Remaining Relevant in the Evolving Retail Space
The retail experience has changed a lot over the last few of decades, and it is likely to change even more. Much has been driven by advancements in technology and the ensuing changes in consumer habit. For example, we no longer feel limited to what a store stocks on its shelves, the inventory of our local merchants are merely a jumping off point on the road to a new purchase.
However, while this has impacted the traditional retailer — the classic retail experience is not vanishing entirely. There will continue to be a place for it; however, retailers must adapt and learn how they can leverage new technologies to keep up with the demands of the market.
In many cases, this means creating an omnichannel retail experience, which does not limit a retail experience to a physical store, completely separate from its online store. An omnichannel experience occurs seamlessly and one channel blends into the other. TechReublic reported that these experiences perform best when they are driven by the consumer, based on what they want to experience. This becomes even more powerful when the consumer doesn’t even need to ask for it, but when the offerings and experience automatically adjust to the tastes and preferences of the consumer. Leveraging big data and mobile are two key tools that can make this possible.
There are a lot of companies trying to figure out what works best for them and their customers. Big retailers such as Walmart, which released Walmart Pay to allow shoppers to pay with their mobile phones is one of them. The organization is using the data they collect to drive retention initiatives, both online and offline. This works because it bridges the gap between what a consumer buys in store and online, allowing customized recommendations to be more accurate by combining all purchase data.
However, this needs to be approached carefully, because experiences need to fit within the context that they are in. Shopping in-store and paying via mobile phone should enhance the unique in-store experience.
With Cannapay and Glance pay (CSE:GET), this is a major aspect that we focused on. Adding value to an in-store experience by easing the payment process, offering rewards and displaying special offers in-app. And this isn’t limited to just one merchant — but is available for all merchants that participate in the ecosystem. This helps the consumer because it doesn’t limit them to a single restaurant or store, and helps the merchant by including them in the ecosystem and driving business and awareness to those most likely to be interested.
Factsweek.com reported that the market for big data analytics in retail is estimated to reach a $9.01 billion by the end of 2023.
Using a single rewards and payments platform among multiple merchants enables more complete and robust data on consumer preferences to be gathered that could foreseeably support network merchants in their own decision-making.
Harvard Business Review reported that there is a feeling that established firms are likely to be disrupted by startups by leveraging this kind of big data and AI effectively. This rings true to me, because an empowered, nimble organization that is able to adjust to new information quickly is best suited to adapt to the changing world that we live in. The better your data, the better decisions you can make and the better results you are likely to achieve.
