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How Retail Industry can Survive in the Online World

The retail industry is at crucial moment with online sales resulting in periodical of all sales.
How Retail Industry can Survive in the Online World
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You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Digital storm is taking direct shot at demographics, economics and technology of retail industry. Demographically, millennial have become the largest consumer base because of its expectations and habits which retailers are accommodating slowly and steadily.

Along with this mega demographic change, the physical economy of retail industry is shifting quickly, without damaging the bricks and mortar stores. In fact in recent surveys by international bodies, good percentage of retail sales will still occur in physical stores. But retail stores must do more to keep their stores intact without damaging their brand’s name.

Be a part of Technology Innovation 

The retail industry is at crucial moment with online sales resulting in periodical of all sales. While through different research organisations, sales from online platforms will grow drastically giving good amount of revenues to retail stores. This storm cannot be ignored by retail stores, instead they must embrace disruption as part of their core business policy and operate like a technology driven store to deliver what customer wants, whenever they want.

Also retailers must first examine and learn from leading physical and online retailers before implementing a winning top e-commerce strategy. For that Retailers need to enhance their technology user base by collaborating with e-commerce giants of the market.

Also retailers need to start operating as a company which promotes digital transactions through various sources like POS or Mobile wallet. Retailers must create technology departments to check, research and build test cutting software’s that can support all channels in the same user base.

Incorporate new methods of Marketing

The majority of millennia’s use social media like Face book, Twitter and Instagram, to give a shot to great digital marketing tools, retailers should use these platforms more often to disclose their great offers and collection to the millennial, while providing them links of e-commerce website, so that it can create Attention, Interest, Desire and Action model for their stores.

Improve Workers Experiences 

Retailers understand the importance of a good customer experience, but often forget the major stock holders of their company, their employees. Putting good technology in the hands of workers can speed up onboard and help employee better serve customers, while helping managers to motivate their teams for better results.

On boarding and retention are major expenses for retailers, no doubt that increasing pay can help retailers to some extent, but better technology can raise their average productivity and help increase their brand mission. Engaged empowered employees, ultimately lead to their happier customers.

Focus on personalized customer service

Customer service is a key differentiator for retailers. In this high tech age companies should be competing on primarily on customer experience. Creating an extraordinary customer service can bring laurels to the retailer’s brand. Therefore increasing the customer user base is the new battle ground of the brands.

Be Proactive then reactive

While handling social media platforms to address grievances, suggestions and feedback, can play important role in adding more customer base in brand favour. But listening before reacting is the best method, hearing and then giving suggestion is very crucial to maintain loyal customer and add more customer to your base.

Using Analytics to make statistics focused decisions

Clicks and bricks brands must incorporate analytics to further improve the e-commerce experience. This data driven deliverance enable e-tailers to iterate based result and make rapid changes in weeks instead of months or years.

Conclusion

Ultimately, retailers refusing to take a technology-first approach will be unable to keep up with changing purchaser demands and will ultimately go down behind opponent that provide amazing omni channel shopping experiences. To survive and thrive in a challenging environment, retailers must think like technology company.

Edition: March 2017

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