The Economic Times Great India Retail Summit (GIRS) 2024 – India’s largest retail intelligence event – is being held at The Westin Mumbai Powai Lake, India on 15th & 16th February 2024. This exceptional two-day live event is poised to reshape the course of the Indian retail landscape. Bringing together leaders from every corner of the retail world, this conference and summit is a gathering of ambitions, innovations, and forward-thinking. With representation from diverse sectors, including FMCG giants, retailers, e-commerce leaders, D2C pioneers, policymakers, industrialists, industry experts, and technology solution providers, it promises an unmatched exchange of ideas.
ETP is the Omni-channel Technology Partner at #ETGIRS2024.
ETP Group is a leading Retail Software Solutions company with a 35 year track record of delivering top-of-the line retail technology products across 24 countries in Asia Pacific. ETP’s strength lies in its ability to provide robust and innovative retail solutions built with the latest technology, architecture and design. ETP V5 includes omni-channel modules like POS, CRM, Promotions, and Analytics so you can drive more traffic to stores, have a higher fulfilment percentage, and gain customer loyalty.
The “Great India Retail Summit 2024 (ETGIRS)” stands ready to script a new chapter in the annals of commerce. Prepare to embark on a journey where aspirations meet action, where innovations shape industries, and where the future of retail is not just imagined – it’s realized.
Do meet the ETP team at the ET Great India Retail Summit & Awards 2024 to know more about how ETP can help you in elevating your retail performance and e-commerce business. Connect with us to gain insights on how to kick-off your journey to creating amazing customer experiences!
Omni Channel CRM is a strategy that uses multiple ways to talk to customers and give them a smooth and consistent experience. This way of doing business is becoming more common as customers expect to be able to speak to companies in various ways, such as through social media, email, the phone, and in person. This blog will discuss how to make an Omni Channel CRM strategy work for your business.
For a business to have an excellent omni-channel CRM strategy, it must combine different channels, like email, social media, website, phone, chat, and face-to-face interactions, into a single platform. This integration gives businesses a fuller picture of the customer journey and makes meeting customer needs and preferences easier.
Understand Your Customers
The first step in using an Omni Channel CRM strategy is to know your customers. This means collecting information about their likes, dislikes, and communication methods. You can get this information from surveys, customer feedback, and keeping an eye on social media. By getting to know your customers, you can ensure that your Omni Channel CRM strategy fits their needs and wants.
Choose the Right Channels
Once you know more about your customers, you can choose the channels that will help them the most. This could be done through social media like Facebook, Instagram, and Twitter, as well as through email, phone, and face-to-face meetings. When choosing your channels, you must consider your target audience, products or services, and business goals.
Develop a Unified Customer Profile
You must create a single profile for each customer to have an effective Omni-Channel CRM strategy. This means putting together information about a customer from different channels into a single view of the customer. Doing this lets you learn more about their tastes, habits, and how they interact with your brand. This can help you send your customers more personalized and relevant messages and improve their overall experience.
Integrate Your Systems
To get a single profile of each customer, you need to connect your systems. This could include your CRM, marketing automation platform, social media monitoring tools, and other customer-facing techniques. By clicking your systems, you can ensure that customer information is the same across all channels and that everyone on your team has a full picture of the customer.
Train Your Team
You need to train your team if you want your Omni Channel CRM strategy to work. This means teaching them how important Omni Channel CRM is, how to use the tools and technology needed to implement it, and how to give customers a consistent and smooth experience across all channels. By spending money on training, you can ensure your team has the skills and knowledge they need to give customers a great experience.
To have a successful Omni channel CRM strategy, you must know your customers’ buying habits, patterns, and frequency, choose the proper channels, create a unified customer profile, integrate your systems, and train your team. By taking these steps, you can give your customers a smooth and consistent experience across all channels, increase customer satisfaction and loyalty, and, in the end, grow your business.
The retail industry is constantly changing, and to stay competitive, stores need to keep up with what customers want. With the rise of online shopping, people have become more used to shopping in a way that is convenient and tailored to their needs. So, retailers are turning to retail software to help them meet these expectations and improve the shopping experience for customers.
What is Retail Software?
Retail softwareis a type of business management software that is made for running a store. It has several applications and tools that help retailers manage their business processes, such as inventory management, point of sale (POS), customer relationship management (CRM), and e-commerce.
How Can Retail Software Improve Customer Experience?
One of the best things about retail software is that it lets stores make their customers’ shopping experiences more enjoyable. Retailers can make targeted marketing campaigns and personalize promotions and offers by looking at customer data and how they shop. This can make customers feel more substantial and more loyal to the brand. For example, a store might use information about a customer’s past purchases to suggest products the customer is likely to be interested in.
