Into Retail? Know about 3 technologies transforming retail and drive your sales
Artificial intelligence, Internet of Things and Big Data are sharp and emerging cutting-edge technologies, transforming the retail businesses into success stories, both for retailers and customers alike. Retail businesses need the right software in showrooms and back office and leverage the advantages of these internet driven business technologies. EphronTech explains how these 3 technologies can be used by retailers with some scenarios to deliver the best of shopping experiences that shoppers desire.
1.AI driven chatbots
Chatbots are an effective way to engage customers 24/7 in real time, let it web or mobile channel. Provide customers with a seamless and interactive online shopping experience with an AI-driven approach. With an intuitive conversational chatbot, customers can find what they want, locate, check for a price, filter products, add to cart, ask questions, check availability and make a purchase. While the chatbot answers all the questions, the back-end software will need to track the customer behavior and expectation in parallel, data analytics (Big data) and subsequently to provide the best in the class of customer experience with personalized offerings or discounts. This is nothing but capturing customer sentiment. Retailers will need to instantly provide up-to-date information about products, promotions, and inventory so that the chatbot provides the best of information and guide the customer.
With an intuitive chatbot, retailers should be able to deliver product recommendations based on their purchase history, that is where data collection (Big data) plays its role – analysis driven personal marketing, simply helps in betterment of sales activity, retailers need a bird’s eye view of the customer’s wish list and preferences, including social media activity. For example, someone who bought a set of trousers will simply not prefer to buy trousers immediately, in this use case, the ads the retailers run for this user could be about shirts, does it make sense? Yes, then you got it, this is personalized experience marketing driven with cutting-edge technology.
2.Sales conversion with IoT beacons
Even though online shopping keeps surging high, still 70 to 90% of sales take place in physical stores. Customers use online shopping portals and the web to do the needed research and then find and locate a store to do physical shopping, just for experiencing the bliss of shopping. Most stores encourage users to opt for their mobile apps to stay updated with new launches and offerings. But there is a hidden sales conversion technique behind it. In-store IoT beacons track the customer’s location enabled from the customer’s mobile app and when the mobile app user is nearby, simply send them personalized notifications on offers. More than 50% of shoppers want to receive real-time promotions like this, sadly only a handful of retailers are backed up with this technology to capitalize.
Alerting shoppers to current sales and new stock is a good start, but for conversion rates, retailers need to provide personalized experiences like providing a discount or offer on an item that has been in the shoppers’ cart for a while. It could drive them crazy and make them buy it.
3.Big-data and analytics
Sales departments and professionals of the retail industry will need to adapt to big data technology and leverage its benefits. In the last couple of years, retailers have been trying to develop and implement personalized relationship-driven sales strategies and have seen success. Retailers will need to use big data analytics to improve the customer responsiveness in their ad campaigns and tap the customer insights such as purchasing behaviour, interests, the frequency of purchase etc.
Delivering the right Ad content to the right audience at the right time is the mantra – How? With big data-driven analytics and research.
Accurate customer analysis is the most essential factors for implementing a successful sales strategy for your retail business. It is all about knowing your customer. In 2018, the role of big data-driven research will reach new heights. Retailers could own their mobile apps to generate huge amounts of data.
By using advanced big data technologies and improving customer analytics, retailers can increase their customer acquisition and subsequently increase their revenue.
Big data is all about data collection and for retailers it helps study customers, research and provide a personalized service, which in turn will boost the sales conversion.
Stay ahead of the curve with EphronTech’s services in the Retail industry.
How as retailers you should keep up with cutting-edge becomes is the key to your success and that is where we can help you grow your business with these web driven cutting-edge technologies.
Sales made easier with EphronTech business solution.