As most facets of life grow increasingly digitalised, consumers are on the lookout for quick, clever, and seamless shopping experiences. Retailers need to transform the way they provide in-store experiences, and ensure the process from selection to purchase is personalised, valuable, and streamlined for consumers, particularly when competing against online retailers.
Integrating technology into stores can also help overcome these industry challenges and find more profitable ways to grow in the short and long term. Data helps retailers unlock insights relating to retail-specific scenarios and problems. When they understand how to engage their customers effectively, they’re more likely to succeed in a difficult market where online players always seem to have the upper hand. Good-quality data and insights are the keys to that understanding.
For example, retailers that understand their customers can identify their purchase motivations, and work towards gaining more profitable customers. A deeper insight into the customer base can help them understand different segments and make decisions on which items to stock, where to place them in-store, what campaigns to run, how to price products, and how to increase customer loyalty.
Some retailers may be concerned about the resources and skills required to manage data effectively. However, there are solutions available that are both affordable and easy to use, and will uncover the valuable insights they need to engage with their customer base more effectively.
Digital payment options can generate consumer data that can drive unprecedented insights into behavioural drivers, letting retailers operate far more effectively. For example, WeChat Pay has taken the Chinese market by storm, unlocking different retail experiences for users. This digital wallet can be used by consumers to gain entry to un-staffed stores, automatically add the products they choose to their digital bills, then instantly pay the total sum as they leave the store.
This means customers can pay for their groceries, fashion, resources, and more, without needing to interact with staff or reach for their physical wallets. Consumers benefit from these seamless, quick, and convenient experiences, while retailers and brands can engage their customers in more personalised, data-driven, and profitable ways.
Retailers that become more data-driven can achieve profound benefits around predicting customer behaviour, driving increased purchases, and lowering the costs of interacting with customers. This can open up opportunities to innovate in ways that help grow and improve their business and create a strong pathway to future success.
Claire Mula, Chief Operating Officer, Invigor Group