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Traditional retailers and small-time business owners are highly dependent on understanding the customer's needs and wants. They like to keep an eye on who walks into the store and how much time they spend in the store
FREMONT, CA: There is a common notion that e-commerce is here to upset traditional retail markets, and may soon overthrow the latter. On the contrary, studies show that e-commerce only accounted for 10.2 percent of the total U.S. retail sales at the close of Q1 2019. This emphasizes that online retail does not pose a significant threat to traditional retail. However, there is a lot more that conventional vendors can offer. By making use of the growing technology, vendors can attract more customers. The added advantage is that by leveraging technology, vendors can provide customers with improved customer experience, something online retailers will not be able to offer.
Leveraging In-Store Cameras
Traditional retailers and small-time business owners are highly dependent on understanding the customer's needs and wants. They like to keep an eye on who walks into the store and how much time they spend in the store. By identifying customer patterns and behavior, traditional vendors can understand the customer's tastes and preferences. Using this to their advantage, they can market the right product to the right customer.
Security cameras today are also bundled with technological features. Cameras are now capable of observing patterns in behavior, which can help with strategy formation and decision making. The high-quality output from the cameras also allows traditional vendors to notice customer expressions and reactions to different products. This gives the retailer more insights into customer behavior and an idea of the market trend as well.
Making the Most of Wifi Analytics
The internet is the most happening place of all, where you can pretty much find out all the details about a product or service. One might associate this with e-commerce retailers; however, traditional retailers can also draw benefits from Wifi Analytics. This can be done simply by providing Wifi service at your store. By analyzing the data collected from the mobile phones of the customers, retailers can gain access to large volumes of data that can give an idea about customer's choices, interests, and frequency of visits
By analyzing customer traffic preferences and patterns, retailers can maximize their in-store displays, strategic placement of sales representatives, and even develop personalized individual promotions. Another benefit of providing Wifi services is the amount of internet traffic created at the store. Retailers can leverage this to advertise their products or alert customers about offers and discounts.
The current retail market scenario is one that requires traditional retailers to adapt to change quickly. Leveraging technology is the only way brick and mortar retailers can remain competitive. The challenge is not only in competing with online retailers but also in staying ahead of the pack of traditional retailers. There are numerous challenges that traditional retailers need to overcome. At the same time, the opportunities for growth are also in many. By leveraging the right technology, traditional retailers can benefit hugely.
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