survey, more than 30 percent of shoppers prefer face-to-face interaction over live chats or online forms. As a result, brick and mortar retailers have a strong opportunity to build their customer base and generate higher sales.
Impact of Fourth-Generation Technologies
Introduction of fourth-generation technologies within the store will improve day to day business operations. For instance, advancements such as mobile banking, self-checkout machines, digital mirrors and queue management strategies will all benefit organizations to optimize store resources. In addition, these technological developments will also boost sales and profit as well as encourage in-store footfalls. Statistically, they will also enable firms to increase customer engagement by over 60 percent and promote satisfaction and retention rates.
According to industry experts, it is crucial for organizations to implement digital developments within the firm’s infrastructure. Store analytics and other data-enabled software will enable retailers to track customer movement and will also generate insights for optimal store development. Analytics also assist firms to train employees and allocate them according to store requirements to avoid over-staffing or under-staffing issues.
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.
Integrating Artificial Intelligence in Retail
Artificial Intelligence and Machine Learning are increasingly being integrated into many store layouts. With the rise of awareness in the benefits of these technologies, retailers are generating digital competencies and competitive advantages with ease. According to a recent study, firms that implement Artificial Intelligence will witness a rise in revenue by over 35 percent. AI boosts the accuracy of data generated and assist firms in tracking the KPI’s (key performance indicators) to analyze factors vital for organizational success.
Growth in AI-based technologies significantly impacts other in-store developments such as people counting sensors. These sensors play a vital role in tracking customer footfalls. The data generated from these sensors enable retailers to understand customer preferences and the success rate of current marketing strategies. Furthermore, they also assist organizations to improve store layout, track assets and generate strategies to increase convenience for shoppers.
Growth of concepts such as Experiential and Omnichannel retail has significantly evolved the retail industry. They have enabled retailers to maintain a robust corporate image on various platforms. Nowadays, customers prefer interactive experiences, through the growth and awareness of Fourth generation technologies, retailers can cater to these demands successfully. As the industry evolves, retailers must embrace technology advancements to tackle market threats and strengthen competitive position successfully.
Written By: Michelle Oliveira
Client Growth Specialist