The global economy's economic trajectory appears to be on a bumpy course for the remainder of this year. Globally, overstretched supply chains, supply-demand mismatches, and commodity-driven cost pressures as a result of Russia's invasion of Ukraine drove inflation up and increased pressure on both consumers and businesses. Traditionally at such an outset, the retail sector is at the forefront to bear the blow. This challenge is exacerbated when it comes to brick-and-mortar merchants that are still recuperating from the disruption created by the covid-19 outbreak.
From global conglomerates to store owners to e-retailers, all actors in the sector are now competing to guarantee that customers' increasingly restricted discretionary income continues to flow in their favor. Being largely customer-driven, who now more or less entirely rely upon their gadgets when it comes to searching and buying products, the retail sector today needs to substantially build its technological capabilities.
As a result, they must be able to provide seamless experiences to their customers, such as an updated product catalog, AR/VR-enabled online testing rooms, real-time loyalty programs, and digital payment methods to ensure a smooth sale.
However, before going all in with their capital investments into technology, retailers need to understand how emerging technologies can bridge the gap between their current and future sales. They need to closely consider before delving into adopting any technology whether or not it aligns with the business’s future goals and brand position.
In the stagnant retail business, customer experience is the true deal-maker or breaker in a pool of possibilities. Maintaining market relevance requires providing hassle-free, efficient, and consistent customer service. It covers the idea that rather than simply browsing and getting assistance from salespeople, the in-store experience should be full and engaging. Customers are looking for more immersive and fun ways to shop and spend their money, and integrating immersive technologies and offering a flawless purchasing journey will ensure a lasting impression. Virtual Reality (VR) and Augmented Reality (AR) are driving innovation by allowing customers to have a complete experience, such as virtually trying on garments using digital representations of themselves.
Mobile technology is taking the retail market by storm. Customers prefer organizations that have websites and apps that are easy to navigate on smartphones because of their ubiquity and user-friendliness. By enabling customers to compare product prices, shop from anywhere at any time, and instantly receive inventory updates, mobile technology treasures a huge potential to redefine the retail sector. It makes the shopping experience more efficient, more personalized, and more convenient. This technology benefits the retailer’s bottom line as well. It can help locate items, provide customer service, and simplify the checkout processes. Enabling customers to get information and make purchases means less need to staff cashier positions. That can not only reduce labor costs but also eliminate the time and hassle of scheduling a workforce that is frequently characterized by high turnover and unreliability.
In a recent poll, consumers were asked what kind of metaverse activity they would prefer to engage in during the following five years. The most popular choice came out to be ‘shopping’. Even though the metaverse does not currently have the technological foundation to meet consumer aspirations, it is advancing at a fast pace. In its current state, the metaverse provides distinctive opportunities for customers to interact with companies through activities, competitions, and game-like elements. These interactions may boost brand engagement and loyalty. Metaverse allows businesses to customize client experiences. Retailers should set themselves up to take use of these technology tools to maximize their growth.
Cloud computing skills are crucial to retailers' demands since they cater to the dynamism of the business while also providing a scalable infrastructure. They can save a significant amount of money on operating expense budgets for things like hardware, software, and connection because they do not have to acquire or manage an entire system. Today, there is a myriad of cloud computing services that can collect and analyze data for retailers, providing them valuable insight related to customers and their orders, thus helping in offering personalized recommendations, special membership offers, etc. It can also be extended to be used in predictive analytics. Prescriptive and predictive modeling can be used in marketing, merchandising, and even hiring by analyzing data from previous sales, marketing campaigns, online interactions, and customer service.
Personalization has long been associated with online purchasing because of how frequently data and technology coexist there. However, the expansion of contemporary technology into brick-and-mortar establishments means that the trend is already having an impact on retail. Retailers,now use machine learning (ML) and artificial intelligence (AI) to automate procedures and guide better decisions. Businesses that will use technology-mediated personalization can access databases of prior customer behavior and other related data. With AI, they will then be able to track the purchasing patterns and lifestyle preferences of clients, automate unnecessary operations, and so increase employee productivity. Retailers should pay more attention to the product/service offering by using technology to drive personalization, building self-associations, providing a good fit with consumer preferences, etc.
Integrating virtual assistants can help the effective utilization of limited resources and also provide better ROI. By bridging the gap between physical and digital retail, virtual assistants like chatbots may provide great customer service by assisting at every stage of the purchasing process. Chatbots facilitate cart recovery and increase online conversions by shortening wait times and providing immediate comfort to customers. Additionally, they assist firms in lowering their support and telephone costs, which is crucial at a time when margins are being squeezed.
