The traditional retail was all about stocking products customers wanted and ensuring the right shelf space and promotional offers to make the sale happen. In the light of the technological advancement and digitization the retail space has transformed with the easy access of information anywhere and anytime.
What is retail?
Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain.
The retail space is no more limited to the four walls of the store but expands to horizons beyond device, location and proximity. The key to staying relevant for the retailers is to offer seamless and connected experience across devices, sales channels and social media channels.
Three E’s of Retail Relevance:
Experience
As the world continues to evolve so has customer’s expectations. They are more connected, informed and demanding. Thus they expect one view of products with the ability to avail similar price, service and customer support across different sales channels.
Enablers
To meet the new customer expectations retailers have to enable an Omni-channel experience. Delivering an Omni-channel strategy revolves around one view of customers, products and inventory.
This means the retailer’s challenge revolves around ability to synchronize the inventory across channels to the distributors/dealers/in-store/kiosks/estore level and start aggregating, managing and monitoring orders from all channels.
They should also be able to reverse track the inventory to the appropriate location, including partner locations, based on flexible business rules.
To successfully implement Omni-Channel strategy a retailer requires the following enablers:
- Enterprise grade Ecommerce solution to integrate with ERP/SAP, accounting solutions, POS systems, Kiosks, in-store
- Responsive e-store, US based research and advisory firm, Forrester revealed that almost 50% of the $12 billion annual online sales in India happens through mobile phones. Therefore, every brand needs to have a mobile responsive site
App also adds to the customer experience but, APP First looks to be more of a strategy that would work over APP Only.
- Real time order management and fulfilment solution:- Solutions such as sterling commerce/Transactor are available
Implementing Omni-channel strategy requires putting systems and technology in place. Thus the need to evolve with the customer requirements and traditional brick and mortar retail companies need to change with the time.
Engagement Phenomenon
Engagement is redefined with the advent of the social platforms coming in the picture. The first few years when social media was introduced brands used it as a promotional platform but today social media has truly changed the structure of the relationship between brands and consumers.
Customer engagement and retention for retail brands is extremely important. Retaining and engaging with customers help brands keep them happy, stay loyal and up to date with new arrivals, latest promotions, and product recommendations. Moreover, when retaining and engaging with customers, brands are able to keep our ears and heart close to their demands, needs, and expectations.
The omni-channel experience is incomplete unless consumers can interact with brands through all different media channels – be it phone, text, e-mail, a chat facility, or social media – from one unified interface.
The ease of communicating with the brands defines the consistent experience to the customers and thus signifies a stronger brand identity.
How to stay relevant
To be relevant means being an integral part of your brand, of your company, of the economy, and of the future. This means you have to take others into account especially your consumers and the currently advancing world. To stay relevant you have to continuously stay open and continuously adapt with changes.
Source: https://www.retaildoc.com/blog/8-proven-strategies-for-retail-success
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