For retailers, having a great customer experience for online, mobile, social and in-store shopping is critical. And the key to this is technology.
A recent survey cited in a MediaPost.com article examined retail’s future in the next five years. For 75 percent of U.S. retailers, creating an engaging in-store customer experience is the most pressing concern.
In addition, 56 percent feel all transactions will be made through mobile devices or self-checkout, and 42 percent believe most sales will come from e-commerce, mobile and social sites.
Another report cited on Media Post.com affirms that online retail has continued to grow over the past 10 quarters. E-commerce grew 17 percent in the first quarter compared to last year, marking the sixth straight quarter for double-digit growth.
If you look at these numbers, it’s staggering. Retail is a huge, huge market, and more retailers need to embrace technology to achieve their goals.
The big retailers seem to get it because they have the money to spend on the technology. They take advantage of technologies such as SKU rationalization based on demographic. They also look at SKUs by store and replenish those stores according to the data. Not all stores, products and customers are created equal. Retailers need to merchandise stores on an individual basis, and technology can help them see exactly what products work for each store.
Source: MediaPost, July 2012