2014 has been a challenging year for the retail industry, in response retailers are trying their level best to come up with new tactics to gain leadership position over trillions online marketplaces. In spite of this, many retail businesses are still struggling to harness the potential of emerging trends.
In this world of technology, it is very important for retailers to keep a pace with the prevailing, or else they’ll run the risk of losing their market share to competitors or start-ups.
As the new year 2015 is round the corner, its time for retailers to get on their feet and consider technology that will divert new business opportunities and tactics to offer better engagement level to customers.
This is where retail is heading:
1- Same-day delivery, in-store pick-up
Not new to most of the retailers, next-day delivery and in-store pickup has proved to be a failure, but customers were not expecting this – it seems retailers who succeed in offering next-day and in-store pickup will be the lead in 2015.
Today, traditional stores has a major advantage over online stores when it comes to same-day-delivery. You can simply enter the store, select a product, and carry it along with you back home. Online stores who offer a same-day-delivery could overcome the final advantage of traditional stores.
To achieve this retailers are focusing more on their warehouses – keeping them closer to stores. Amazon and Google Shopping Express have already implemented this trend by partnering with local stores. This way their customers who shop online can expect in-store pickup and same day delivery with the help of local stores.
2 – Mobile
With the advent of cloud-based application and mobile POS system, retailers can do their business from anywhere. Tablets, smartphones, computers, and traditional store’s are the major source of today’s shopping experience. M-commerce was an add-on to retailer in 2012, but in 2015 it will the major source for engagement.
More and more people are leveraging their smartphones to make a purchase, therefore mobile-centric tactics should top the list for retailers in 2015.
M-commerce key components that you should focus on:
- User-friendly interface
Optimizing your mobile website that includes quick load times, easy navigation, and customized presentation will help benefit market share for your business.
- Payment options and security
Google and PayPal have stretched their offerings with mobile payments, but they haven’t created a major impact over brick-and-mortar store business. Also, it’s heard that Apple Pay is on a verge to get things moving. Whatever the scenario is, it is clear that focusing on mobile payment options and it’s security (online or POS) is a must-have in 2015.
3 – Omni channel retail experience
Retailers who haven’t taken a step towards Omni channel strategy, then it’s time to do so. In 2015, more and more retailers will give customers an ability(technology) to interact and make purchases on their own terms. For example, if a customer wants to browse products online, make payment using their smartphone, and pick-up in store, they can do so without much of effort. Retailers are looking to offer customers an Omni channel experience in the coming year, this means the customers can have their products shipped, choose for an in-store pick-up, and much more.
However, most of the retailers don’t have real-time capabilities which becomes very important to consider this trend. With technology getting advanced, there are many sophisticated software available in the market to enable unified retail business. 2015 is the time to align customers and strategies with technology to make real-time retail a certainty!
4 – Location targeting
Not known to many, but it has a long way to go. Location targeting also known as Geo-fencing is a method that allow retailers/marketers to instantly send messages, and trigger discount coupons to a mobile device having a GPS or Wi-Fi technology. Today, most of the devices are location enabled, hence integrating this technology with the CRM system will help retailers tailor and target promotional offers to their customers who are nearby or in store. Also, knowing your customers shopping history, you can send content or information for locations close to customers.
5 – Social media
With millions of people having multiple accounts with social networking sites, focusing on these platforms will be another added advantage for retailers. Retailers need to socialize more in order to make their brand visible amongst other marketplaces. As more and more people become visible on Facebook, Twitter, LinkedIn and other social networking site, retailers can be more specific and tailor marketing campaigns or custom messages only to potential customers. Therefore, social media has to be a part for any retail business strategy in the coming year, 2015.
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