How to prepare for the 5 most critical trends that digitalize retail?
After defining the 5 most critical digital retail trends here, we sorted out tips on how to get prepared for them.
Adopting the omnichannel DNA
In the age of connected devices, omnichannel become a standard in digital retail. Our main interest here is how to use this trend for our benefit. So, what can we do to prepare for an omnichannel experience, regardless of the category?
To get ready: Firstly, get to know your consumers in a data-driven way. In this manner, there are some steps to follow up: interiorize deep retailing and get to know your customers better; strengthen your data collection, analysis tools and human resources accordingly. Secondly, increase corporate maturity in your technology infrastructure and customer processes. Clarify your omnichannel strategy and define criteria for measurement. Apply your strategy to departments and employees according to your measurement criteria. Make sure that employees in all departments know the meaning and importance of your omnichannel strategy.
Are you ready for the one step ahead of personalization?
Today, there is an undeniable reality that customers want a personalized shopping experience. How can we manage this with ease?
To get ready: First things first, prioritize personal data protection and be in line with GDPR. Being trustworthy is the key to maintaining reputation. Secondly, build a customer-oriented organizational structure. Make sure that a customer-oriented approach is interiorized within the organization while using artificial intelligence tools to collect customer data.
Introduce social commerce
Social media and e-commerce provide companies with a vehicle to simplify the purchasing process and make use of social media advertisement for their brands. 55% of the global online population is influenced by social media but the main goal is to stand out among this huge data.
To get ready: Try out different social media channel shopping features by creating high quality content and organising campaigns for social media. Do not forget to collaborate with influencers: measure their impact by segment and be creative in your campaigns.
Choose your side on Marketplace vs Brand Competition
The competition between brands’ online stores and marketplaces are inevitable. Their impacts on each other must be closely monitored, as the stronger one might have a very negative impact on the other. Would marketplaces affect the brand positively or negatively? The answer is clear, they do not create an adverse affect when implementing the right strategy.
To get ready: Find the right answers to these questions according to your brand: Should we invest in our online channels or in marketplaces? It depends on your brand DNA. If we choose to enter marketplaces, should we be selective or should we reach as many customers as possible by entering them all? You should definitely be selective.
The actions you will take here should not lose the perspective of co-opetition.
App-commerce: Yes or no
Retail apps are one of the four most commonly used applications on users’ devices today. Data for the first half of 2019 shows that smartphone users mostly use mobile apps for purchases.
The most important thing you can do today is to take the necessary steps to achieve infrastructural maturity. One of the main reasons why mobile applications create such a difference is that they offer personalization. Personalization drives the success of applications and creates a tangible difference.
To get ready: Should we invest in app-commerce? While making this decision, you have to consider three factors: Frequency of use, brand loyalty, and if your brand can produce meaningful content for the app. If you can, invest in it. You can create a much better interaction with the data you will collect, such as location and app usage hours. Better interaction means creating better leads and increasing conversion rates.