Retailers, this is a call to arms – Adapt, or Bust!
The biggest threat to Australian Retail isn’t Amazon, it’s complacency. Those who Fail to adapt and produce innovative customer experiences will undoubtedly be at risk to international brands entering the Australian market. Retailers must re-examine their ways or suffer the consequences of significant market disruption in 2018. As the article topic states; this is a call to arms – adapt, or bust!
In the retail game, there’s no room complacency. Here are a few ways Retailers can deal with complacency by remembering these key factors:
- Create meaningful customer experiences – Retailers who compete on price alone are doomed to face the race at the bottom of the pack. Differentiating of product offering, range and customer experience are great ways Retailers can keep up with today’s savvy shoppers. Customers want persona-based shopping experiences and the ability to shop when and where they want. With technology at your fingertips, Retailers can have all channels ported into a singular view of the customer’s shopping behaviours and history. Regardless of the experience, Retailers need to provide customers with convenience. To achieve this, retailers must embrace technology…. On to point 2 below.
- Embrace Technology, or prepare to fail – Many retailers do not have systems in place to track inventory status and customer data. This weakness within the retail sector is significant, with more than a third of retailers don’t have the ability to track sales in real time. Put simply, there’s an incredibly large number of retailers who don’t have any technologically based equipment. Without the right systems in place, you’re not able to provide tailored and personalised messages to your customers at the right time.The overall goal for all retailers is to achieve a single commerce platform along with efficient middleware to connect all sales channels and customer touch points into one point of truth. In effect, this also offers retailers more flexible technology architecture, by either centralizing systems to a data centre or, preferably in the cloud. Since all your customer data no longer operates in silos, retailers can expect increased customer retention achieved through tailored and customer centric approaches. Once you’ve developed a single point of truth, you’re able to provide appropriate services across physical locations and digital channels. In a world where customers reign supreme, retailers must look toward to the unified commerce model…
- Unified commerce is the key – Put simply, Unified Commerce gives customers options, whenever, wherever. Customers want a seamless shopping experience whether they buy from you online or offline. Unified commerce helps you provide that type of experience. Merchants can improve their services such as buy online, pickup in-store, return in store and ship from store. For example, a local customer is out on their lunch break and spots a dress in the shop window display. With no time to shop in store, she takes a photo of the dress on display to remind herself to purchase when she arrives home. Creating the ability to locate and purchase that dress shop window could earn your business additional sales and improved customer retention — The unified commerce world offers this opportunity to customers wherever, whenever.
- Remember, digitally influenced in-store sales trump eCommerce – Research in 2016 conducted by Deloitte, shows that 56% of every US dollar spent in store is influence by a digital interaction or a device and is growing rapidly. For Brick & mortar sales Deloitte have estimated that digitally influenced physical store sales are about 5X online sales.
Additionally, customers today are searching via their internet browser to get exactly what they want; the search engine is curating exact assortment they are seeking, faster than a visit to your store.
Opportunity in the Australian retail marketplace still exists. Once you’ve overcome the daunting task of identifying complacency within the four walls, this Is the first step (among many) into providing a better integrated Retail Experience online and instore. Personalised and engaging customer experience across all customer touchpoints is the way forward, but don’t go at it alone.
So, what will it be – Adapt? Or bust?