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Next Generation In Retail Technology (1)

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Small and large businesses need to know that there are solutions available right now that can help bridge the gap enabling to drive next-generation retail analytics to help with the customer experience and driving real-time merchandising decisions. – PowerPoint PPT presentation

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Date added: 12 August 2020
Slides: 12
Provided by: groupfio
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Title: Next Generation In Retail Technology (1)


1
Next Generation In Retail Technology
  • How Analytics and Digital Will Drive
    Next-Generation Retail Merchandising

2
  • Real-time customer experience (CX) is happening,
    with or without you. To keep up retailers must
    increase their reach and impact by moving toward
    innovated, customer-focused technologies like IoT
    networking, artificial intelligence, and 5G
    deployment for higher bandwidth and faster input.
    This is all to keep pace with customer experience
    (CX) in real-time or as near real-time as
    possible. A large part of keeping pace with
    customers is through tracking and understanding
    the behavior of your customers via analytics. Now
    more than ever that data is crucial for
    businesses to provide a better customer
    experience.

3
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4
  • In addition to the need to provide better CX,
    other aspects of Retail are being impacted like
    the merchandising function and shorter product
    life cycles. Established brick and mortar
    expansion pathways are drying up, and newer
    models of growth, such as online localized
    assortment, and expansion into global markets,
    are more aggressive than ever. This polarized the
    need for businesses to understand their customers
    in relation to their products, services, and B2C
    relationships.

5
  • Users are constantly on the go and need systems
    that adapt to their face-paced lifestyles. This
    means merchants must deliver a more
    interconnected shopping experience to better suit
    the customer. This can be accomplished by quickly
    getting the right products to customers at
    precisely the right time. Merchants are
    reorganizing via vertical integration to have
    cross-functional departments and third-party
    partnerships working together to expedite supply
    chain systems. These changes have enabled
    merchants to become nimble and more adaptive to
    consumer trends while they pursue the objective
    of offering seamless, Omnichannel customer
    experience.

6
  • Businesses can no longer afford to have decisions
    to come from instinct. Analytics is helping to
    inform and open new areas of growth. What was
    successful in the past is now a poor predictor of
    the future. Retailers are employing technologies
    that can make forward-looking predictions.
    Prescriptive analytics is no longer considered
    advanced but are quickly becoming the table
    stakes just to stay in the game.

7
  • As we continue to learn about our customers, we
    provide ourselves a unique opportunity to grow
    our strategies into more forward-thinking
    initiatives with prescriptive analytics. We can
    take steps to predict the outcome of customer
    behavior and journeys centered around specific
    products or services, thus giving a business the
    advantage of developing multiple new avenues for
    any business process, application, and even sales
    strategies in an effort to accelerate the results
    or desired outcomes.

8
Retailers Are Personalizing the Shopping
Experience
  • A recent Forrester Research Report revealed some
    interesting insights. Consumers are willing to
    share data with brands.
  • 63 of US consumers say theyd share more
    information with a company that offers a great
    experience.
  • 91 of consumers are more likely to shop with
    brands who recognize, remember, and provide
    relevant offers and recommendations.
  • o Customers like to feel that their shopping
    experience is being tailored to their needs. Its
    not a surprise that nine of ten people prefer
    relevant recommendations for products that might
    interest them.

9
  • Another interesting data point is that according
    to research from the SDP Group, 37 of shoppers
    came back when they clicked on a personalized
    recommendation during their first, compared to
    only 19 of shoppers who didnt.
  • How Will Artificial Intelligence Impact Retail?
  • AI is the computing powerhouse that is driving
    the personalized shopping experience revolution.
    There are exciting initiatives impacting retail
    because of artificial intelligence and machine
    learning.

10
  • Dynamic Price Adjusting
  • AI is great at sorting through tremendous amounts
    of data to uncover trends and predict outcomes.
    Computers utilize analytics to enable faster and
    more automated price adjustments by accelerating
    calculations. Combining Price Optimization with
    Demand
  • Forecasting and AI the outcome is an accumulation
    of intelligence that keeps improving over time.

11
  • Artificial Intelligence can rapidly analyze
    historical sales data, factors in previous
    promotions, and sales figures for similar product
    categories. The compiled data is used to predict
    the optimal price point for a product. This is a
    dynamic process and prices can be tweaked and
    adjusted as new information becomes available.
  • Price optimization is not limited to physical
    products either. The hospitality industry uses it
    as well. For example, Airbnb automatically
    adjusts prices upward when demand is high and the
    airline industry has been AI-driven pricing for
    some time. Read more about Next Generation In
    Retail Technology visit https//www.groupfio.co
    m/next-generation-in-retail-technology/
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