Retail businesses though are faced with increased competition and a slowdown in the economy, at the same time are now equipped with better systems powered by mobility, analytics and the cloud to deliver customers with personalized experiences and improved operational efficiency for the stores. Especially mobility has made a major impact on the overall store experience and the supply chain side of the retail businesses.
Retail customers are equipped with smart phones and can compare prices & features while in store. This can be used as an advantage by the retailers by providing consumers with location based advertisements. These devices can also be used to improve the in-store experience and improve the per basket volumes from the customers. This is the only way you can measure and influence the decisions made by retail customers.
More and more retailers are utilizing mobility to determine the number of customers walking in and their interactions with different products in the store. Location based services aided by mobility help drive revenues through promotional drives, superior in-store experiences and ultimately a better understanding of the customer reactions and needs. All of this results in increased spends by the customers hence improving revenues.
Not only this but technology aided store associates can help customers make decisions easily by providing them with price comparisons, product reviews and product availability with the help of tablets and mobile devices supported by cloud based backbone. The store managers enabled with access to cloud based database on their devices can make instant decisions to limit shrinkage and improve sales numbers by offering customized promotional offers every few hours.
Retailers can effectively use emerging technologies like mobility and the cloud to greatly improve revenues and customer conversions. These technologies also help improve efficiencies when it comes to Supply chain management and procurement.