Speed and Convenience
Retail software can also help stores make shopping for customers faster and more convenient. For example, a POS system can help stores reduce the time it takes to check out, making shopping more enjoyable for customers. E-commerce platforms can also make it easy for customers to shop from anywhere and anytime without going to a store.
Retail software can also help stores better keep track of their stock. By tracking and analyzing their stock in real-time, retailers can ensure they always have the products their customers want. This can make shopping better for customers and help stores avoid running out of stock or having too much of it. For example, a store might use software to look at sales data and predict future demand, ensuring they have the right stock.
Omni Channel Retailing
Retail software can also help stores do shopping across multiple channels as smoothly as possible. With e-commerce and mobile shopping becoming more popular, retailers need to be able to offer the same shopping experience across all channels. This can be done with the help of retail software, which gives a single view of inventory and customer data across all channels. For example, a customer might start shopping on a store’s website, add items to their cart, and finish their in-store purchase.
Retail software can also be used to look at customer data to learn more about how customers act and what they like. Retailers can learn more about their customers and make their products fit them better by looking at past purchases, browsing habits, and social media activity. For example, a store might use software to determine which products are most popular with their customers and then change their stock to match.
Retail software can improve the customer experience in several ways, including personalization, speed and convenience, inventory management, omnichannel retailing, and data analysis. Retailers who buy and use retail software well are more likely to meet their customers’ needs and build long-term relationships with them. As the retail industry changes, the stores that embrace technology and use it to their advantage will do their best.
Omni-channel retailing is becoming increasingly significant in the retail business as people look for more flexible and easy purchasing methods. With the development of e-commerce, companies must make sure that buying across all channels is the same. Technology is critical to improving omnichannel commerce because it lets merchants collect and analyze data from all channels, customize the shopping experience, and provide new services to consumers.
Customer Relationship Management (CRM) System
A customer relationship management (CRM) system is one of the important ways to improve Omni channel retailing. This lets businesses keep track of how customers connect with them across all channels, such as social media, email, and visits to the shop. By doing this, businesses may learn how customers act, what they like, and what they require. This information may then be utilized to make targeted marketing campaigns, product suggestions, and customer support.
Robust Inventory Management System
A robust inventory management system is another critical technology for Omni channel retailing. This lets businesses maintain track of stock levels across all channels, preventing stockouts and ensuring consumers can find what they’re searching for. It also enables stores to provide services like “click-and-collect,” where consumers can buy things online and pick them up in-store.
AI and machine learning
In addition to these technologies, retailers are leveraging artificial intelligence (AI) and machine learning more and more to improve the omni-channel experience. For example, AI-powered chatbots may help consumers locate items and answer queries quickly, and machine-learning algorithms can look at customer data to uncover patterns and offer suggestions.
The Benefits of Enhancing Omni Channel Retailing with Technology
By using technology to improve Omni channel commerce, stores may get a lot of advantages. First, they can enhance the consumer experience by making individualized suggestions, delivering quick and accessible services, and making buying across all channels as smooth as possible. This may make customers more loyal and improve their worth in their lives.
Businesses may learn a lot about how customers act, what they like, and what they need by collecting and evaluating data from all channels. This may help them see patterns and better judge what products to sell, how much to charge, and how to advertise them.
Technology lets merchants provide new services and business models that need to be more feasible. Retailers may offer subscription services, virtual try-on, and mobile payments in-store, among other things.
The Future of Omni Channel Retailing
As technology improves, we expect to see even more creative ways to improve the Omni channel experience and help the retail business expand. For instance, augmented reality (AR) and virtual reality (VR) technology might create immersive in-store experiences that blur the barrier between online and offline buying.
In addition, using block chain technology might clarify the supply chain and cut down on fraud in the retail sector. Merchants can ensure everyone can access the same information by keeping track of transactions in a shared ledger. This can cut down on disagreements and delays in the supply chain.
Technology has changed Omni channel retailing, allowing stores to provide consumers with a seamless and customized experience across all channels. By using technologies like CRM systems, inventory management systems, AI, machine learning, and mobile technology, retailers may enhance the customer experience, obtain necessary information, and provide new services and business models. We should expect to see much more as technology keeps getting better.
Today’s retail environment requires mobility to succeed. Retailers must fulfil the expectations of their customers, who want the freedom to buy whenever and however they like. Retailers may empower their staff members and enhance customer experience using mobile POS software.
The Following Are Some Advantages Of Utilising Mobile Pos Software:
By enabling staff to accept payments anywhere in the business, mobile POS software can aid companies in boosting sales. This can free up cashiers at the front of the business to concentrate on serving customers. Retailers who want to track sales data in real time and make educated decisions regarding inventory and promotions can benefit from mobile POS software.
