Next Generation In Retail Technology

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Next Generation In Retail Technology

• How Analytics and Digital Will Drive
  Next-Generation Retail Merchandising

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• Real-time customer experience (CX) is happening,
  with or without you. To keep up retailers must
  increase their reach and impact by moving toward
  innovated, customer-focused technologies like IoT
  networking, artificial intelligence, and 5G
  deployment for higher bandwidth and faster input.
  This is all to keep pace with customer experience
  (CX) in real-time or as near real-time as
  possible. A large part of keeping pace with
  customers is through tracking and understanding
  the behavior of your customers via analytics. Now
  more than ever that data is crucial for
  businesses to provide a better customer
  experience.

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• In addition to the need to provide better CX,
  other aspects of Retail are being impacted like
  the merchandising function and shorter product
  life cycles. Established brick and mortar
  expansion pathways are drying up, and newer
  models of growth, such as online localized
  assortment, and expansion into global markets,
  are more aggressive than ever. This polarized the
  need for businesses to understand their customers
  in relation to their products, services, and B2C
  relationships.

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• Users are constantly on the go and need systems
  that adapt to their face-paced lifestyles. This
  means merchants must deliver a more
  interconnected shopping experience to better suit
  the customer. This can be accomplished by quickly
  getting the right products to customers at
  precisely the right time. Merchants are
  reorganizing via vertical integration to have
  cross-functional departments and third-party
  partnerships working together to expedite supply
  chain systems. These changes have enabled
  merchants to become nimble and more adaptive to
  consumer trends while they pursue the objective
  of offering seamless, Omnichannel customer
  experience.

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• Businesses can no longer afford to have decisions
  to come from instinct. Analytics is helping to
  inform and open new areas of growth. What was
  successful in the past is now a poor predictor of
  the future. Retailers are employing technologies
  that can make forward-looking predictions.
  Prescriptive analytics is no longer considered
  advanced but are quickly becoming the table
  stakes just to stay in the game.

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• As we continue to learn about our customers, we
  provide ourselves a unique opportunity to grow
  our strategies into more forward-thinking
  initiatives with prescriptive analytics. We can
  take steps to predict the outcome of customer
  behavior and journeys centered around specific
  products or services, thus giving a business the
  advantage of developing multiple new avenues for
  any business process, application, and even sales
  strategies in an effort to accelerate the results
  or desired outcomes.

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Retailers Are Personalizing the Shopping
Experience

• A recent Forrester Research Report revealed some
  interesting insights. Consumers are willing to
  share data with brands.
• 63 of US consumers say theyd share more
  information with a company that offers a great
  experience.
• 91 of consumers are more likely to shop with
  brands who recognize, remember, and provide
  relevant offers and recommendations.
• o Customers like to feel that their shopping
  experience is being tailored to their needs. Its
  not a surprise that nine of ten people prefer
  relevant recommendations for products that might
  interest them.

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• Another interesting data point is that according
  to research from the SDP Group, 37 of shoppers
  came back when they clicked on a personalized
  recommendation during their first, compared to
  only 19 of shoppers who didnt.
• How Will Artificial Intelligence Impact Retail?
• AI is the computing powerhouse that is driving
  the personalized shopping experience revolution.
  There are exciting initiatives impacting retail
  because of artificial intelligence and machine
  learning.

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• Dynamic Price Adjusting
• AI is great at sorting through tremendous amounts
  of data to uncover trends and predict outcomes.
  Computers utilize analytics to enable faster and
  more automated price adjustments by accelerating
  calculations. Combining Price Optimization with
  Demand
• Forecasting and AI the outcome is an accumulation
  of intelligence that keeps improving over time.

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• Artificial Intelligence can rapidly analyze
  historical sales data, factors in previous
  promotions, and sales figures for similar product
  categories. The compiled data is used to predict
  the optimal price point for a product. This is a
  dynamic process and prices can be tweaked and
  adjusted as new information becomes available.
• Price optimization is not limited to physical
  products either. The hospitality industry uses it
  as well. For example, Airbnb automatically
  adjusts prices upward when demand is high and the
  airline industry has been AI-driven pricing for
  some time. Read more about Next Generation In
  Retail Technology visit https//www.groupfio.co
  m/next-generation-in-retail-technology/