Category: Blog

How can retail leverage the benefits of blockchain

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Blockchain is undoubtedly proving to be a disruption in the way financial transactions are carried out as these non-regulated distributed ledgers are ensuring secure and non-corrupt digital economic transactions using encryption. By extending the potential of blockchains to deliver low-cost, secure sharing of information and value in to the retail sector, there are certain important aspects of retail where blockchain technology can be used. Some of these applications are:

Payments:

Blockchain based payments can streamline financial transactions in multiple ways. They allow using a new form of digital currency, adding an additional option for payments. Further, due to the nature of the blockchain technology, it is very difficult to alter entries or create fraudulent entries by the participants. Transactions done on blockchain will ensure transparency and reduce the need of additional validation. By eliminating the need for third party intermediaries and additional costs for exchanging assets during transactions, blockchains can potentially prove to be cost-effective by greatly reducing the transaction fees.

Supply chain:

Blockchain based transactions can make trading potentially indisputable and also ensure integrity of information shared amongst parties. It can substantially improve visibility of information related to a product such as its location and status, ensuring better optimization of inventory level by retailers or distributors. Moreover, improved visibility of product information till the last mile will mitigate risks due to counterfeiting as the end consumers are able to validate the product characteristics (e.g. material, component specifications, manufacturing date, price, etc.).

Contracts:

Blockchain technology can redefine contract instruments with the help of smart contracts. Smart contracts use computer code to create terms of the agreement and because blockchain operates on a public level distributed among the participants in the system, the smart contracts would be easy to see and monitor. Additionally, blockchain could reduce the need for third parties such as brokers and purchasing agents and thus costs associated with them by finding the best price and terms for products as per the related information available.

CRM:

Blockchain can go much beyond just enabling trade processes and handling financial transactions. As such, blockchain technology and logic could disrupt traditional loyalty programs. Firstly, the CRM database containing information related to customers can be incorruptible and indisputable due to blockchain technology. Also, with the help of blockchain, loyalty points can be used as payment currency globally.

CEM:

Given blockchain benefits such as trackability of information and proof of authenticity mechanisms, customers can be assured of authenticity of products right from their origin. Thus the customer can trust not only the product, but also the retail brand as a whole. Moreover, enabling frictionless and secure payments could further enrich the customers’ purchasing experience. All this will greatly contribute to better customer experience management.

Also Read: Impact Of Blockchain On Supply Chain Management

Leveraging the power of blockchain in retail

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Blockchain –

a technology, though created in the previous decade, has been at the fore recently for enabling digital money transactions. The technology has garnered quite a bit of attention considering the various capabilities it encompasses. But what is making it tick? To know that, it is important to understand what is blockchain and other aspects related to it such as cryptocurrency and Bitcoin.

Cryptocurrency –

This is a digital or virtual currency that uses cryptographic techniques for security. This form of currency is not issued by any central authority, ensuring non-interference or no regulation by government bodies.

Bitcoin –

It is a type of cryptocurrency and digital payment system that was created in 2009. It uses decentralized technology for secure transactions and storing money without needing to have banks or people’s names associated with it. All it requires is a computer as Bitcoin is fundamentally a software.

Blockchain –

This is a ledger that records and maintains digital transactions done using cryptocurrencies such as Bitcoin. It records transactions chronologically and is shared by all nodes participating in the system thus making it decentralized.

Given a blockchain’s ability of storing digital economic transactions in a decentralized, distributed and incorruptible manner, experts opine that applications of blockchain may not be limited to financial transactions but can be extended to record transactions which can involve anything of value. This ability of blockchains to deliver low-cost, secure sharing of information and value, has the potential to bring path-breaking and innovative transformation of the way information is shared across the retail value chain.

Though the application of blockchain seems to be at a very nascent stage in other sectors such as retail, retailers must be open to the opportunity of harnessing the technology to the best of their abilities. Some of the possible applications and capabilities of blockchain in retail are briefly described here.

