When you think about tech and retail, the first thing which comes to mind is online shopping and e-commerce. And while there is a lot to be said about online shopping, there is a new tech revolution to improve customer interaction on and offline.
Customer experience and communication
Customers are sharing more data than ever before. The fear of signing up online for fear of how data was being used is no longer a barrier to sale. In some respects, the retail market is experiencing the opposite effect. Customers' expectations of how their data is used have changed dramatically.
80% of consumers are more likely to buy from a company that provides a tailored experience. The need to prioritise data functions goes beyond operations and processes but can actively help increase revenue by delivering personalised communication based on customer habits and interactions with a brand.
AI can be used for more than customer personalisation.
AI is an innovation which is revolutionising the retail industry. AI is often considered a chatbot on websites, but its application within the sector stretches further. AI is used to help forecast, understand product demand, and drive pricing and stock decisions. The use of AI in the retail industry is set to grow by 23% by 2030.
In-store the demand for tech to support the customer in-store experience has increased. 71% of customers prefer self-checkouts, leading to another wave in shopping preferences. Scan and go was famously done with the Amazon store, but this isn't a stunt. 59% of retailers are looking to offer scan-and-go within their stores. Creating more ways for customers to shop in-store creates personalised experiences that get people in-store and builds brand loyalty.
4 out of 5 customers are willing to give more data to retailers if it improves customer experience. With digital advancements being used online, in-store and as part of operations, having the in-house skill to manage and utilise big data is critical.
Tech Skills shortage can affect the industry.
The lack of technical ability is not exclusive to the retail industry. The ability to hire the talent needed to progress a business takes time and effort. 75% of employers have reported difficulties hiring tech staff into their companies – a 16-year high.
With emerging technologies demonstrating multiple applications, it is understandable that almost a quarter of businesses are making technology decisions to improve customer experience. For companies to stay ahead, finding great talent that can utilise tech innovation are the one who are more likely to grow.