Today, the future of retail is in flux. The traditional models of doing business, where retailers would get new stock to sell at current retail prices, are giving way to supply chain and network-oriented strategies. While some in the retail industry see this as a good thing, others decry these changes as detrimental to long-term sustainability. It is, therefore, imperative that retailers get on board with the change, or face facing steep declines in sales.
How can a retailer go about embracing the latest trends and technologies? One answer is to embrace technology and innovation with gusto and maybe you can consult Placewise to incorporate expertise and good points for your marketing automation. By investing in these kinds of endeavors, businesses can improve their overall bottom line, which, in turn, will give them more opportunities for customers to buy their products. Not only that, but these kinds of technological developments often help customers avoid buying products that may not have been available in the past, when they are available now.
Retalon’s demand planning software is built on top of the most accurate retail forecast in the world. Unlike competing solutions, Retalon’s AI-based demand planning is purpose-built for retail, automatically accounting for dozens of critical factors (price elasticity, seasonality, cannibalization, competition, promotional uplift, etc.). This minimizes forecast exceptions and maximizes accuracy.
Another strategy for going forward is to look to the future, literally. This is not to say that retailers should jump the gun and predict a future where everything is changing overnight. What it does mean, however, is that by being cognizant of the changes taking place in retail today, they can better understand how they will be able to capitalize on these changes. For example, if they see that there are certain features of certain products that appeal to customers in a way that others do not, they can take advantage of that feature. By doing so, they can increase their chances of gaining a customer’s patronage.
There are other ways to navigate the future of retailing. One of the most obvious is to use technology to create a richer user experience, which means attracting customers not by how many advertisements are on a site, but by what they can see and hear. By creating rich digital content, retailers can attract more customers by creating an alluring website. Not only will this entice more people to come to the site, it will also encourage them to return once they feel like they’ve been helped with something or learned something. The advent of social media websites such as Facebook, Twitter and Foursquare has made this easier than ever.
Another way that retailers can exploit technology in the future of retail is to use it to their advantage by capturing the market before competitors can. As consumers become more accustomed to new technologies, savvy retailers will be able to see an opportunity to gain a foothold in the market before their competitors do. They will be able to create a presence for themselves in the digital world before their competitors can even begin to reach into it. In this way, the benefits of having the best website possible will be fully realized.
Many people assume that shopping at a brick-and-mortar store offers the greatest opportunities for them to make purchases. This assumption is actually wrong. While retail store traffic is growing by the million every year, the number of customers actually making a purchase is decreasing. This is because more people are choosing to simply shop online. Even in brick-and-mortar stores, sales have decreased over the last decade because customers are choosing to go to their favorite store instead of shopping for something. If retailers do not embrace the future of retail technology, they could find themselves struggling to keep up with the changing consumer psyche.
Retailers should look closely at the techniques that they are using to market their store. Future of retail marketing stays in technology, with trends are changing every day and a savvy retailer can take advantage of these trends to make more sales than they ever could before. By tapping into the power of technology, a retailer can leverage the potential to create an Internet presence, attract more customers and increase profits.
Today’s retail environment is more challenging for retailers than ever. Consumers are spending less money on apparel and products and are becoming more discerning about what they want to buy. The competition has gotten fierce, which is why savvy retailers are taking advantage of the opportunities that exist with technology. If these retailers do not embrace the potential that lies within the future of e-commerce, they will find themselves fighting against a tide.
