Tag: Retail technology

ETP – Omni-channel Technology Partner at ReTechCon 2017

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RAI is hosting the Retail Technology Conclave (ReTechCon) on 14-15 June 2017, India’s largest gathering of retail leaders and retail service providers.  The platform is to bring together industry professionals, experts and service providers together for discussing the latest in technology and deliberating on how to best use technology for the benefit of the business and industry.

ETP is the Omni-channel Technology Partner at the Retail Technology Conclave (ReTechCon) 2017. ETP is a leading Omni-Channel Retail Solutions provider across Asia Pacific, India and the Middle East. ETP V5 software is used to serve customers across 22 countries and thousands of stores for over 300 brands. ETP is enabling brick and mortar retailers to embrace unified commerce and drive their brands and customer relationships in a seamless manner. ETP V5 Omni-channel Retail Solutions enable you to deliver a unified omni-channel experience with features such as Click and Collect, Click and Deliver, Endless Aisle, and a holistic view of the inventory and of the customer. This is done using real-time integration of ETP’s POS, CRM and Promotions engine with webstores and marketplaces using ETP Connect’s secured web services framework, which has the ability to see and manage order flows.

At the event Mr. Rajkumar Jagasia, Executive Director, ETP Group will co-panel the session ‘Creating Value the Phygital Way’.  Mr. Neev Ahuja, Country Manager – India, ETP Group, will speak about ‘Omni-channel and the New Generation of Customers’. He will also throw light on how ETP V5 with its GST pack can help retailers manage extensive business processes.

Do visit us at the ETP Pavilion at ReTechCon 2017 to know more about how ETP can help you transform your business.

Redefining the Future of Retail Personalization using Artificial Intelligence

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Personalization in retail is definitely not a new concept. Retailers have explored it in many ways over the years to improve shopping experience for the customers. While other retailers simply managed greeting returning customers by their name, Amazon has been one of the pioneers of personalization in retail with its ability to show different and relevant home pages for different customers based on their past clickstream paths and buying history. However, such rudimentary approaches are now considered the starting point for modern day retail marketers.

Customers are savvier than they were a few years ago. Personalization is not a need for them anymore, it is an expected norm. And retail brands must rise to the occasion to exceed this expectation. This may seem an extremely challenging task but with the proliferation of data analytics and implementation of machine learning and artificial intelligence, retail personalization can be majorly resurged.

To begin with, a very basic and brief preview into how AI works; AI uses comprehensive algorithms and logics to find trends in available data be it internal or third party and then helps analyze those trends to derive patterns that can be associated to shopping behaviors and customer personas. Utilizing machine learning that operates on probability and statistics, adjustments can be made in data sets to achieve the best outcome when it comes to creating the right marketing message for each individual customer.

Application of AI driven process in retail marketing and promotion campaigns will not only help retailers acquire new customers, but also boost repeat business. Increased accuracy in personalized communication to the customers along with tailored recommendations and offers will compel shoppers to strengthen their loyalty as they will begin to associate the retail brand with personalized, relevant experiences.

For retail personalization, the future seems to be pretty exciting. Leveraging the potential of Artificial Intelligence, there are limitless possibilities to notch up personalization to levels beyond the imagination of the customer. Infusing AI in marketing will be the differentiating factor for retail marketers that look to stand out from the horde of advertising and marketing communication targeting shoppers.

Endless Aisles – Harnessing In-Store and Online Shopping

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ETP blog Endless Aisle

Endless aisle is allowing customers to make use of technologies such as specially designed in-store kiosks or other intuitive systems to order items that are currently out-of-stock in that particular brick-and-mortar store. It is a concept that extends beyond the inventory that in tangible form is available in the store at a given point in time. Thus, endless aisle allows retailers to forge a strong link between customer demand and inventory. Retail companies that have been quick to embrace cross-channel strategies have already begun adopting the endless aisle technology to boost their sales further.