Also Read: Impact Of Blockchain On Supply Chain Management

Augmented Reality – the new normal in retail

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There has been a complete turnaround in the way retailers go about carrying their businesses in recent years. From quick online payments to fast product deliveries, retailers have incorporated various disruptive strategies to provide a hassle free shopping experience. But there are various other technological advancements that facilitate retailers in streamlining their business processes. One such advancement that has proved to be quite successful for retailers is Augmented Reality (AR).

AR as the name suggests augments or enhances our surroundings by enabling us to interact with the products we wish to purchase. Now, one may wonder why we need an enhanced environment for interacting with the products. Well, the idea is pretty simple, customers often search for the desired products online before making a purchase. However, it is difficult for them to understand the features of the product completely, resulting in a lost sales opportunity for the retailers. To not miss out on an online sale, it is imperative for the retailers to find newer avenues that lure the customers to make the purchase. In an era where handheld devices are commonplace, it easier for them to develop an application or an e-commerce website that can access the front/web camera of the customers’ devices and allow them to look at themselves interacting with the product through AR, thus, making it more easier for them to make the buying decision and thus, the purchase.

It is not limited to mobile applications and e-commerce websites; retailers having brick-and-mortar stores too can adopt this technology. For instance, apparel retailers can embed AR technology with their store mirrors converting them into smart mirrors. This helps people to experience the products without actually trying them. It is a great technological advancement that can also be used as a marketing tool as it impels customers to experience this at the stores. It helps in increasing the store footfall which in turn increases the chances of people making a purchase, resulting in an improved bottom line for the retailers.

AR also enhances the efficiency of the store in which it is used. It saves the customers’ time as they are not required to try out every product physically, resulting in less number of people queueing outside the trial room. Moreover, in a short span, a wide variety of products can be tried which allows the in-store staff to better understand the requirements of other customers, thus eliminating the possibility of a customer being neglected.

AR along with various other technological advancements has changed the scenario of retailing worldwide. It has been embraced by some of the biggest retailers across the globe and is all set to penetrate further into the retail space. Retailers should keep themselves abreast with such technological advancements since these shall become indispensable for them to maintain a prominent stature in the dynamic retail space.

Also Read: 7 Trends Shaping Asia’s Future Retail Landscape

Enhancing the in-store checkout experience with a 3 pronged approach

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In-store customer experience is the most important factor to increase customer traction and loyalty. It is highly relevant to the current scenario of the retail industry where there is a constant tussle between the e-Commerce and brick-and-mortar players. As pure play online retailers are leaving no stone unturned to grab a large chunk of the market share, brick-and-mortar businesses are being asked all sort of questions regarding their survival or doom.

However big a pure play online retail business gets, it cannot take away the value of physical stores. Having said that, brick-and-mortar retailers cannot just continue doing business the old fashioned way, waiting to get bought or to get shut. They have to evolve their strategies and processes thus ensuring to stay fit and firm in the game. And to do this, the best weapon would be to enhance their customer experience.

While there are umpteen factors that play a role in creating a wholesome experience for shoppers and these need to be looked at meticulously, the in-store checkout experience could be rated higher in importance than many others. Also, providing the best check out experience in the store can pose a stiff challenge, especially during peak seasons and rush hours. But this can be simplified with the 3 pronged approach – the right people using the right technology to drive the processes right.

To elaborate, there are effective and exciting technologies that provide solutions such as mobile point-of-sale (POS), mobile payments, self-checkouts, quick billing to ease the billing process at the check-out counter. Most of these technologies enable automation of operations thus reducing the effort of manually done processes and increasing the speed of transaction. Mobile POS systems can easily help retail brands bust lengthy queues by enabling handheld devices to be used for scanning products, billing and even registering customers for customer relationship management. Moreover, this can be done when the customer is still picking up products and has not yet entered the checkout queue. Another revolutionary technology that has been a game-changer in the payments industry is ‘mobile payments’. This has not only speeded up payment processes by enabling payments through mobile phones or mobile wallets, but also has allowed customers to travel cashless and cardless, making it beneficial for both retailers and customers. Self-checkout counters have been a recent development and implemented by biggies like Amazon. This almost gets rid of the physical check-out counter by enabling shoppers to use their mobile apps for billing which could be integrated with mobile wallets or bank accounts to handle payments directly.

But what good are these solutions if the people that use them aren’t aware of the capabilities of the technology available at their disposal? Every new technology will firstly need acceptance from those who are going to use it, plus the right attitude to learn and use it efficiently. Further, the store staff may know how to use the software right but what if they are not helpful and easily approachable or don’t have the right inter-personal skills? So the right people with the right attitude who are well trained in all aspects and equipped with the right technology solutions can ensure that the operations and processes required to handle check-out are carried out the right way, with ease and with minimal complications. A win-win situation for both – customers who are provided with the right check-out experience and retail businesses who will have fewer lost sales.

Why managing inventory the right way matters?

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Technology has completely transformed the way people make purchases. From online marketplaces to brick-and-mortar stores, retailers tend to implement innovative measures to better cater to the needs of customers. 

They incorporate promotion planning, customer analytics, and mobile payments to enhance the shopping experience. But, one thing that forms the backbone of retailing is somehow neglected in the entire retail chain. Yes, we are talking about inventory.

Managing inventory is not just a single task encompassing certain limited activities; it is a process that involves some complex calculations such as sell through rate, inventory turnover ratio, GMROI among others. 

It is an uphill task to perform the aforementioned calculations, which in turn makes it difficult for retailers to manage their inventory. Retailers require a tool that bridges the gap between brick-and-mortar stores and marketplaces, and provides them with a single, simple, and holistic view of the inventory.

One such powerful tool is ETP Connect – a robust, multifunctional, and comprehensive tool that connects the brick-and-mortar stores with the ecommerce sites and marketplaces. It provides real time updates to the stores and head office of the retailers about the purchases being made both offline and online. 

Whenever a purchase is made through website or marketplaces, ETP Connect routes the information to the head office, where the designated authority can view the immediate effect on the inventory in real time.

Also, since retailers get access to real time data, it simplifies their task of computing complex inventory calculations, thus enabling them to take timely decisions to further speed up their entire retailing process. The effects of this are manifested in the form of satisfactory customer experiences and a robust bottom line.

ETP Connect is a one stop solution for leading retailers to end their inventory management woes, by enabling them to better plan their business strategies. It also allows retailers to have a unified view of customers, endless aisle, and features such as Click and Collect, and Click and Deliver. 

Put an end to all your retail woes by implementing a futuristic and powerful ETP Connect and embrace the omni-channel transformation the right way.

Also Read : Retail And The Importance Of Integration

ETP Group: Omni-channel Retail Solutions assist retailers to surge ahead of the competition

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ETP has recently been recognized as one of the Top 20 Most Promising Retail Solution providers in India for 2017 by CIO Review.

Consumer shopping behavior has changed drastically with the influx of technology in retail. The digital age of retail has begun to compete with the brick-and-mortar traffic but the future of retail is unified commerce, which is about creating a seamless experience both online and in-store. There has been a pressing need for omni-channel strategies that can seamlessly orchestrate customer experiences across multiple touchpoints including brick and mortar store environments, smart phone connectivity, and online sales. To deliver a unified brand-customer relationship, ETP has developed an omni-channel retail solution, ETP V5 with features such as Click and Collect, Click and Deliver, Endless Aisle, holistic view of the inventory and single view of the customer.

Based out of Singapore, ETP is an Omni-channel Retail Solutions company operating in 22 countries across Asia Pacific, India and the Middle East. “Our software solution covers areas such as omni-channel POS, mobility, CRM, marketing and promotion campaigns, procurement, warehousing, distribution, omni-channel analytics and omni-channel connect”, states Naresh Ahuja, Chairman & CEO, ETP Group.

Read more below.

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ETP amongst the 25 Most Promising Retail Solutions Providers – 2017: APAC CIOOutlook

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ETP Group, a leading provider of Omni-channel Retail Solutions in Asia, India and the Middle East is honored to be amongst the 25 Most Promising Retail Solutions Providers – 2017, as presented by the editorial board at APAC CIOOutlook. The key points of consideration while compiling this carefully selected list of new age retail solutions providers were their expertise, innovation and the ability to provide the right intel and resources to implement a scalable, cost-effective and easy to implement retail solution.

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ETP is specifically focused on brick and mortar retailers as well as online retailers, and in fact is the change agent for the convergence of the two. ETP’s Omni-channel Retail Solution – ETP V5 serves large retailers for their enterprise class requirements of scalability, security, compliance and high performance. “We are very happy to be recognized at this moment in time for our leadership in the retail industry, when we are helping retailers transform from traditional brick and mortar models to a fully omni-channel model and embrace the new age consumer”, says Naresh Ahuja, Chairman and CEO, ETP International.

ETP is an Omni-channel Retail Solutions company headquartered in Singapore, driving change in Asia Pacific, India and the Middle East. ETP’s software includes Omni-channel POS, Mobility, CRM, Marketing and Promotion Campaigns, Procurement, Warehousing, Distribution, Omni-channel Analytics and Omni-channel Connect. ETP V5 is used to serve customers across 22 countries and thousands of stores for over 500 brands.

ETP is enabling brick and mortar retailers to embrace omni-channel commerce and drive their brand-customer relationships in a unified manner with features such as Click and Collect, Click and Deliver, Endless Aisle, a holistic view of the inventory and a single view of the customer. ETP helps its customers get it right in omni-channel retail.

ETP enables Indian retailers with GST-ready Omni-channel Software

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Prime Minister Narendra Modi had said the consensus on Goods and Services Tax (GST) will go down in history as a great illustration of cooperative federalism, adding that the landmark legislation reflects the spirit of “one nation, one aspiration, one determination”.

ETP is proud to announce its commitment to the GST initiative of the Indian Government by enabling its customers to be GST ready across thousands of stores in India on 1st July 2017.

A multinational software company of Indian origin, ETP International is specifically focused on brick and mortar as well as online retailers, and in fact is the change agent for the convergence of the two. ETP has aligned its India version to this major change in the way trade is done in India. “GST will have a significant impact in integrating the country and driving the engine of commerce upwards and onwards. We are very excited with this bold move by the Indian Government and have dedicated significant resources in helping our customers to be aligned with GST”, says Naresh Ahuja, Chairman and CEO, ETP International.

ETP’s Omni-channel Retail Solution – ETP V5 serves large retailers for their enterprise class requirements of scalability, security, compliance and high performance. Market leaders like Titan, Benetton, Metro Shoes, Bose, DLF, Spice and many others are ETP’s valued customers.

ETP is an Omni-channel Retail Software company headquartered in Singapore, driving change in Asia Pacific, India and the Middle East. ETP’s software includes Omni-channel POS, Mobility, CRM, Marketing and Promotion Campaigns, Procurement, Warehousing, Distribution, Omni-channel Analytics Omni-channel Connect. ETP V5 is used to serve customers across 22 countries and thousands of stores for over 500 brands.

ETP is enabling brick and mortar retailers to embrace omni-channel commerce and drive their brands and customer relationships in a unified manner with features such as Click and Collect, Click and Deliver, Endless Aisle, and a holistic view of the inventory and of the customer. ETP helps its customers get it right in omni-channel retail.

Putting AI in Retail

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The human brain is more than just an organ – it is a complex system that helps humans to analyze information and take simplified decisions in various situations. But it cannot always gauge all the possible outcomes of a decision and hence our decision-making ability gets limited in certain circumstances. But what we cannot achieve with the powerof our brain is today being achieved by applying Artificial Intelligence (AI). It is much more than neural networks and complex algorithms; it involves enabling machines to take appropriate decisions in all possible circumstances.

With the huge amount of data being transmitted from electronic devices every day, it becomes imperative for the data-driven organizations to collect and identify a pattern in them. But, what exactly could be the advantage of collecting and analyzing data? Well, to predict the future it is necessary to understand the past and the present.

