Retail is a tough business. While customers can find almost anything for the right price via internet shopping giants and get their items delivered in short order—they’re fickle. They won’t hesitate to quickly click over to your competitors if your site takes more than three seconds to load or is confusing to use—which makes customer conversion and retention difficult to achieve. Thanks to technology, wholesalers can scale down and sell direct. Real-time supply chains are enabling incredibly optimized operations. And mobile apps are reinvigorating bricks-and-mortar shopping by helping customers find the item they want in a store rather than waiting for delivery.
This all adds up to more intense competition and shrinking margins. Staying competitive and relevant means providing a compelling, integrated, safe user experience in store, online, via mobile, and at the POS. Which often means undergoing an enterprise-wide digital transformation.
Successful companies are winning and keeping customers by creating the perfect storm of attractive prices, convenience, quick service, instant gratification, and a seamless, personalized journey across all touch points. And by building an effective supply chain strategy to handle the rise of new retail technology around integrated POS, payment devices, RFID tags, warehouse systems, and augmented reality.
Easier said than done, right?