Burger King Levels up Chicken Offerings: New Chicken Fries in Singapore and Smoky Maple Biscuit in US
Onitsuka Tiger Unleashes Shinkansen-Inspired Sneakers in Collaboration With Terroir Tabi and West Japan Railway
What makes a great retail experience?
Every part of the supply chain management system has its pros and cons. If we talk about retailers, they too have their challenges and pressures. It primarily includes improved customer experience, reduced delivery costs, proper management of locations, inventory, and resource management.
However, these common problems can easily be solved by understanding the importance and role of technology and how it can help the retailers to choose the right solutions and take up the right steps!
Here are some of the most common problems that today's retailers face and their possible solutions to combat the same!
The popularity of multichannel buying
Around 95 to 96% of customers prefer to use online shopping rather than going for traditional methods. It is directly related to more complete and contemporary e-retail experiences that are available in today's scenario where shipping times have reduced significantly.
In this context, it is inevitable that while a majority of customers are shopping online, in-store purchases get an increase. Also, customers now have a choice between online and offline shopping experiences and are more open to retailers who can best fit in these transition methods. This increase in mobile retailing needs more in-store research, to be able to view a product in-store to make the best possible online purchase is now a common trend. It enables the delivery of online orders to local stores, often at zero costs, which creates a narrow divide between online and offline retail.
Now, what can be the possible solution to this?
Here, it is more important to focus on creating a better customer experience equally among all channels. Relevant data about the customers can help the retailers in creating an equivalent customer experience to allow them to interact as per their convenience.
A seamless experience is vital!
A smooth and transparent transitioning between online and in-store shopping experience is what most of the customers want today. It's not just about getting the same products that customers want to be made available to them, but it is the quality of experience that makes sure that they return to the same place. If an online purchase is made earlier in the day, it is always good to have a record of it in the in-store systems.
It means that, if a smooth offline or online shopping experience is facilitated for the customers by the retailers, there are fewer chances of switching between the channels. As another solution to this problem, a centralized customer data system can also be a great option to create a more seamless and smooth shopping experience for the customers.
Also, retailers can use specially designed loyalty programs. But, it should be made sure that the delivered content is relevant, and data is integrated equally across all interaction points, irrespective of their offline or online interactions.
Bombarded marketing communications
Business houses need to stay in constant touch with their customers across different channels in today's context of modern marketing. Be it social media, SMS, eMail, or any other channel. Multichannel communications are essential to maintain constant engagements with customers to drive perfect customer experience that can fit into the quality of customer experience from a retailer's point of view.
But in some cases, data is not communicated efficiently, which results in conflicts in the minds of customers. This distorted network of marketing communication can further ruin the quality of the customer's experience that they expect.
What can be the possible solution in this case?
Well, the right use of relevant technologies and proper communication procedures should be combined to ensure that all channels are working together efficiently. It can also improve the quality of the whole supply chain management system, including the common problems that are usually faced by retailers.
Lack of integrity among Technologies
Managing the user-generated data is essential to make sure that it is used correctly without compromising with the customer's privacy concerns. It means that there is a need to find a balance between the technologies so that the generated data can be handled carefully and in a focused direction.
Also, these technologies should get integrated suitably to facilitate proper resource management. In addition to this, Inventory management software can also manage inventories efficiently and increase productivity in operations. Retailers also use this management software to minimize inventory costs and automate manual tasks.
Do not forget customer loyalty!
Apart from other factors, what can be the most significant contributor to a strong market presence and brand loyalty of a market?
Of course, a great customer experience. Organizing creative workshops and important promotional events can be a great way to offer and contribute towards helping your customers and make them feel special. In this way, personalization can drive better customer loyalty even for the retailers who are engaged in their concerned businesses.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes