RETAIL BUSINESS TRANSFORMATION
There have been many stories of the retail industry crashing during the COVID-19 pandemic, but time and time again, certain brands have risen to the top. In this regard, retailers are strong: they use technology and data to make smart decisions for their business. The amount of available data collected from transactions, social media, telephone reaches 2.5 trillion bytes of data generated every day. What is the most effective way to capture and filter this valuable data, and how to improve customer experience and business revenue?
Smart business people don't just collect data. They use data analysis with advanced technology, they also apply it to create new innovations and are adapted to conditions such as a pandemic to satisfy, ease, and even understand customer situations through the entire customer journey — from browsing, purchasing to fulfillment.
We often forget that data is private. The data is generated by customers who are looking for an item. This means the data we obtain can be used to create personalized experiences for customers. Something that suits their customers' wishes.
A common example of this is a personalized shopping recommendation for a customer-managed by Machine Learning & Artificial Intelligent. Advanced analytics like this is also used to personalize loyalty programs, enabling businesses to tailor experiences for their best customers. 86% of customers will pay more for a better customer experience.
Changing the in-store experience
Businesses must use data to create a seamless experience between their digital and physical touchpoints. Using data collected from digital channels, store associates can now greet customers by name when they enter a store, as well as offer recommendations based on past purchases. One thing that could be improved is a more flexible and easier payment method. For example, payment using a device (NFC) or what Go-Jek is doing now with its Go-Pay. Simplifying the payment process will improve the customer experience.
Empowering store associates on the front line
The increase in device connectivity and internet usage has made consumers more aware of a product. This is clearly an advantage for customers but can put store associates at a disadvantage. Gadgets allow Store Associates to have better access to product and inventory information. 72 percent of customers who deal with Store Associates using a mobile device to provide product info, credit card payments, or inventory find out its results in a better shopping experience.
Store Associates can also take advantage of the scheduling mobile app, which allows them more control over their shifts. Managers can use these same apps to post announcements, training, and more. These types of apps can help employees become more engaged and invested, resulting in improved customer relationships — and a 20 percent jump in sales.
Smart solutions for retailers
Smart retailers are not just about having the right data but also having the ability to apply that data, work smarter, and deliver better results for customers. In order to remain competitive, retail players need a system to effectively utilize the latest technology.
At Wahana Cipta Sinatria, we build solutions that not only provide access to data but also they apply that data to gather insights and help retailers to make smarter decisions that will grow their business. Wahana Cipta Sinatria has the world's best leading software products such as Microsoft Dynamics 365, INFOR, and NetSuite to help retail businesses accelerate business in any conditions better, leveraging advanced analytics and machine learning to provide more relevant offers and experiences. You can get the right solution in the form of cloud-based/on-premise or hybrid.