One of the biggest beneficiaries of Artificial Intelligence is physical retail. It is facing immense competition from e-Commerce portals, which not only provide user-friendly shopping experiences but also come up with relevant suggestions for future purchases. The need of the hour for physical retailers, therefore, is to revamp their business processes and come up with innovative measures to provide a more than satisfying customer experience along with an efficient stock management strategy. Artificial Intelligence (AI) can help achieve both. Here is a brief overview of how AI can help drive transformation in physical retail.

  1. Collecting relevant data: Data collection forms the backbone of AI. According to some of the industry stalwarts, “there can be no direct leap to artificial intelligence if substantial and relevant data is not being collected”. Most of the physical retailers lack the indigenous technology to collect and process large chunks of data by themselves. But that should not be considered as a hindrance to AI as there are efficient retail solutions like ETP V5 that can help them collect and process relevant and authentic data.
  2. Personalization: AI can be thought of as a complex algorithm that consists of all possible ‘if-then’ conditions. These conditions can be identified in various ways such as shopping cart analysis, payment preferences and surveys among others. The analysis performed can be used for managing product assortment, customer-specific promotions, and other loyalty programs. Personalization will ensure repeat footfall, which in turn will ensure a healthy bottom line.
  3. Supply chain and inventory management: If a retailer is able to collect relevant data, it becomes easier to maintain a healthy supply chain along with an efficient inventory management system. If the retailer wishes to sell the right product to the right customer at the right time and place, managing inventory across all channels becomes most important. This is indeed a mammoth task that can be eased out using an efficient Omni-channel Retail Solution like ETP V5 which can identify hidden patterns in the customer’s buying behavior and provide relevant suggestions to maintain the right inventory. Maintaining and managing supply chain and inventory are the backbone of a profitable retail venture.

AI has started revolutionizing the way in which physical retailers go about taking business decisions and with the enhancement of customer’s technical abilities, it can be safely claimed that AI will play an important role in the future of retail.

Is GST better than VAT?

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The Government of India recently decided to do away with multiple taxes on goods and services by implementing a single tax – the GST, the revenue generated from which is shared between the Central and the State Government. Prior to GST, there were a number of different indirect taxes, the Value Added Tax (VAT) being the most prominent amongst them. VAT could been seen on almost every invoice, which has now been replaced by CGST and SGST thus making people wonder if GST is same as VAT. But GST is completely different from VAT and it is very important to have a clear picture of the distinction between the two.

  1. GST, as the name suggests is incurred on both the goods and the services where as VAT was implemented only on the goods. To take care of the tax on services, previously the government had Service Tax. Thus, one wouldn’t have had to pay VAT while booking railway tickets; instead he/she would have paid Service Tax based on the government guidelines. The government has now combined both of the aforementioned taxes into one – GST.
  2. GST unlike VAT doesn’t have a cascading effect. Prior to GST implementation, the retailers were required to pay VAT as soon as some value is added to the product. For instance, manufacturing a product caused value addition and the VAT was incurred on the entire value. Similarly once the product is ready and is being labeled for final consumption/usage, a retailer would have again incurred VAT. This use to cause a spike in tax burden for everyone in the retail chain. GST, unlike VAT enables retailers to claim input tax credit from the government, which can further be transferred through the retail chain. This brings tax respite to the retailer and consumer as the redundancy of tax payment is done away with.
  3. VAT was calculated and implemented differently by different state governments. The central government could implement only Central Sales Tax (CST). The state governments were empowered to tweak the imposed tax rate at their will, which cannot be done with GST. The central government has introduced different tax slabs for different products and has decided to share a fixed proportion of tax revenue with state governments. The state governments have agreed to this kind of revenue sharing and as a result they don’t have the power to make rate changes. It will thus provide more freedom to retailers to set up warehouses or manufacturing units in any state they wish to.

GST will bring about a positive change in the economy by creating a friendlier and understandable indirect tax regime. It will put an end to industry woes related to taxation and promote the ease of doing business. GST is simply not restricted to VAT, it encompasses almost everything which earlier fell under the scope of indirect taxes. It lies in our responsibility to understand it better for streamlining our business activities and processes. You may click here to know more about GST.

An in-depth understanding of GST is essential not only for end-customers, but also for retail businesses both in India as well as those looking to make an entry or investment in the Indian market.