While 73% of retailers consider it important to deliver a fun, relevant and personalised experience to their customers, only 10% are equipped to do so.
No-one is more aware than retailers of the importance of digital, so why are so few able to implement their ideal?
In this blog, we explain the importance of adopting the right technology to deliver on your organisation’s digital transformation priorities.
Consumer expectations of the retail industry have evolved rapidly over the last few years and continue to change. Consumers demand a mix of digital and brick & mortar experiences, and ones that are tailored specifically to their needs. In fact, this is so important to customers that 86% of them will pay more for a better customer experience - such as new shopping experiences and faster delivery, according to a 2015 CEI survey.
Facing the age of choice
What makes this even more challenging is that, due to the digital revolution, your organization faces competition on a much wider scale. Gone are the days that retailers compete only with the ‘shop next door’.
With the increase in digital exposure, consumers are able to shop globally and are coming across large global organisations like Amazon which invest heavily in technology and will provide the next generation customer experience. It’s companies like these that are setting the bar high in customer satisfaction, and driving others to digitally transform.
Investing in the omni-channel model
Most retailers understand that to succeed in this highly competitive environment, more attention should be paid to the following:
- Customer centricity - Placing your customer’s viewpoint at the centre of every decision you make
- Service to the segment of one - Leverage customer insights to provide targeted personalised offerings
- Digital consumer supply chain - Connect the real-time supply for greater efficiency and new levels of responsiveness
- Smart retail technology - Differentiate your customer’ shopping experiences and drive new revenue opportunities from this
- Monetising new customer offers - Leverage understanding of customer need for new revenue-generating offers.
But, many retailers don’t know how to deliver on these. According to a Pricewatercoopers (PWC) report, 79% of retailers consider it important to quickly and efficiently change assortments and adapt pricing across channels based on current trends and customer insights, but only 27% are able to do so. Reasons could include budget constraints and a lack of necessary skills. But, if you want to make better retail decisions by tracking customer and business interactions, it’s worth adopting SAP. In fact, in the Forbes Global 2000, 86% of retailers are SAP customers.
Because technology underpins everything in a retail setting, your organisation’s systems should be able to integrate data collected from every channel – both online and in-store. This allows you to offer more targeted marketing campaigns and offers, recognise customers’ preferences and generally make the retail process uncomplicated and enjoyable so that customers return. This process will set your organisation apart from the competition.
Highlighting this is David Silverman, Assurance Partner at PWC, who said: “Those [retailers] that find success have invested in the omnichannel model and have differentiated their products and customer service to draw customers in.”
The adoption of new software solutions should be considered carefully as no one retailer is the same. This is where using a consultancy like Soltius becomes essential when it comes to catering for your organisation’s individual needs. With our proven experience in helping retailers achieve their goals, you can be sure that your organisation will be kept at the leading edge.