July - Sep 2020retailtechinsights.com92. What are the technological challenges in the retail space that companies are facing and how can they overcome them? The biggest challenge is that most retailers who started in the physical space are weighed down by many legacy systems that do not integrate with each other and are expensive to replace/upgrade. Companies struggle to consolidate traditional systems' data with online transactional data; thus, they are on a continuous quest for solutions that can help them integrate transactional data with customers' behavioral data. Connecting such datasets can enable them to personalize their offerings according to buyers' expectations. Organizations have to understand how to use these data sets and address shoppers' challenges. Companies must focus on finding the sweet spots where their business model aligns with customers' needs and invest in solutions that boost business growth in those areas.3. Can you elaborate on how to use the abundance of data effectively?The one problem that many organizations don't have is a lack of data. The problem is actually that a plethora of data resides in many forms and is stored in multiple disconnected locations, both on-premise and in the cloud. Assimilating datasets that can help in making decisions is vital. Companies should seek to understand where their biggest customer and financial opportunities lie, and then seek to glean and analyze the data sets that will allow them to support or refute those hypotheses. Having a clear focus on which data is important and actionable versus informative but not insightful will allow retailers to focus their technology and data investments in the most profitable way.4. Where do you see the retail industry heading and what should be the strategy while looking for a solution partner?The days of online and bricks being treated as distinct channels are gone. Customers expect that when they shop with a brand that their experience will be consistent, easy, seamlessly connected, and personalized at every touchpoint. We are in an Experience Revolution, and brands need to focus on how to provide delightful experiences, particularly where/when it matters. I think that you will see more and more usage of technologies that blur the lines between channels, for example, Augmented Reality within the online space so that customers can visualize products without going to the store, and more usage of self-serve technology in-store such as mobile apps helping with wayfinding, providing product information, and easy/quick checkout. Retailers are also thinking beyond their core products and looking for ways to incorporate services and adjacent offering that may be provided by partners, but within their physical space to provide a more holistic experience. To stay abreast with such trends, along with stakeholders' demands, organizations must analyze their needs and then look for vendors that can meet those requirements. Companies need to make hard decisions about investing in foundational, flexible platforms with robust out of the box functionality and the capability to easily integrate with new, advanced features through APIs. A more flexible approach will enable organizations to more quickly adapt to changing customer demands. Organizations should seek partners that understand their business model and customer needs so that they can work collaboratively to get the best return on those investments. Finding a good balance between out of the box functionality and customizable flexibility helps enterprises in gaining a competitive edge in the market while being economical in the longer run.5.Tell us about your perspective on the retail industry?The retail sector is getting more competitive and customers' expectations are increasing as they seek similar experiences with both online and in-store purchase. Buyers expect to shop with brands that are able to provide them value throughout their engagements. Customers are good at giving feedback and expressing their concerns, but often don't know how to tell companies their needs. Hence organizations should focus on finding an approach that solves problems faced by their users at different shopping stages by observing their customers in their shopping journeys and finding those unmet needs.I focus on learning shoppers' preferences, understanding their needs throughout the journey, and keeping an eye on competitors. Further, I analyze cutting-edge technologies and trends that we could leverage to deliver the experience shoppers deserve.6. Any advice to entrepreneurs and startups in the retail industry?Data is the key to the future, thus analyzing it to find opportunities is of paramount importance. Startups should upgrade their skills and explore the profusion of data to create value across their organization. However, they should not lose sight of the problems they are solving. Focusing on data is crucial, but in the end, they should devise and implement strategies to improve shopper acquisition, engagement, and retention. Decision makers should continue to challenge the status quo, leverage technology to solve customer problems, and streamline the retail workflow of both online and in-store shopping. They should consider technology as an investment and leverage it to enhance customer engagements. Organizations must showcase their offerings, backed by relevant technology to surpass users' expectations, as it is crucial for success in the retail space.
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