About Retail
Retailing in the globalised world business arena is an exciting landscape, with internet bringing in a vast array of opportunities. The core shopping behaviors, among large sections of the populations, are changing in the most fundamental ways.
The brands they prefer, the stores they gravitate to, the products they are attracted to, the time spent in shopping, and the very reason of shopping has undergone major transformations. There has been an increase in the purchasing capacity across demographics, along with an increase in aspiration to match.
In today’s world of instant gratification, most people are attracted to items that they desire, or have a special bond with, or drastically enhances their quality of life. Brand loyalty is stronger in this new order of world, and each brand that successfully connects to its clientele base is the winner in the game.
Most retailers today are looking for experiences. And, these experiences are an important part in the schemes to bring people to the stores — an essential factor in the world of online shopping. For most retailers, the key lies in engaging customers in a meaningful way. Thus, building a strong relationship between the retailer and customer, that transforms into brand loyalty.
The Role of Mobile Applications
Mobile applications have altered the retail industry completely. Retailers are now using mobile applications in ways that go beyond simply selling their products. Mobile applications have become means of direct communication between the retailers and potential customer bases.
Push notifications, constant engagements and dedicated offers for mobile application users are major tools in the arsenal of retailers promoting their products through mobile applications. Mobile shoppers are becoming increasingly important to retailers. Mobile applications are giving players of the retail industry the opportunity to reach out to customers who are well beyond their immediate geographical regional boundaries. Retail industry is growingly becoming a level playing field following the integration of mobile applications in the business. In today’s time and age, every retailer — even the smallest of the retail industry — can extend their horizon by appealing to customers who would have been out of their reach if they were using traditional ways.
The Role of AI
Artificial Intelligence, or AI, is being applied in many sectors of the retail industry. The possibilities and opportunities of using artificial intelligence in the retail industry are limitless. The most important impact of artificial intelligence on the retail industry is the ease of conducting targeted marketing campaigns. Most retail companies have a huge database of customer information that is not always used to its best potential. These databases usually contain the preferences of customers, their expectations, their complaints and their experience with the retailer. By introducing artificial intelligence powered technologies, these databases can be utilised to create curated experiences for users of the mobile applications introduced by the retail company. Web shops can be tailored to match the preferences of the users, resulting into a higher rate of conversion from potential customers to brand loyalists. Artificial intelligence techniques can be essential in reducing the number of errors by retail employees.
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