The retail revolution requires investments in technology

Date: 23-08-2017
Author: Alina Răfoi

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15 years ago, the biggest "gurus" of the internet predicted a retail revolution that we are living today. Retail is now livelier and more dynamic than ever. The major influences were the urbanization and use of the internet, especially the mobile one, in all day-to-day activities. They all have completely changed consumer behavior, and retailers who want to keep pace with their needs and expectations should also evolve.

 

Changes are inevitable and retailers have to act now to win over the long term. There are some trends that will significantly affect the retail industry: multi-channel and mobile trading, personalized marketing campaigns and distribution changes. Each trend is strong on its own and together they will redefine what is needed to be a successful retailer.

Multi-channel trading

The way consumers make purchasing decisions has changed dramatically, and the online environment has a huge share. The purchasing decision is no longer based only on the availability of the product in the physical store and on the price, but it also depends on social media reviews, online price comparisons, or the delivery term, which should be as short as possible.

Customized marketing campaigns

The effects of mass advertising will not disappear, but the impact of personalized marketing campaigns will become stronger. Customized campaigns will take into account customer behavior, consumer preferences, communication type, online channels (website, social media), type and frequency of transactions, etc.

Delivery time

Delivery time can influence a buyer's decision to buy a product from a particular retailer. Amazon was the first retailer to introduce delivery on the same day. On this model, large retailers in Romania, such as Emag, have begun to introduce new types of delivery: delivery on the same day, scheduled delivery, lifting from the store or picking up delivery points.

Technology turns goals into results

Those who want to succeed on this market need not only manage all of these issues as efficiently as possible but be able to optimize on the go and provide value added services to the end user. Existing technology offers retailers the opportunity to turn their goals into reality. The goal of using technology is to anticipate consumer needs, make shopping an attractive activity through ease and through its extensive product range.

 

With technology and management systems, data analysis is easy, real-time, helping retailers to design winning strategies in the context of omnichannel commerce and the digital environment we live in.

 

SocrateERP manages all sales processes of retail companies, regardless of the sales channels used: physical stores, online stores, external online trading platforms, etc. Integrated in the front office with e-Commerce, POS, Handheld and electronic scales, SocrateERP helps you effectively manage your retail business.

 

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