In the present era of technological advancements each sector is growing at a fast pace. Retail is one of those sectors that are transforming its face. Well, change of technology is not a comprehensive change rather these are iterations of old technologies. Few of the latest technologies that have emerged in past few years in the retail sector are drone, robotics, e-commerce anti-fraud tools, and many more. Bit coin and block chains are the major advancements appeared in the recent past years.
Few these are certain advancements in the retail sector which haven’t got worldwide acceptance by folks; actually folks are not much familiar with such technological advancements. Robotics was included more and more in software sector but slowly it created its space in the world of retail. Supply chain was one of the biggest issues in the retail sector and it was resolved effectively with the use of robotics.
In the present era of technology, common is very uncommon, and the credit goes to the technological growth emerged in past few years. This has given a new vibe of customization, right from the manufacturing till the shopping experience of customers. Even great brands like Adidas are giving more importance to customizing their products as per the requirements of customers.
BOPIS- an amazing approach:
Earlier folks were having two options, either they can walk down to any nearby store and can buy anything where they were having limited options only, or else to buy online and wait days and days to get it delivered. But now technology has opened a by-pass of these two options. In which you can search and buy any commodity online and can pick it from the nearest available store. This gives you facilities to get your desired commodity with all the online available offers and discounts also serve you with the commodity without any delay. Most of the apparel stores are serving their customers with a better and convenient option by using this technological advancement.
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.
A journey from traditional to online shopping
Dated back to the 1980’s and early 1990’s, shopping was a really time consuming but hectic task, when every folk used to walk into various shops to find a perfect match of their requirement, but still half of the customers returned unhappy and unsatisfied. But then a sudden change was seen in the shopping method of folks with the emergence of online shopping portal such as Amazon. In the initial days, when online portal was launched, hardly people were familiar about this new advancement of technology and retail sector. The transformation of shopping method from outlet shopping to online shopping took a good sum of years to be adopted by the folks all-round the globe.
Changes made by online shopping platforms in retail sector:
Online shopping portal started with the money transaction for online ticket booking portals. Then it grew as a platform where companies were sharing information about their products and this was the perfect motivation for online shopping portal where people can shop as per their preferences. Facilities served by online shopping portal are:
Easy money transactions:
Money transaction was one of the major issues faced by buyers and online shopping platform was one of the best solutions to such problems. Online shopping portals were developed with the most secure payment gateway that allowed buyers to make a safe payment. Earlier only debit cards and credit cards were used to make online payment but with the advancement of technology it introduced other easy options in the retail sector with which buyers can make payment directly from their bank account just by using few authentication methods.
Traditional shopping style offered only a single option to the buyers and it was to step down each shop available in their nearby locality, and this limitation of geo locations only made restriction to the buyers’ choice too. Online shopping removed the lines of geo limitation and facilitated buyers to buy a perfect commodity which precisely satisfies their requirements.
Monopoly always brings a compromise in the price and this came to an end when online portal emerged. E-commerce portals were the platform which gave place for each and every brand, each and every category to list down their products but also brought a huge competition among them. This added lots of offers and discounts making it most affordable option for shopping.