Improved customer experience:
Mobile POS software can help retailers improve the customer experience by providing a more personalised shopping experience. Employees can use mobile POS software to look up product information, recommend products, and process payments. This can help customers feel more valued and appreciated.
Mobile POS software can help retailers lower costs by eliminating the need for traditional cash registers. Mobile POS software can also help retailers save money on labor costs by allowing employees to work from anywhere in the store.
Mobile POS software is a great option if you’re looking for a way to empower your employees and improve the customer experience. Many different mobile POS software solutions are available, so you can find one that fulfils your specific needs.
Choosing the Best Mobile POS Software to Use
A mobile point of sale (POS) software solution is crucial for businesses trying to optimise their operations and improve the customer experience in today’s hectic retail climate. With so many options available, it’s crucial for shops to carefully evaluate a few things before choosing the best mobile POS software for their unique requirements. The following are important things to bear in mind:
Store Size and Layout:
The kind of mobile POS software you should select depends a lot on the size and layout of your store. Consider whether you operate a tiny boutique, a sizable retail space, or a pop-up store. In order to accommodate the necessary checkout points and meet the layout of your store, a mobile POS software system should be scaleable and adaptable.
Different companies offer a range of goods, from groceries and electronics to apparel and accessories. Make sure the mobile POS software you use can handle the exact products you offer. It should manage variants like sizes and colours and various pricing structures and effectively track inventories.
It’s critical to pick a simple mobile POS software solution to link with other retail systems to streamline operations and get a comprehensive view of your organisation. Real-time inventory tracking and automatic product replenishment are made possible by integration with inventory management software. You may track consumer information and deliver individualised experiences by integrating with customer relationship management (CRM) software.
Ease of Use:
A user-friendly interface is essential when choosing a mobile POS software solution. Your staff members should be able to learn the system quickly and do jobs effectively. Look for layouts that can be customised, easy-to-use functions, and intuitive navigation. The programme should have a low learning curve to reduce training time and ensure efficient operations even during peak usage.
Updates and Support:
Take into account the degree of support offered by the programme manufacturer. Do they provide technical support and troubleshooting? Do they provide frequent updates to fix any bugs or security flaws? Strong customer service guarantees that any problems may be fixed quickly, minimising inconveniences to your business.
Choosing the best mobile POS software necessitates carefully taking into account variables, including the store size, product types, employee management, budget, integration capabilities, the convenience of use, and support. Increase operational effectiveness, enhance customer experiences, and spur growth in your retail business by weighing these variables and choosing a solution that matches your unique business needs.
ETP Mobile POS software is a valuable tool that can aid merchants in enhancing productivity, customer satisfaction, and sales. Retailers may empower their staff members and give consumers a smooth and convenient shopping experience.
Retail is rapidly evolving, and customers are seeking seamless and personalized shopping experiences across multiple channels. In response to this shift, retailers are adopting omni channel retail solutions to meet customer expectations and stay competitive. Omni channel retail solutions integrate online and offline channels, providing a unified and consistent shopping experience. This blog post explores the benefits and impact of omni channel retail solutions on transforming retail experiences.
Seamless Customer Journey:
Omni channel retail solutions enable retailers to offer a seamless customer journey across various touchpoints. Customers can browse products online, make purchases through mobile apps, visit physical stores, or even utilize social media platforms for shopping. The integration of these channels ensures that customers can transition between different touchpoints effortlessly. For example, customers can start shopping online and complete in-store purchases or vice versa. This seamless experience enhances convenience and satisfaction, increasing customer loyalty and engagement.
Personalization and Customer Insights:
Omni channel retail solutions allow retailers to gather customer data from multiple channels, providing valuable insights for personalization. By analyzing customer behaviour, preferences, and purchase history, retailers can deliver targeted marketing messages, personalized recommendations, and customized promotions. This level of personalization creates a more tailored and engaging shopping experience for customers, increasing the likelihood of conversions and repeat business.
Inventory Visibility and Fulfillment:
One of the key advantages of omni channel retail solutions is the ability to provide real-time inventory visibility across channels. Customers can easily check product availability online and in-store, reducing the chances of disappointment due to out-of-stock items. Retailers can optimize inventory management and fulfilment processes, ensuring efficient order processing and delivery. For instance, customers can buy online and pick up their purchases in-store, providing a flexible and convenient option for shoppers.
Improved Customer Service:
Omni channel retail solutions enhance customer service by enabling seamless communication between customers and retailers. Customers can reach out for support through various channels like live chat, social media, or in-person assistance at physical stores. Retailers can respond promptly and provide consistent support of the channel the customer uses. This level of responsiveness and accessibility strengthens customer relationships and fosters trust in the brand.
