Revolutionizing The Retailing Business

 

 

Retail is a fast-evolving industry that has a huge impact on both buyers and sellers. To be able to stay at the top of the game, retailers should acquaint themselves with some key developments. As years pass by, all of us have seen how technology affected businesses, and through this, we have witnessed the changes that improve how businesses today worked.

  •  Mobile Wallet/Online Payment Portal

The retail business has embraced the digital age, which allows many shoppers to no longer desire to carry around cash or credit card. Instead, they consider using other means such as mobile wallet products. Paymaya, Paypal, GCash, Coins.ph and Pioneer are just a few of the very well-known payment portal/system that is being used today. Imagine how a retail business can be ahead of others if it has a well-developed mobile app, the mobile wallet system can easily integrate, create a single, convenient location for customers to shop, purchase and pay.

Having this kind of option simply means having more access to consumers and are likely to shop more anytime, anywhere because of the ease of shopping and paying for the purchased goods.

   •  Multi-channel retail

This allows consumers to have a choice to shop- either at a physical store or online. Many retail businesses give customers the best of both worlds that allow them to shop online and as well as reserve items in convenient in-store pickup. The convenience that this makes does not only benefit the customers, but as well as the retailers, since it allows the customer to have time to look through other things from the shop and possibly make another purchase.

   •  Data and Analytics

These are helpful tools in identifying a customer’s behavior in terms of frequency of shopping, the common products being purchased. The data can be used in coming up with competitive prices and improved product management.

This is a significant step in finding out the customer’s shopping habits that can be helpful in driving additional sales. Once a certain business has better knowledge of what makes a customer do that move, the retail business can target specific customers with customized promotions and deals. This strategy can tremendously help physical stores stay ahead of the curve.

    •  Better Customer Relationship Management

When you are in business, you must treat every customer as if he/she is the most important person. By letting the customer know feel that her needs are being met, he/she can truly feel being valued. Customizing the needs of customers can be greatly achieved by the gathered data.

 

 

   •  The Social Media Influence

The social media is such a powerful medium to increase any business’ virtual presence which then increases the revenue of the business. To offer incentives to shoppers like sharing promotions or signing up new customers are the best ways to utilize these different social media platforms. Along with this, retailers allow shoppers to make purchases directly from these platforms.

If you have noticed, the “buy” buttons can now be seen on both Facebook and Twitter, which makes purchasing so much easier. Furthermore, there is a new plugin for Instagram that allows clients to browse a brand’s page to buy an item with just a click. It is safe to safe that these social media platforms, which were originally created to connect people from different parts of the world have become the next level in retail business.

   •  Interactive Window Displays

This may not yet available in the Philippines, but in the US, certain stores entice pedestrians to shop by seeing interactive window displays wherein they can shop and purchase and be delivered within an hour.

   •  Logistics technology

Lazada Philippines has a very effective marketing strategy that allows customers to pay the items they have purchased COD and be delivered within a few days for free. With this kind of system, it encourages more customers to buy often as they see it being very convenient for them to buy whatever they like online and would never need to worry of having to deal with all the traffic and of course, the ease of payment.

Some consumers are discouraged to buy online mainly because they do not own a credit card which most online stores would be asking upon checkout. With this, it allows every Juan to purchase whatever they need with just a few clicks.

In our fast-paced world of retail, technology changes so quickly. Retailers will always adopt the latest best practices and staff appropriately, while always keeping a watchful eye on the emerging technology that will help grow and expand their businesses.

Brand Innovation In the Retail Industry

There are two ways on how a business succeeds- they are able to maintain the products and services which the consumers have loved over the years and when businesses are able to improve, add, or diversify their business. Brand innovation is very crucial in business. Apart from being expensive to recreate the existing business, it is hard to pull it out successfully if not given much thought.

How do you differentiate yourself from other brands but will still be able to maintain the same culture that your customers have known your business all these years?

     •  Check on the current  status  of your business. With the digital and physical  improvements that you  have planned, it should  be easier for your customers  to  interact  with the brand.

     •  Make customer  experience as the center  of  this change.

     •  Leverage technology in a way to enhance operations  internally and  in improving customer  experience.

Bringing a new concept to life is always exciting for a brand. But only time will tell if the new change will play a valuable role. Otherwise, it is another lesson learned and another chance to start anew.

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You may contact Armando “Butz” Bartolome for questions and more information.

By email: [email protected]

FB Page: Armando Bartolome

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