Digital has both simplified and complicated retail. On one hand, retailers reach more consumers by cultivating a strong online presence and setting up an online store. On the other hand, managing product stock and orders becomes more challenging with the introduction of multiple sales channels. Successful retailers establish a personal relationship with their customers, offering them a pleasurable and simple buying experience across sales channels.
Retailers face increasing sales volumes with shrinking margins. To survive in an extremely competitive market, retailers must cut operational costs, close costly and old-fashioned brick-and-mortar stores and offer an outstanding customer experience. Accessibility, mobility and innovation are the latest buzzwords in the retail business.
Knowing your customer is the surest way to success. Retailers can use digital technologies such as customer analytics and big data analytics to discover and monitor the preferences of their consumers. By highlighting a brand’s green or social responsible practices on social media and via online marketing campaigns, retailers build trust and gain loyal customers.