Enhanced Brand Experience:
By embracing omni channel retail solutions, retailers can create a cohesive brand experience across all channels. Consistent branding, messaging, and visual identity create a unified perception of the brand in customers’ minds. Whether they interact with the brand through a website, social media, or a physical store, customers should have a consistent and recognizable experience. This consistency strengthens brand loyalty and helps retailers differentiate themselves in a competitive market.
Omni channel retail solutions provide retailers with valuable data and analytics that can drive strategic decision-making. By analyzing customer data, retailers can gain insights into customer preferences, market trends, and the performance of different channels. This data-driven approach allows retailers to make informed decisions regarding inventory management, marketing campaigns, pricing strategies, and channel optimization. Retailers can continually refine their operations and improve the overall customer experience based on data-driven insights.
Omni channel retail solutions have revolutionized the retail industry by providing a seamless, personalized, and consistent shopping experience across multiple channels. By integrating online and offline touchpoints, retailers can enhance customer satisfaction, build loyalty, and drive business growth. The benefits of omni channel retail solutions, such as seamless customer journeys, personalization, inventory visibility, improved customer service, enhanced brand experiences, and data-driven decision-making, are transforming how retailers engage with customers. Embracing omni channel retail solutions is essential for retailers to stay competitive in the evolving retail landscape.
To explore the range of omni channel retail solutions and learn how they can alter your business, visit ETP Group.
In the fast-paced world of retail, staying competitive requires efficient and streamlined operations. Traditional manual processes can be time-consuming, error-prone, and hinder growth. Fortunately, advanced retail software solutions have emerged to revolutionize the industry. This article explores the benefits of leveraging retail software to enhance various aspects of retail operations, from inventory management to customer relationship management, ultimately helping businesses thrive in today’s competitive marketplace.
Streamline Inventory Management:
Retail software offers robust inventory management capabilities that streamline the entire process. With real-time inventory tracking, businesses can avoid overstocking or stockouts, reducing costs and improving customer satisfaction. Advanced software can automate inventory replenishment, generate accurate demand forecasts, and integrate with suppliers’ systems for seamless stock ordering. With these features, businesses can optimize inventory levels, minimize carrying costs, and ensure products are always available for customers.
Improve Point of Sale (POS) Efficiency:
Efficient POS operations are crucial for providing a smooth and enjoyable shopping experience. Retail software solutions provide advanced POS functionalities that go beyond traditional cash registers. Modern POS systems are equipped with barcode scanning, integrated payment processing, and real-time inventory synchronization. These features enable faster transactions, reduce errors, and provide customers with accurate product information and pricing. By improving the efficiency of your POS operations, you can enhance customer satisfaction and boost sales.
Enhance Customer Relationship Management (CRM):
Retail software solutions offer robust CRM capabilities that help businesses build and maintain strong customer relationships. These solutions can centralize customer data, including purchase history, preferences, and contact information, allowing businesses to personalize their interactions. By leveraging CRM tools, businesses can create targeted marketing campaigns, implement loyalty programs, and deliver personalized promotions based on customer preferences. Effective CRM through retail software leads to improved customer satisfaction, increased loyalty, and higher customer lifetime value.
Optimize Supply Chain Management:
Managing a complex supply chain is a challenge for many retailers. Advanced retail software solutions provide comprehensive supply chain management capabilities, facilitating better coordination and visibility. These solutions automate and streamline key supply chain operations from procurement and vendor management to order fulfilment and logistics. By optimizing supply chain management, businesses can reduce costs, improve order accuracy, and enhance operational efficiency.
Utilize Business Intelligence and Analytics:
Data is a goldmine for retailers, and retail software solutions excel in providing robust business intelligence and analytics tools. These tools enable businesses to analyze sales data, customer behaviour, and market trends, empowering data-driven decision-making. By gaining actionable insights from retail software analytics, businesses can identify opportunities, optimize pricing strategies, identify top-performing products, and forecast demand accurately. Data-driven decision-making allows businesses to stay agile, make informed choices, and gain a competitive edge in the market.
Automate Back-Office Operations:
Administrative tasks such as payroll, accounting, and HR can be time-consuming and prone to errors if done manually. Retail software solutions automate these back-office operations, streamlining processes and reducing manual effort. By integrating with accounting software, payroll systems, and HR management tools, retail software can automate tasks like employee scheduling, payroll processing, and financial reporting. Automation frees up time for staff to focus on more strategic activities, improving efficiency and reducing costs.
Embrace Omnichannel Capabilities:
In today’s retail landscape, offering a seamless omnichannel experience is crucial. Advanced retail software solutions enable businesses to seamlessly integrate multiple sales channels, such as online stores, brick-and-mortar locations, and mobile apps. This integration allows customers to browse, purchase, and return products across channels, providing a consistent and convenient experience. Retail software solutions also enable unified inventory management, ensuring accurate stock visibility across all channels and minimizing the chances of stockouts or overselling.