But what makes endless aisle click? Here are some of the noteworthy benefits:

Retailers can downsize unnecessary floor area of their brick-and-mortar store. This trimming of floor space will therefore result in higher sales per square foot. Implementing endless aisle also helps retail owners counteract in-store revenue bleeding as a result of showrooming. Retail companies can thus capitalize on reduced cost of rentals and optimize the available floor space. Further, retailers can reduce the effort of displaying large products physically at the store with the implementation of endless aisle. Products that have low inventory turnover can thus be removed from the shelves of the store. Endless aisle can help boost conversion rate due to the enhanced shopping feature at the physical store and help improve customer loyalty.

With the advent of endless aisle, the need to depend on warehouses to stock-up merchandise is diminished to a large extent as retailers can enter into tie-ups with manufacturers to ship the ordered products directly to the consumers from the manufacturer’s end.

In-store consumers can enjoy the comfort of e-shopping without compromising on the traditional ‘touch and feel’ factor. Also, real-time visibility of available products at the physical and virtual store empowers the customers to shop on their own terms.

With the help of data processing and analytics, retailers can display only those products that have a high turnover in-store while offering the not-so-popular merchandise through kiosks, tablets or computers so that customers can try and buy at the same time.

As the consumers of today are in the driver’s seat, demanding the best service and setting up high expectations, retailers must opt for investing in the right tools and technology to successfully implement endless aisle in their business thus ensuring that they do not end-up facing the reality of lost sales situations.

10 Tips to add that extra bling to the festive season sales and profits

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ETP Blog - 10 tips for festive season

As the festive season is in progress, there is a lot retailers can do to bank more sales and boost profits as much as possible. The key is to be proactively prepared. If retail businesses expect to grab larger portions of the festive shopping cake, it is up to the retailers to take charge and make it happen.

1. Have enough product on hand
Plan for sufficient buffer stock to meet the targeted sales volume for the season. Keep the warehouse inventory handy and the display amply stocked so customers have feel spoilt for choice.

2. Focus on cross-selling and upselling
Identify which potential products can be coupled for sales to add value to a sale (cross-selling) and products that have big-ticket or upgraded models that can be suggested for customers to consider (upselling). Slow-moving items can be offered as complementary products or repackaged as a special buy in combination with best-sellers to get the slow movers out the door.

3. Stand apart from the competition
Highlight the most distinctive features of the mainstream merchandise with the right communication or offer some new and unique products that cannot be found elsewhere, to attract the attention of curious customers looking for the latest in the season.

4. Deck the stores to a “happy place” to encourage sales
Set the festive ambience at the stores with the right paraphernalia to match the season – merchandise displays, lighting, colours, music and such other means to delight customers. Focus on creating a space that is shopper friendly.

5. Collect all the customer data you can
The festive season will bring in new customers. Capture every customer’s data. Further, track and analyze their buying behavior and preferences to spot which products are trending up and which are getting eluded to be able to personalize offerings and boost loyalty.

ETP blog festive season tips

6. Know your customer
Know what customers are really looking for in terms of shopping experience in the festive season. Take the time and effort to ask questions and receive actionable feedback from all channels. Understand the demographics of the region and choose your product offerings accordingly.

7. Keep product knowledge a priority
Make sure in-store salespeople know the product features and benefits thoroughly. Moreover store staff should be well versed with the technology at the counters to be able to service customers faster. Ensure product features and USPs are clearly highlighted for easy reference.

8. Improve customer service
Focus on customer centricity by understanding customers better and then servicing them accordingly. Employ technologies to enhance customer service particularly during peak business periods and to ensure safe transactions. Enhanced customer experience can help induce repeat purchases.

9. Plan for the last-minute frenzy
Employ the right skills and technologies to handle in-store as well as online traffic on the e-commerce website. Keep the supply chain engine running through the season to ensure sufficient stock is always handy through careful planning and allocation of stocks across all retail touch points.

10. Manage finances to last the season
Plan the pre-season stock allocation and in-season procurement of inventory to last through the entire festive shopping season, which is starting earlier and lasting longer each year. This makes it crucial to handle budgets accordingly.

Why Invest in Omni-channel?

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Meeting the complex expectations of the omni-channel shopper demands substantial investment in emerging and effective technologies. Let us look at the factors that are driving omni-channel growth before discussing the return on investment.