At Knometrix, we offer comprehensive market research and intelligence services to help businesses stay ahead of the curve. Our team of experts specializes in gathering, analyzing, and interpreting data to provide our clients with actionable insights. Whether you're looking to enter a new market, launch a new product, or improve your existing operations, we have the expertise and tools to help you succeed. Get in touch with us to know more.
Currently, economists are anticipating a substantial economic slump, which might have far-reaching effects for both B2B and B2C companies.
More than 85% of people over the age of 40, don’t feel represented enough in the ads they come across.
The methods through which a buyer can finish a transaction have been drastically transformed during the last few decades.
The microfinance industry in India has come a long way since its inception in 1974.
Last year, three out of every five orders placed through e-commerce platforms were transported to purchasers in Tier 2 cities and beyond.
The government of India has recently indicated that the country intends to attain a USD 5 trillion GDP by 2025
India is now witnessing one of the most vibrant consumption-led growth periods as seen in recent times.
Here’s why insurance crucial for enterprises so crucial for small and medium-sized enterprises.
The retail sector is seeing the undercurrents of change as consumers' buying preferences continue to shift quickly.
Customer behavior and tastes are currently driving industry changes.
SMEs find it extremely difficult to remain competitive in the fast-paced digital environment of today.
Ranking 4th among APAC countries and Top 10 In Global Cybersecurity Index 2020 Rankings, India has been immensely vocal about its cybersecurity ambitions.
One of the fastest growing and most complicated markets, energy markets are of major significance in the global economy.
Adaptive AI is a type of AI that can change its behavior and decision-making processes based on new information and changing circumstances.
2022 marked the highest inflation rate in some of the most advanced economies in the world.
This year has been described as a year of change. There has been a wave of disruption and turbulence that has earmarked certain trends that are going to influence the sectors in the days to come.
Companies that use market intelligence are twice as likely to outperform their competitors. Research shows that market leaders view analytics as a major differentiator.
Business Intelligence (BI) augments an organization’s capability in decision-making and drives business growth.
Business intelligence (BI) refers to the collection, analysis, and interpretation of data about a company's operations, markets, and competitors.
The banking industry is undergoing a period of rapid change, driven by advancements in technology and changing customer expectations.
India assumed its first-ever G20 Presidency on 1st December 2022 and will be hosting 200 events in 32 different sectors across 50 cities until the next G20 Summit to be held in New Delhi in September 2023.
Foreign Investment channeled into Asia has reached a record high exceeding $600 billion in 2021.
Technology remains to be the biggest trend for driving business transformation
In line with the United Nations’ Sustainable Development Goals 2030 and COP 27, as the countries pace up to meet the deadlines, similar trends are readily observed in the startup ecosystem.
Mobile Commerce or M-commerce is emerging as one of the most contending subsets of the E-commerce market.
The world is presently seeing the largest reallocation of capital in its history.
Sensory marketing, a subset of psychological marketing is all about appealing to one or more of your customer's five senses to uniquely position your brand or product, thus successfully driving their behavior, judgment, or perceptions
Valued at more than $5 billion in 2020, the global 5G technology market is growing at a CAGR of nearly 66% and is forecasted to reach a whopping $800 billion by 2030
The buzz behind Artificial Intelligence isn’t something new, but recently a category of AI- Generative AI has been making headlines.
United Nations Climate Change Conference more commonly referred to as the Conference of the Parties of the UNFCCC
Companies are readily seeking to envision a strategic
The Covid-19 pandemic has been instrumental to change
In this era of stupendous globalization,
Using digital technology is no longer meant for just driving solutions
The buzz around the term ‘blockchain’ gained gargantuan momentum in recent years.
Fintech is an umbrella term for describing all sorts of
The history of banking dates back to around 2000 BCE
The global economy is currently at an unprecedented level
Including more than 20 countries, home to nearly 60%
In recent years, there has been a trend in the emergence
In the wake of global market fluctuations and geo-political tensions
Two years ago, countries worldwide were concerned to overcome the pandemic
Metaverse- a term that first came up in Neal Stephenson’s 1992 science fiction novel - Snow Crash - which described life-like avatars meeting in realistic 3-D buildings and other virtual reality environments - is currently the favourite term of marketers.
Following the Covid-19 crisis, the alternative protein industry has seen a significant boost. The alternative protein market is anticipated to grow at a CAGR of 11.2% from 2020 to 2027 to reach $27.05 billion by 2027.
Historically being counted in the oil-country category, the United Arab Emirates (UAE) has been dramatically making its transition into being energy-focused yet finely attuned to technology.