In an era of fierce competition, leveraging advanced retail software solutions is essential for enhancing retail operations. By streamlining inventory management, improving POS efficiency, enhancing CRM capabilities, optimizing supply chain management, utilizing business intelligence and analytics, automating back-office operations, and embracing omnichannel capabilities, businesses can unlock new levels of operational efficiency, customer satisfaction, and profitability. Adapt to ETP retail software and take your business to new heights in today’s dynamic retail landscape.
In today’s highly competitive retail landscape, delivering seamless customer experiences across multiple channels is crucial for business success. With the rise of technology, omni channel retail software has become an invaluable tool for retailers. This powerful software enables businesses to integrate their various sales channels into a unified platform, such as online stores, physical stores, and mobile apps. In this blog, let’s look at the strategies to leverage the power of omni channel retail software and enhance customer experiences.
Understand Your Customers’ Journey:
To provide seamless experiences, it is vital to understand your customers’ journey across different channels. Omni channel retail software allows you to gather and analyze data from various touchpoints, providing valuable insights into customer preferences and behaviour. Comprehending how customers interact with your brand allows you to personalize their experiences and tailor your marketing efforts accordingly.
Integrate Inventory Management:
One of the key advantages of omni channel retail software is the ability to synchronize inventory across all channels. This integration ensures accurate stock levels, preventing a customer from placing an order only to find out that the item is out of stock. With real-time inventory visibility, you can offer customers the possibility to buy online and pick up in-store or vice versa, improving convenience and reducing the chances of lost sales.
Provide Consistent Product Information:
Consistency in product information is essential for building trust and providing exceptional customer experiences. With omni channel retail software, you can maintain a centralized product catalogue, ensuring that all channels display accurate and up-to-date information. Whether a customer is browsing your website, or mobile app, or visiting a physical store, they should have access to consistent details about your products, such as descriptions, pricing, and availability.
Enable Cross-Channel Communication:
Omni channel retail software enables seamless communication between different channels, allowing customers to switch between them without disruption. For instance, a customer can start an interaction on your website and continue it through a live chat on your mobile app. This cross-channel communication ensures that customers receive consistent and timely support, enhancing their overall experience with your brand.
Personalize Customer Experiences:
Personalization is a powerful tool for creating memorable customer experiences. Omni channel retail software can track customer preferences and purchase history, enabling you to offer personalized recommendations and promotions. By leveraging this data, you can tailor marketing campaigns to specific customer segments and deliver relevant content across all channels. Personalization enhances the customer experience, increases customer loyalty, and drives sales.
Implement a Unified Loyalty Program:
An effective loyalty program can significantly impact customer retention and engagement. With omni channel retail software, you can implement a unified loyalty program that rewards customers regardless of the channel they choose to shop from. This integration allows customers to earn and redeem points seamlessly, encouraging repeat purchases and fostering brand loyalty.
Embrace Mobile Technology:
Mobile devices have become an essential part of customers’ shopping journeys. Omni channel retail software provides mobile-friendly features such as mobile apps, mobile-responsive websites, and mobile payment options. By embracing mobile technology, you can engage customers on their preferred devices, offering a convenient and streamlined shopping experience.
In today’s omni channel retail landscape, leveraging the power of omni channel retail software is vital for delivering seamless customer experiences. By understanding your customers’ journey, integrating inventory management, providing consistent product information, enabling cross-channel communication, personalizing customer experiences, implementing a unified loyalty program, and embracing mobile technology, you can create a cohesive and exceptional shopping experience that drives customer satisfaction, loyalty, and business growth.
Embrace the power of ETP omni channel retail software and stay ahead in the competitive retail industry.
In the dynamic landscape of Southeast Asian grocery retailing, several emerging trends are shaping the industry and influencing the way consumers shop for their daily needs. These trends reflect changing consumer priorities, the evolving competitive environment, and the industry’s collective push for profitability, sustainability, and enhanced customer experiences. Here, we delve into these six critical trends that are redefining modern grocery retailing in Southeast Asia:
The ASEAN region offers substantial growth prospects for contemporary grocery retailers. With a population exceeding 600 million, yearly grocery expenditures reach $200 billion. Traditional trade still dominates, accounting for roughly two-thirds of these expenses, signifying untapped potential for the modern grocery sector to gain a larger market share. Anticipated overall consumer spending across ASEAN is projected to increase by approximately 5% in the coming year, contingent on global economic influences. Urban consumers, in particular, demonstrate a growing demand, transitioning their spending habits from fragmented to modern shopping channels. This shift is propelling significant growth in modern retail, with our analysis forecasting annual expansion rates of 6 to 7% until 2025. As a result, ASEAN stands out as one of the world’s swiftest-growing and most promising regions for contemporary grocers. (see image below)
The penetration of modern retail tends to follow growth in GDP per capita, with wide variations across Southeast Asia.