The number of smartphone subscriptions globally was 1.6 billion in 2013. According to a report produced by a leading mobile technology enterprise, this figure is expected to increase to 5.6 billion in 2019. 90% of the world’s population will then be able to access mobile Internet connections. This growth in Internet penetration and the immense increase in popularity of smartphones will only magnify omni-channel customer behavior exponentially. These trends point towards omni-channel being the only sustainable way of doing retail business in the future as ‘one-click shopping’ becomes a reality.

Innovation in technology is also driving the retailers’ interest in omni-channel retailing, supporting new capabilities in personalized consumer engagement. Advances in store digitization technologies, predictive logistics, virtual assistance, and customer recognition systems are game-changers. These new technologies have the potential to disrupt existing business models in the same way as e-Commerce disrupted traditional brick-and-mortar sales few years ago.

In future, diverse business models will be driven by the modern day consumer’s preferences. The point in case will be e-commerce giants who are trying to add physical presence to get closer to the customers. Meanwhile, brick-and-mortar retailers are adding online stores and also reinventing the customer experience and the role of their stores (for example, by using stores as fulfillment centers for online orders).

Social media is becoming an increasingly powerful sales and marketing channel. Online companies sit on a goldmine of rich consumer data and they can easily use this to customize offers and target consumers more effectively.

Thus today, technology enables consumers to be present anywhere and everywhere and to meet these consumers in their comfort zone, retailers need to be present wherever they are. For this, they need to invest in modern retail technologies that allows a seamless omni-channel customer experience.

What retailers need to understand about the Omni-channel Customer Experience

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ETP Blog What Retailers Need To Understand About The Omni-Channel Customer Experience

Retail has undergone a major transformation in the digital age, and today customers demand better, quicker and seamless experiences. Therefore, brands need to provide omni-channel experiences that allow customers to engage from wherever they are – brick-and-mortar stores, mobile apps, online, kiosks, catalog and more.

However, simply operating multiple retail channels does not constitute an omni-channel strategy, unless done right. Today, customers may start in one channel and switch to another as they progress to a definite buying decision. Omni-channel implies making these complex ‘hand-offs’ between channels must be effortless for the customer.

Omni-channel is not just a mere buzzword. It is essentially a cluster of strategies that need to deliver results. So what do retailers need to know to create a superior omni-channel customer experience?

360° Omni-Channel customer view

Collecting customer information such as shopping preferences, demographics, buying history, preferred modes of payment and so on is absolutely vital for creating a single unified view of the customer no matter which they use to research and purchase. When acquired, consolidated and leveraged fittingly, this analysis can provide a roadmap for retailers to define and deploy more personalised and effective communication and promotions, eliminating much of the guesswork.

Offer consistent and continuous experiences

Today, consumers have instant access to an extensive range of buying options, they will not think twice while letting go of a brand in search of a superior experience. Even if one of the channels is lagging, the retailer will likely see a drop in customer loyalty. Hence, the value of a complete, continuous and consistency is priceless.

Leveraging emerging technologies

The right technology investment is vital to enabling an outstanding omni-channel customer experience. Retailers should equip their business operations with the right mix of emerging and effective technologies to fulfil consumers’ high expectations in this fast and frugal omni-channel age. Brands that can stay on the cutting edge of technology such as mobility, geo-targetting, smart devices for payments, augmented reality and many more are likely to emerge victorious.

While every retailer will bring a distinct omni-channel customer experience strategy to the table, brands will have to strive to provide a seamless, noteworthy customer experience across channels to meet consumer expectations.

Personalizing The Retail Customer Experience

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Retail success can be visualized as a two stage process. It is not just about getting a customer to enter the retail store or to access the e-commerce website to shop, but also closing the sale. And both these stages are potential challenges and battles that retailers need to win, thanks to the ever-growing and fierce competition.

Recent trends suggest that shoppers are constantly looking for offers and discounts, and are likely to make a purchase from retailers who sell merchandise at discounted prices or offer free shipping and so on. But that’s not it. Customers are also seeking more information regarding products and services that interest them. All this can be viewed by retailers as probable opportunities to offer something extra to their customers by making it more relevant and personalized.

