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It’s easy to get the impression from popular media (not to mention Amazon’s share prices) that it’s only a matter of time before everything will be bought online. Certainly retailers must adapt to a sea change in consumer buying habits and channel preferences. But over 90% of sales still happen the old-fashioned way, offline. So what’s more important than moving your retail business online is using technology to compete more effectively and operate more efficiently.
Centroid has many years of experience helping retail clients do this. Today, we think there are three new areas where a retailer can leverage technology and information to transform their business.
Retailers who understand their customers best have always been the most successful. Information technology doesn’t change this axiom; it just makes it easier to understand customers faster and better. Retail has evolved from small stores who knew each customer individually, to large retailers who generalized their many customers into large groups, to large retailers who use technology to understand individual customers and personalize their offerings and service.
Research shows the majority of customers prefer this type of customized marketing and service, even if it requires letting retailers use their buying behavior and demographic information. If you haven’t yet found the platform and applications that allow you to do this, we can help. The ability to “mass customize” using your information is the key to growing a base of delighted customers who will stay loyal to you even as the business environment keeps changing.
Whether customers buy online or in store, they expect instant information to help guide their decisions. Is your frontline staff not experienced enough to explain that new electronic device? No sympathy – the buyer wants to know now. They also want third party reviews and competitive product comparisons. They crave expertise.
With the use of mobile apps and cutting-edge solutions such as smartphone-interactive kiosks and magic mirrors, tech-friendly retailers can equip their least knowledgeable associates with important facts. They can provide additional information instantly by helping customers supplement their in-store shopping experience with online reviews.
Does it surprise you to learn that inventory accuracy levels for U.S. retailers is only 65%? This represents a huge missed opportunity, because today’s customers don’t come back later if you don’t have what they’re looking for. It’s too easy for them to find a competitor who has it, or just buy it online.
There’s no excuse for this with the modern technology that’s available. We can show you Oracle retail solutions that provide full insight into inventory availability and even display real-time, item-by-item tracking in store using RFID or NFC tags. Some of the most forward-thinking retailers also use these technologies to enhance loss prevention activities or help customers locate in-store items on their own, quickly and easily.
Let Centroid help your retail business not only survive but thrive.
Our retail experience and end-to-end Oracle retailer offerings can improve supply chain management, forecasting, purchasing, POS, lifecycle pricing, and e-commerce integration. And we can help you adopt new technologies to give your customers the information they expect and the products they’ll buy.
Centroid saved us 25% in cost, while doing 25% more work than what we were getting.
Discover the power of technology for the Retail industry.