1 Retail sales value, including sales tax.
2 The Log10 (or common logarithm) is used to simplify the scale for countries with large differences in GDP per capita. For example, log10 of 3 is 1,000; log10 of 4 is 10,000; and log10 of 5 is 10,000.
In the fast-paced world of grocery retailing, consumers are influenced by several key priorities. These include:
Consumers are becoming more value-conscious. They seek quality products at reasonable prices. Grocery retailers that offer competitive pricing, promotions, and loyalty programs are gaining a competitive edge.
Healthy Nutrition: There’s a growing awareness of the importance of healthy eating. Consumers are looking for fresh, organic, and locally-sourced products. Retailers are responding by expanding their offerings of fresh and nutritious products.
Willingness to Purchase Food Online: The convenience of online grocery shopping has gained popularity. Retailers are investing in robust e-commerce platforms, ensuring a seamless online shopping experience.
2. Fierce Competition from Ecosystem Players
The grocery retail sector in Southeast Asia faces fierce competition from ecosystem players, including digital giants and online marketplaces. These competitors have an advantage in terms of data on consumer behaviour and can attract and retain consumers by creating exceptional shopping experiences. The pressure on traditional fresh food offerings is particularly palpable as digital players expand their influence. Grocery retailers are responding by leveraging data-driven insights and investing in technologies that enhance the consumer experience. Solutions like ETP V5 are pivotal in staying competitive and relevant in this ecosystem.
Table 1: Advantages of Ecosystem Players in Grocery Retail
Impact on Grocery Retailers
Data on Consumer Behaviour
Informed decision-making for targeted offerings
Creating Exceptional Customer Experiences
Enhanced customer loyalty and satisfaction
Pressuring Fresh Offerings
Traditional grocery retailers innovate and compete more effectively
3. A Shift from Growth to Profitability
While grocery retailers have made impressive progress towards growth, breaking even and achieving profitability still remains a challenge. Grocery retailers are re-evaluating their strategies to find new sources of profitability. By embracing technology solutions like ETP V5, retailers can streamline operations, improve inventory management, and optimize the supply chain, leading to reduced costs and improved profitability. The shift from growth-focused expansion to a profit-centric approach is becoming imperative for long-term sustainability.
4. Reframe Your Playing Field to Embrace Consumer Tech
To stay relevant, grocery retailers are adopting a consumer tech mindset. This approach involves converging into a “consumer tech” ecosystem and thinking like disruptors. It empowers them to focus on providing the best consumer experiences, from seamless online shopping to in-store innovation. By embracing technology, grocery retailers can enhance customer interactions, boost loyalty, and reimagine their roles in the lives of consumers.
5. Competing Demands on Omni-channel
Omni-channel retailing is no longer a novelty but a necessity in the grocery sector. The surge in e-commerce penetration has increased the gross merchandise value and amplified user acquisition and retention. Retailers are navigating the competing demands of this complex ecosystem by optimizing their online and offline channels, offering a convenient and consistent shopping experience to consumers regardless of their preferred platform.
Table 2: The Impact of E-commerce on Grocery Retail
Response from Grocery Retailers
Increased Gross Merchandise Value (GMV)
Expanding online product offerings
Growing User Acquisition and Retention
Enhancing customer loyalty programs
6. A Growing Emphasis on Sustainability
Sustainability is a significant theme in the grocery retailing landscape of Southeast Asia. Retailers are not only focusing on profit but also on pursuing profitable, sustainable, and inclusive growth. This includes initiatives to reduce food waste, source products responsibly, and decrease the environmental footprint of operations. Consumers are increasingly considering the social and environmental responsibility of retailers when making purchasing decisions, and businesses that align with these values are poised for success.
Wrapping up, the grocery retail landscape in Southeast Asia is rapidly evolving, driven by consumer preferences and technological advancements. Grocery retail is adapting to meet the changing consumer landscape and leveraging technology to enhance its operations, all while placing an increasing emphasis on sustainability and the consumer experience. By embracing these trends, grocery retailers can stay competitive, achieve profitability, and provide an innovative and sustainable shopping experience for their customers. With the right strategies and retail technology solutions like ETP V5, they can successfully secure their position in the modern grocery retailing landscape of Southeast Asia.
Raise your hand if you’d like to improve your retail store’s sales.
Whether you’re looking to build on the positive momentum or trying to fix a dip in sales, you’re in the right place.
We’ve curated a list of tried-and-true things they’ve done that had a measurable impact on their sales.
Let’s dive in!
