Conclusion
Today's retail
environment has changed a lot compared to what it was five years ago. Today
customers look for best combination of product features, price and service
which led to change in virtually every aspect of the way retailers conduct
business. Retailers operate on razor thin margin and still have to innovate and
provide high service level. Connected consumers — armed with laptops, tablets
and smart phones — are transforming the traditional retail experience based on
their unprecedented access to information. Whether they are checking prices at
the brick-and-mortar stores or at an online store or turning to the Web for
reviews and opinions — in essence, the omni-channel consumer is more connected
and better informed than ever. There is almost no second chance for a retailer if
it fails to live up to a product, service or price promise, as consumers have
several alternative purchasing options to consider — and a plethora of ways to
share their negative experiences with extended communities of potential buyers.
This also means that retailers have a real opportunity to differentiate
themselves and present their customers with the products they want at the right
price irrespective of the channel.
Retailers need to
focus on improving customer experiences. Delivering a customer experience not
only builds loyalty, but is profitable too. With the advancement in technology, retailers
do have lot of information about customers, their buying history which should
be used to improve customer experience.
Moving forward, one of the key strategies for
retailers will be increasing their level of collaboration and information
sharing between internal departments and external agencies. Retailers are
looking for integrating solution that addresses retailers delivering of goods
to customers, and also gives visibility into real-time supply processes and the
supply chain alignment required to effectively supply those goods.
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