As the demand of the online retail market is increasing due to the global pandemic, the retailers are applying new technologies to provide better customer
FREMONT, CA: The traditional brick-and-mortar retail has always depended heavily on the intuition and experiences of traders (or consumers) to run the company. On the other hand, to make business decisions, new-age digital commerce has turned to data and experimentation. The complicated part was omni-channel commerce, a combination of brick-and-mortar and digital. This is where a Fortune 50 company Lowe's, has positioned itself to reinvent itself and remain relevant for the future.
What would it take to be a potential omni-channel retailer?
Retail consists of three fundamental pillars: range, expertise, and value. It means what goods they need to sell, how they want to sell them, and at what price.
See Also: Top Retail Solution Companies
Experience can be described as any consumer touchpoint where the retailers aim to maximize the overall customer journey by utilizing Artificial Intelligence (AI) and data science.
More and more clients are beginning their online shopping journey in the current pandemic, finding touchless yet convenient delivery options. This is where the retailers have been promoting campaigns like Collection goods and offering a whole experience to consumers to complete the look in their outdoor living area rather than a single product.
Or, evaluate the customer's purchasing habits to consider their home improvement ventures while they are at home., like kitchen renovation, and recommending items for their next stage of the project. Offers such as Store Curbside pickup or BOPIS helped serve these consumers seamlessly from one shopping platform to another.
The holy grail for retail merchandising is the stocking of seasonally relevant items that consumers are likely to purchase in their area. Taking into account numerous parameters ranging from consumer decision characteristics like price affinity, brand inclination, and online penetration index to geo-specific factors such as local competition, supplier ecosystem, seasonal trends, among others, the retailers can develop intelligent models to create the 'customer choice matrix' to increase the probability of customers finding what they require.
The retailers can even use optimization algorithms to ensure that they play with category techniques to drive accurate revenue, margin, and traffic.