Focus on the customer service
Prioritize your customers
Turn your store into a destination
Refresh your in-store displays
Reduce wait times
Generate more online awareness
Increase in-store foot traffic
Set up a customer loyalty program
Level up your staff training
Focus on upsells and cross-sells
1. Focus on the customer experience
Your employees are your store’s front line. They’re the ones interacting with customers, creating positive connections and actually selling your products, so it makes sense to invest in them. To get your staff to effectively drive in-store sales, it’s important to:
Hire passionate people: When a sales associate is passionate for the products they sell, it seeps into how they interact with customers and makes them more likely to create positive interactions.
Focus on the customer’s needs: While sales are certainly important, actively listening to customers is even more so. By listening to what the customer says, sales associates can identify their pain points and better find a way to solve them through the products they sell.
Emphasize the importance of personalized interactions: There’s no cookie-cutter way to work in sales. Actively listening to a customer’s wants and needs helps a sales associate find the product that’s right for them.
A retail store is a great touchpoint where you can engage with your customers directly and help them solve their problems. Offering great in-store customer service that simply can’t be replicated online is the key to more lifelong retail customers (and sales).
Make your customers your top priority. Which brings us to the next point…
2. Prioritize your customers
Being customer-centric is something that every retailer should aspire to be. It really comes down to understanding what your customers want and making their needs your top priority. That doesn’t just end at having the products they want in stock. It starts by making customers feel good.
If your sales associates treat the people that walk into your store like people, you’re heading in the right direction. Nobody likes being sold to, so enough with the pressure sales tactics. Just have a conversation with the customer, find out what they need and propose a few solutions that match their price point. If they like your service (and the product), they’ll come back.
If you don’t carry the product that your customer truly needs, don’t be afraid to recommend it to them anyway and tell them where they can buy it. They’ll appreciate the help and your sales associate will establish trust with the customer. When that customer comes back to your store, they’re far more likely to trust your sales associates as a result. Think long-term relationship-building, not short-term sales!
The most successful retailers are obsessed with their customers and making them happy. Are you?
3. Turn your store into a destination
Customers crave unique, creative and memorable in-store experiences. Not only does that include approachable, knowledgeable staff (that’s a given), it also means rethinking the way your store operates. People are so accustomed to the typical store setup: there are products, salespeople and a cash register—boring. Some companies have pioneered a new store format called experiential retail.
In a nutshell, what that means is that the store’s goal is more than just to sell products; it’s to create an immersive experience that focuses on customer engagement. And they achieve that with interactive product demos and fun activities that are related to the products they sell.
For example, a visionary mattress store has provided nap pods that people can rent for a 30-minute nap. They come fully-equipped with an original mattress, sheets, and pillows, along with a bathroom to freshen up after your nap. If people enjoy their nap, their perception of the brand’s products is positive and the probability that they will make a purchase and become brand evangelists is higher.
There’s science to back this up, too. When a person touches and interacts with a product, they’re more likely to develop an affinity for that product.
In an article published by Harvard Business Review, Lawrence Williams, a marketing professor at Leeds School of Business, says “Physically holding products can create a sense of psychological ownership, driving must-have purchase decisions. This idea may underlie the push to move inventory from display cases into customers’ hands, a trend seen in many electronics outlets such as the Apple Store.” Pretty cool, huh?
Experiential retail is blowing up and there are tons of ways you can apply the concept in your store. We teamed up with Cate Trotter, Founder of Insider Trends, to cover this topic in-depth—read her piece below!
4. Refresh your in-store merchandising
Assembling persuasive in-store merchandising is part art, part data.
You use data to pinpoint which products are typically bought together, and you use your creativity to make those products look irresistible.
Good in-store merchandising will have no clutter. The only things that your eyes are drawn to are their products. Displays that are too busy will just overwhelm your customers and make your store look cluttered and unkempt. The store planogram has to be well organized. Every product has its place. It’s easy for customers to find what they’re looking for faster, which contributes to a better overall shopping experience.
Related products are grouped together. Notice that pants and shirts from matching color palettes are next to one another. (Hint: if you want to see which of your products are typically bought together using ETP Omni-channel Analytics, just check out your Products Frequently Bought Together report.
Must-have, low-cost accessories are nearby. Odds are, if you’re buying stylish gym gear, you need a bag to carry it in, right? The store will therefore place their tote bags next to their gym gear for exactly that reason.
5. Reduce wait times
Long wait times to pay are a big turn-off for customers and can cripple your sales. Research shows that most customers will typically abandon a checkout line and leave a store after waiting just six to eight minutes before heading for the door. The best way to stop losing sales due to long checkout lineups? Eliminate them altogether.
Brick-and-mortar retailers need to “banish the wait in line, once and for all” to avoid losing sales. But how do you do that?
