As the festive season slowly draws to a close, we take a look at how retailers can become market leaders this New Year.
Whether you have a brick and mortar store or an online e-commerce platform, the onus of beating competition lies with you as a retailer. Below are a few points to be aware of as we move into 2020.
Retail Innovation
Customer service standards are rising every day and only those retailers who are willing to get innovative will stand the test of time. The most agile retailers will survive and boom.
The retail market has been fragmented for a long time but it is now heading to a more consolidated model. Large retailers like Amazon and Alibaba will gain a larger share of the market, thus making it very difficult for smaller retailers to compete.
Data Exploitation
Data exploitation is changing the way we do business and gives retailers an opportunity to reinvent themselves. Using AI, retailers can personalize the retail shopping experience by only showing products relevant to the audience. Deriving insightful information from the data collected from various digital marketing campaigns and platforms and using them for selective remarketing will increase relevant traction while reducing lead generation costs. Exploiting this readily available data in a smart and efficient way can be an important step towards beating the competition
Omni-channel
Digitally native brands already have an omni-channel setup ensuring a seamless transition for customers. However, brands that were around from the pre-digital era need to ensure that they’re omni-channel or risk experiencing a drop in footfall. Being an omni-channel brand is now mandatory for most retailers.
Subscription-Based Services
Artificial Intelligence can now be used to customize consumer experiences. Subscription-based business models are picking up speed, especially in the Fashion Industry where customers have a monthly shipment of new clothing.
Same Day Delivery
Amazon was the first major player to launch same-day delivery with Amazon Prime. Having said that, not all retailers have the resources that Amazon does. Tying up with a local logistics company can help cut down the delivery time and ensure customer satisfaction.
In this ever-changing retail world, innovation and adaptation to the changing dynamics of the business will be the key aspects in determining who makes the grade in the next decade and who falls into the abyss.
