E-commerce has seen positive growth from the beginning, due to unparalleled events happening in 2020 the growth has soared higher since a year, as people do not opt for shopping in-person to avoid the risks of COVID. Adding to this people who work from home also prefer to shop on an e-commerce website to save time, which opens the door of opportunity for e-commerce websites to adapt many retail technologies that can help them to keep them going in the competition. People in the e-commerce sphere should look for recent emerging technologies and incorporate them to stay competitive in the industry.
In e-commerce, inventory must be managed to make sure that products are available easily for customers who shop both online or offline, that can be done by having artificial intelligence-based systems for inventory management, this tech aids in forecasting the demand more precisely also improve the abilities of retailers.
During COVID few stores were closed and could not run their offline business, one thing they could adopt is to have an agile marketing strategy for that retailers must look for opportunities how retailers can expand the digital experience for existing and new customers, also introduce new technologies or mobile applications where it helps customer to shop both online and offline.
As it has become more contactless payments and online shopping all retailers must let go of the conventional payment method of paying in cash and adapt usage of payment apps and make it more feasible for both sellers and buyers.
Also, new development is retailers can build their customized retail mobile application by offering its customers wide ranges of offers, discounts which will attract customers to buy in more numbers. By this, their value can be enhanced in the industry.
Other trends that can be adapted for the expansion of retail business with help of technological advancement are grocery delivery by accepting online orders, robotic in-house product delivery, and collaborative analytic systems for analysing customers. All these trends help for competing and for business expansion to attract more customers.
Locus Robotics raises $150M
The E-commerce sector is growing at a fast pace and the workforce working every moment for this success is the backbone of the retail industry. With the enhancement of technological incorporation in the retail industry, the safety of the workforce has gained importance. To support worker safety, Locus Robotics has raised a huge capital scaling up the level of warehouse robotics in the series E funding. The funding was backed up by Tiger Global Management and Bond. With the rise of the fund, the valuation of Locus Robotics has reached $1 billion. The company specializes in warehouse fulfillment robotics and with every step, it is working to improve the technological use in the retail industry with rigorous research and development process.
Locus Robotics is continuously working with the various big brands like material bank, boots UK, DHL, port logistics group, verst logistics, and more, helping them in doubling their fulfillment productivity. The latest technologies assist the retail industry to enhance the ratio of safety accuracy along with the enhancement of productivity.
What technology can change in the retail industry?
The retail industry deals with multiple processes and to carry each process carefully a huge workforce is also required. For decades retail industry is struggling with the shortage of labor. The global market has exploded with increasing demand and to meet it effectively and add flexibility to the process, the industry is incorporating the excellence of robotics. As per the latest news released, Locus Robotics is serving more than 300 million units and 80 global warehouses. During the pandemic, even the need for robotics has been recognized all across the world. It is been helping the retail companies to maintain the social distancing without placing any impact on productivity or other processes.
Tips for sustainability in retail sector
Retail is one of the widest sectors in the business industry. All those businesses which don’t manufacture or produce anything at their own, rather buy it from the manufacturer and sell it to the relevant market are counted under retail sector. Electronics, apparels, furniture, grocery, crockery, home décor, and so on, retail has expanded a huge market for all business persons. These days what all e-commerce websites are available, each of those are almost a comprehensive reflection of retail sector. Apart from opportunity, this sector also offers a huge competition for the entrepreneurs. It is really tough to stick on to the wish list of your customers all the time, but not impossible. There are multiple ways with which you can maintain your sustainability.
If you are also seeking an effective way with which you can strengthen your foot in the competition then you are on the right page. Here you will get an effective approach that will not only enable you to stick to the market but also to lead your competition.
Customers are the key to your success:
When it comes to revenue generation, most of the folks count investment, production, quantity, quality, and so on, but they always forget the key factor i.e. customers. For any business, customers are the asset and keeping them as a priority is a duty of each business and also it is the best strategy to achieve your business object.
If you are thinking to level up your retail business then give it a pause and think a few points, such as:
- Who are your targeted customers?
- What are their requirements?
- What they are looking for?
- Nature of their purchase?
- Advancement that can attract them
- And always keep budget of your customers in your priority list before setting price tags
Answering just few of these questions and a proper research on the relevant market can serve you with desired objective and can assist you to sustain yourself in the relevant business and walk along with the rapid change in market.
Just ad or a story: What is more important?
This highly competitive world totally depends on show off. Audience always wishes to watch something better something creative, and day by day ad’s creativity is increasing, making it attention seeking, but does attention is enough to convince the audience to avail your services or buy your products? Not of course. Today’s audience is really practical and they don’t like to opt new things until it connects with them in any manner. Just an ad is just an informative piece that makes your audience aware about your products or services but a sensible and sensitive story helps each of your targeted customers to connect with your brand emotionally and bring them closer to it.
It is predicted that 80% of any company’s revenue can be generated only by the 20% of its targeted audience and the challenge that retail sector faces today is to convince that 20% audience to turn into user. A powerful story is potent enough to convince them and keep them connected with the brand.
What makes story a best option?
Story or a feeling always works; if you don’t believe then just date back yourself to the emergence of today’s biggest social media platform: Facebook. This platform was initially started with a crowd of very less people and the intention was sharing their experiences, stories, and so on. Within a span of only a decade it climbed up to the highest level of success, being parent of other most used social media channel too.
So you also allow your targeted audience or existing customers to share their experiences and stories directly on your platform then it will give a really great impact on your sales acceleration and brand building.
When you talk about your product or service it just seems like an ad and audience nowhere find a reason to quit their existing brand to opt yours one. Instead when other folks starts talking about your product or services it also gives genuine face to your ad and it is also never forget that your customers are not only the one who increases your revenue by availing your product or services but also does by branding it with their experiences with your brand.