5 Ways New Tech Is Changing The Retail Industry

In today’s world, we all yearn for convenience, and that’s probably the reason more and more people choose shopping online than going to physical stores. The exciting nature of the online commerce market is definitely influencing entrepreneurs to take part in this.

However, for a business to thrive and be a step ahead of its competitors, it should stay focused on providing a unique experience of everyone.

Indeed, technology has impacted how customers and retailers interact with each other. It enables marketers to create their online brand image, as well as equity. To give you a better idea, here’s how new tech is changing the retail industry.

1. Behavioral Analytics

As mobile users become well included with online shopping, customer behavioral analytics, and web analytics are becoming the talk of the town. The majority of customers expect that online stores would offer them a wide range of options according to their liking and purchasing behavior.

Online business analytics provides rich data that talks about the trends of customers. This can be very useful for retailers as it would allow them to continually improve supply chain, marketing, merchandising, advertising, and many more.

Aside from that, behavioral analytics also work great in monitoring the shopper’s activity and buying history, as well as their actions with other customers.

This gives them the right amount of information that online marketers can use. For retailers, this data allows them to evaluate and suggest useful products and services to their target audience.

2. Better Pricing Strategies

Ask any expert, and they would tell you that the online market is highly sensitive to its price and competitive. What does it entail? If they want to stay on top, they must come up with a pricing strategy where they will significantly benefit.

The dynamic pricing strategy has been proven to be a very practical solution that’s utilized by e-retailers to price the products and services accordingly. These can be changed based on supply and demand. In simpler terms, it’s more of a negotiable evaluation strategy that allows retailers to change the pricing of their commodities according to various factors– both internal and external.

Furthermore, when a retailer spots a fast-moving product, then he will have the chance to increase its price if he wants to avoid the whole decrease of stocks. Likewise, when a firm’s sales targets are a little high, then he would have the option to promote sales by offering discounts on how products.

Dynamic pricing can also be advantageous as it would allow firms to check how their competitors are pricing the items. This would let them make sound decisions later.

For example, in case that the competitor’s stocks are low, then the firm could either increase the price to earn more profits. What’s worth noting is that real-time price changes could have a significant impact on e-commerce.

3. Smartphone Shopping Is Being Promoted

According to market research, it has been revealed that more than 86 million Americans use their smartphones for online shopping. This study showed that four out of five smartphone users conduct research on products and services before making a purchase to ensure that they would only get the best deal.

For that, smartphones have turned into a default screen when we talk about brand engagement as well as e-commerce transactions. That’s why it’s very crucial for marketers to maintain a good online reputation and offer fair pricing strategies for everything.

Also, to promote better business growth, marketers should work hard and make the experience more enjoyable and fun. This is where JD Edwards could help. They offer various software made explicitly for this purpose.

4. Artificial Intelligence

A study made by Gartner revealed that in the year 2020, more than 85{b96076133fe2223c8d05470fe9428b3312879515b4c32f98bade61cbd4879fe1} of customer interactions would be through AI. Due to its experience in providing a customized experience, retailers are starting to utilize AI to be above the competition. This is where chatbots become very handy as they are capable of stimulating conversations with online customers.

Likewise, AI is also being utilized to handle and manage customer data, and this allows the business owners to have a better idea of customer’s buying behavior. Through this, they could avoid fraudulent transactions and know how customers will react. This allows online retailers to automate their business further.

5. High Supply Chain Efficiency

Since the present-day customer has a “buy-now” mindset, they expect that everything would be faultless. With the supply chain, this can be achieved, because it entails cross-functional direct delivery to stores, and so on.