Industries > Retail
Transform Your Business and Gain A Competitive Advantage Through Digital Transformation Technology
Retailers need to quickly buy, design, produce, digitize, and sell – especially in the Amazon world!
As supply and sales grow rapidly, the need is more present than ever to have IT manage many retail operations. Control of data and information is the key to obtaining a competitive advantage in the retail sector. Retail industries must expand their digital technology solutions to keep up with new expectations from more demanding customers.
Omnichannel Retail is Leading Commerce
A customer based, multi-channel sales approach that provides satisfactory and timely service to both its online and offline customers. An approach to enabling a seamless user experience to the customer at every touch point, irrespective of any device, channel or platform used for customer interaction. How do retailers with both a digital and a physical presence keep up with the consumer by catering to their every need? It provides tremendous opportunities for retailers to earn customer loyalty, keep up with the competition, and increase their sales.
We Helped a US Based Apparel Company Implement Their Omnichannel Strategy in Just Four Months
Inventory and Revenue Optimization
Taking supply and demand into account, balancing investments and inventories are crucial for any organization. Major challenges for inventory management include fluctuation in demand, seasonality, and the ever-changing market conditions (peak demand, seasonal trends, and customer demographic). Poor retail inventory management leads to business failures, unnecessary costs, and a significant impact on the profit margins of an organization. Inventory management can be achieved by facilitating demand forecasting, pricing optimization, and consumer behavior predictions, which leads to reduced on-hand inventory, holding costs, and storage capacity.
Customer Segmentation Using Machine Learning
As the number of new businesses and retailers increases each day, gaining customer loyalty is more important now than ever before. Organizations are looking at new and innovative ways to model their businesses and provide highly personalized experiences to the customers. Tailoring promotions based on customer behavior at the microscopic level can be achieved by using machine learning techniques. By effectively identifying, grouping, and targeting customers based on customer demographics, transactions, and category purchase behavior, sales can be effectively increased. It also provides a holistic and 360◦ view of the customer. Knowing your customer is crucial in this ever-changing competitive retail world.
Store Traffic Conversion Rate
Stores have a lot of data on customer traffic in and out of their stores. Retail conversion rate is percentage of people who have made a purchase in relation to the number of people visiting the store. Store traffic and sales are highly correlated. In fact, store traffic defines the sales in many cases:
less traffic –>smaller sales opportunity –> lower sales
more traffic –> bigger sales opportunity –> higher sales.
However, this might not always be the case, and analyzing the data gives us actual insights. By knowing your conversion rate, it helps to assess different marketing trends, analyze layout of the store, efficient staffing, inventory management, and running promotions.