India’s retail shopping space is experiencing an exponential growth with analysts predicting $1 trillion reach as early as 2020. Also, the number of internet users in India is expected to exceed the entire population of G7 countries which shows that how technology will be a game changer for retail industry.
In a recent study, the leading industry watchdog FICCI and PwC have opined that retail businesses should take the help of critical analytics to get deep insights of their business operations.
Here’s how shop owners can use technology and available data to transform their business growth.
Empower Staffers with Data
Earlier, data was processed and analysed by technology experts and IT specialists. But the system has changed now. With evolving customer preferences, people want the data to be analysed in real time instead of waiting for the experts to bring out useful information from the raw data. Retailers should equip their employees with the skills and knowledge to do analysis quickly with the help of advanced technology. There are quite a few POS software and gadgets available in the market which will help retail vendors automate their analytical process.
Be Smart Always
Shopping centres have become future-ready with advanced technology to improve customer experience. As trends are changing rapidly, retail industry should be geared up to utilize the data to the best of their advantage. With Internet of Things (IoT) devices set to revolutionize shopping experience by 2020, customer data can be captured through multiple channels. Latest technology products such as Wi-Fi sensors, Beacons, Radio Frequency Identification (RFID) tags, and digital display screens are used to capture shopper and product movements and also collect crucial customer behaviour information to plan business strategy. Merchants have installed sophisticated sensors on product racks, foot traffic pathways and merchandising displays to collect and relay vital information for meaningful analysis.
For Seamless Shopping Experience
Today’s consumers are digitally savvy and known for their smartness in taking right purchase decision. They generally scroll through social media websites such as Instagram or Facebook to get to know about a product, Google search it to get more details, and go to forum to read reviews about the product before deciding to purchase.
From hopping from one channel to another and remaining agnostic, the Indian consumers have matured to move towards the omni-channel way of life. These days, shoppers no longer consider price as the driving force behind online shopping but just a part of the larger value story.
According to the PwC survey, while 65 per cent of respondents weighed behind the convenience as the determining factor for online shopping, 31 per cent of consumers said the price lured them to buy things online.
Shoppers are looking for flexibility, convenience and speed. As such, omni-channel is the best way forward to improvise the customer experience. So, it is imperative to integrate complete omni-channel data to get a clear view of consumer behaviors and also understand what they prefer. A successful technology savvy retailer should be able to view and interpret real-time business data, customer data and supply-chain data, all at the same time.
Time is key!
Retailers should quickly interpret the raw customer data, visualise data with an agile tool, and send out personalized and relevant promotions to their consumers. A seamless shopping should start online and continue consistently offline, create an intimate customer relationship and improved in-store experience for customers, one that will make retail matchless.