List of Factors to Build a Smart Retail Model

By: Retail CIO Outlook | Tuesday, September 01, 2020

In the report Retail Trends Playbook 2020, four significant pillars have been identified, which are essential factors for taking the experience of retail to the next level

Fremont, CA: Along with the data-intensive digital technology at the peak, the retailers are able to understand the need of the customers, design a smart supply chain, and encourage their employees to deliver highly encouraging in-store experience. All of these factors can be achieved by redesigning the existing business model, thereby highlighting the most admired products as well as services.

Great Attention to the Customer's Demands:

As per the report compiled by the U.S.- based PSKF, a media company, along with Microsoft, the retailers must focus on the customer's behavior by gathering data as much as possible to deliver the best shopping experience to its customers as per the promise of every retailer. it is vital to distinctly learn about the customer's preferences as well as the previous purchase to secure proactive marketing as well as tailored recommendations.

Empowering the Employees:

The customers usually think of personalized shopping experience, wherein they anticipate much more than the occasional emails. The customers long for a shopping experience that can be tailored to their needs in the offline store, similar to that of the online stores. In order to achieve this goal, retailers must empower their staff with proper knowledge regarding the products as well as the customer's choices.

Smart Supply Chain:

It is also identified that about 52 percent of the retailers across the globe struggle to connect the dots, which are defined by the data stored across various parts of the organizations. In order to get over this disparity, retailers have advised the cloud-based communication channel, which is powered by real-time data. A smart supply chain is capable of sharing information among the factories, stores, warehouses, and business partners. These factors must be put into consideration while developing a retail business to enhance the customer experience, thereby strengthening the growth of the retail sector in the coming years.

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