Digital Transformation in Retail: It’s No Longer an Option
Consumers nowadays are getting more and more demanding. Online purchases are a part of our day-to-day life. A good experience is always demanded by a consumer, but most importantly he wants convenience. That is exactly why consumers buy online.
For example, gas is slowly being replaced by electricity. Stores like Blockbusters are no longer a thing. It was not long ago when we used to rent videos and today there are only two Blockbusters in the world.
This shows how fast we replace something that was once convenient with a more convenient option.
About Digital Transformation
Digital transformation uses technology to solve taditional problems. It literally means going digital or “going paperless”. Digital transformation is slowly spreading around the world. Each country operated different percentage of it’s digital potential.
In retail it goes beyond focusing on only e-commerce for example. It’s a strategy that pushes retailers to create innovative business models that make digital and physical worlds work as one.
Digital transformation goes beyond efficiency. It creates operating models that are personalized customer experience and makes them the center of everything done by retailers.
No Longer an Option but a Necessity
No one likes waiting in lines at the store right? Actually 20% of consumers leave their shopping carts and give up on shopping if there is a long line. That’s what made the business think of frictionless checkout.
Retailers are starting to think of ways to make checkout as easy and fast as possible.
This makes shopping experience more convenient for consumers and they are more willing to come back to the store.
At the Amazon Go stores for example, you just scan your phone at the entry, take what you want and walk out.
Another thing that brands do is reward customers for their purchases. When they see their search history and find out their preferences, they can improve their experience by making it more easy and personal. This works as a loyalty program but better.
As most of the consumers members of loyalty programs are unengaged with a retailer, this way they get better service personalized for them only. The brand wins a loyal customer and the customer has a brand he can trust on.
For shopping experience made as easy as possible consumers want it to be personalized to their needs. Most of them have interest in personalized recommendation. For example they are willing to give their email or phone number, to get notifications about products or offers that would match them.
There are many other aspects of digital transformation and the above mentioned are only a small part. But imagine if your business can make even two of them work together, the consumer may find the shopping experience a lot more convenient that online purchases.
Digital transformation is becoming a must for any business, otherwise it could slowly be replaced by a more convenient one like we’ve already seen happen. The way to do it is not only starting to use more technology but completely transform the way you think about retail.
There are plenty of possible aspects of digital transformation. You need to find the ones that work for your business and satisfies all of your customers’ needs and wishes.
If you have any questions or are looking for additional insights, don’t hesitate to get in touch with TechTIQ Solutions.
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