Key Digital Trends that Retailers need to look out for in 2018
Digital transformation has had a huge impact on the Indian Retail Industry and this has led to the rise of various technologies that offer consumers the personalized, real-time digital capabilities that they demand. Research suggests that almost 70% of executives do feel that they will increase their digital investments in the coming years in order to stay up to date and fend off competition.
Let’s take a look at some of the key Retail Trends of 2018:
Personalization of the customer experience is something that has been effective in retail strategy for a few years now and has completely changed the way of doing business for consumer-facing brands. With the help Retail POS Software like Ginesys, Retailers can better predict what the consumers desire and how they can improve the customer experience. Digital advancements play a huge role in the success of brick-and-mortar stores. A seamless personalized experience across all channels can also have a tremendous impact on the success of a retailer.
Importance of Data
Data’s role in decision making will continue to grow especially since the machine learning technology continues to mature. Forward-thinking retailers will always pursue ways to collect and leverage the data in their sales, marketing, customer service, and operations. It is evident that big data plays a major role in the decision-making stage of retailers like Walmart.
In order to take advantage of the data, retailers need to implement retail technologies like Point of Sale software which can help collect the data.
Majority of the retail software providers focus on one aspect of the retailer’s need: integrating all aspects of a retailer’s business and this includes e-commerce, point-of-sale, merchandise management and retail analytics. End-to-end suites are already on every retailer wish list and this is something that will be the center of attention for 2018.
There has been a sharp increase in cybercrimes being committed in 2017 and it’s only poised to increase even more in 2018. Hence these data breaches are a top priority for retailers and they need to focus on ensuring that the data is protected at all costs. Data breaches of sensitive customer information and card data can result in the lawsuits and loss of consumer trust.
Brick and Mortar stores will continue to flourish
Despite the doom and gloom being reported in the retail sectors, brick and mortar retail stores are alive and well. The traditional store format is on the decline but innovative stores that offer great shopping experiences are on the rise. The research data shows us that there has been an increase in the number of stores opened worldwide in various countries.
The future is bright for Retailers that adapt to the consumers’ needs. Businesses need to look at the data available to them via Retail Solutions like Ginesys that make it readily available for them, and this data will have a huge impact on the decisions that are undertaken by the retailer. One thing is very clear if retailers want to survive then staying stagnant is not an option.