Busy shoppers value quick reminders about the products that they had left in their shopping carts during their previous interactions or even about those that they may have been researching for or had shown interest in previously. Personalized offerings such as tailor-made discounts, promotions or other benefits, during auspicious occasions such as birthdays and anniversaries or social occasions such as festivals really go a long way in influencing the customers’ decisions while making their next purchase. Additionally, personalized messaging and recommendations provide customers with the information that will enable them to determine products that are the right fit for their needs. Information about frequently purchased products, merchandise that can be coupled either together or with special offers and discounts also persuades customers to make a purchase. Location based or proximity marketing such as in-store discounts or free shipping can appeal to shoppers, driving them to buy. A superior after sales service could go a long way in boosting shopper affiliation towards the retail brand further as being interactive and engaging with customers helps keep their interest sustained in the brand.

Personalization, if done appropriately and by being conscious of not overstepping limits, retailers can make the customers feel special and important. In a more customer-centric retail environment, where the focus is on the customer more than ever before, providing a personalized service that is valuable and memorable can unquestionably be the differentiating factor for customers to choose the retail brand they would want to be most associated with. As retailers streamline their omni-channel retail business operations and focus on enhancing the customer experience, customer profiling can enable retailers to understand their customers better to be able to offer them a personalized shopping experience.

‘More Is Less’ – The New Retail Mantra!

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The retail industry has come a long way – from being a simple barter system to the modern day retail that is all about ‘omni-channel’. This journey has helped retail to evolve and match the technology trends to meet the expectations of economic growth of regions, boost the revenue for businesses and ensure availability of products for consumers. But, the more one gets, even more is desired and thus for retail today, ‘more is less’.

Not only does every retail business want a share of the revenue pie, but it also wants to grab a bigger share each time. To do this, businesses are looking for modern ways to improve their operations and business models, to strategize effectively and increase the chances of boosting profits and margins. Further, they also want to expand and scale-up their businesses by venturing into diverse geographies or by sourcing and in some cases manufacturing new products for retail. In recent times, new channels of retail such as e-commerce have become the next big thing and retailers who were quick to jump onto the bandwagon, reaped its benefits. Many more are still following suit. But, even e-commerce has not been enough – mobile commerce (m-commerce) and social commerce are the latest retail touch-points. Taking timely advantage of these, can provide a fast paced growth for the retailers. It also provides for an opening for new entrants looking to foray into the retail business thus leading to more competition and this can just keep snowballing further.

Along with the modern trends in retail, there are a host of forward-looking technologies that can be infused in to the business in order to enhance it further. One significant example would be, the way POS technology has evolved from regular billing counters to being CRM integrated and even to Mobile POS (m-POS). Innovations in technology has enabled retail software solution companies to integrate even more advanced features to the POS such as augmented reality. With all certainty, there is still more to come in the future.

ETP blog - More is less

Big Data analytics is another such important and revolutionary technology. From simple capturing of data to offering analyzing capabilities, progressing into predictive and intuitive analytics, technology has paved the way not only for retail, but also for other businesses to plan their next steps for growth. Big Data allows retailers to capture and analyze large volumes of data – of their customers, employees and inventory – to be able to understand and predict market trends. Further advancements in technology will surely add more capabilities to POS, Big Data analytics and other retail solutions.

Just like technology, there are other aspects where ‘More is Less” influences the retail businesses. A growing global population means more consumers, more demand and eventually, more business opportunity. The need to fulfil the rising demand leads to creation of multiple product variants, versions and alternatives, and also varied pricing. Retailers can create separate brands to target the different customer segments. Offers and promotions also help to attract more customers. With a focus on customer centricity, retailers also need to provide more information about their offerings. For the consumers, all of this means more avenues or channels from where they can buy or research about the product options, more choices and more discounts on the products of their choice.

‘More is less’ is definitely the new retail mantra of today! If retail businesses can get more done, they can certainly achieve more. The opportunities to stand-out are galore if, after evaluating all factors and employing the right technologies, from planning to execution, they can get it right in retail.