It starts with scheduling enough sales associates to serve customers quickly even during peak hours. In ETP Analytics, you can easily see when your peak business hours are in the Sales by Hour of Day report. Use that information to make sure you schedule enough workers to assure you’re promptly serving each customer.
Next, why not eliminate cash registers altogether?
Unlike traditional cash registers and in-premise point of sale (POS) systems, cloud-based POS systems and mobile POS systems enable sales associates to serve customers and ring up sales from anywhere in the store. Retail MPOS helps customers get in and out of your store as fast as possible, which is what most of them want anyway.
Ring up sales from anywhere – with ETP’s mPOS software – ETP Mobile Store, you can eliminate customer wait times and reduce lost sales, all while offering amazing service.
6. Generate more online awareness
‘Clicks and bricks’ isn’t just a catchy line; it’s literally how consumers shop now.
Last year, more than 80% of retail purchases were made by first using online search. Increasingly, people are researching what to buy and where to buy it online before ever setting foot in-store. When they get to the store, those multichannel shoppers spend an average of three times more than single-channel shoppers.
Of course, retailers should have an online presence, but that doesn’t just mean having a transactional website. Things like a Google My Business (GMB) profile, Facebook and Instagram are amazing tools to get discovered by more potential customers in your area.
With a little bit of work, you can make it easier for people to find your store online, research what products you offer and get directions. Your goal is to make it as easy as possible for customers to see that you have what they need.
Setting up a GMB profile and optimizing your Facebook and Instagram accounts for local online searches isn’t as hard as you may think.
7. Increase in-store foot traffic
What good is online awareness if nobody is actually visiting your brick-and-mortar store or buying online? It’s not worth very much.
Part of that is getting a transactional eCommerce store up and running; the other part is showing customers that your brick-and-mortar store has what customers are looking for.
There are several ways to incentivize customers who discover your store online to visit and make a purchase.
Organize in-store events. The benefit? If a customer is interested, they have to visit your store. Things like weekly clubs, workshops and hands-on events are a great way to build a community and generate more visits.
Run exclusive in-store offers. Nobody likes passing up a great deal. Try offering a free giveaway for in-store purchases, or featuring certain items available exclusively in-store.
Show inventory levels online. People are more likely to visit your store if they know you have what they’re looking for. With ETP Omni-channel Inventory Management solutions, you can show your brick-and-mortar inventory levels online in real-time at the click of a button.
Offer free in-store pickup. This option benefits both you and your customers. For them, they can avoid paying for shipping, while you save on shipping costs.
8. Set up a loyalty program
A loyalty program incentivizes customers to purchase more to unlock personalized rewards. It’s a super accessible way to increase customer lifetime value while rewarding your customer’s loyalty to your business. When customers can use their loyalty program points to discount future purchases, you can bet they’re going to take advantage.
9. Don’t treat product returns like a loss
Returns happen, and when they do, customers should get the same great service as when they bought the item. Put yourself in their shoes. The product didn’t work out; they’re disappointed, too.
Treat each return like a sale and serve them willingly and with a smile. It makes the customer feel like they’re valued for more than just their hard-earned money, which creates an emotional sense of loyalty.
If they appreciate your service, they’re more likely to make another purchase at your store. Make the process quick and painless, and most important of all: treat your customers with positive intent.
Of course, there are serial-returners out there who will try to take advantage, but a loyal customer base that consistently shops at your store because of great service more than makes up for that minority.
10. Focus on upsells and cross-sells
Upsells and cross-sales can add up; have you considered making them a part of your sales strategy? When done wrong, it can make your sales associates (and your store’s reputation) look dodgy and self-serving. But when done right, it’s just flat-out great customer service.
With upselling, you should train sales associates to use the rule of three. Take the item that the customer was initially interested in (for example, a pair of running shoes) and show the customer three different models at three different price points (entry-level, mid-level and high-end). This is the best way to upsell since it shows the customer that you understand their needs. You want to show them everything that’s available so that they can make the most informed decision possible. You’re not pressuring them; you’re informing them.
With cross-selling, you should apply a similar approach: don’t try and sell a customer something they don’t actually need. Going back to the shoe example, an illustration of an authentic cross-sell would be educating the shoe shopper on the various types of running socks: from expensive compression socks and moisture-wicking ones to the generic cotton socks. Educate them on the differences between the three and let them choose what’s best for them.
With cross-selling, another important factor is “does this purchase make sense?” For shoes, socks are pretty much a given, but sometimes it can be tricky. The best way to find out if a customer needs anything else is to simply ask, “Could I help you with anything else today?” After all, a sales associate’s job is to facilitate the customer’s needs and offer solutions. Suggestive selling is the most authentic way to do that without coming across as an overly-pushy, selfish salesperson.
Summing up, hopefully you can use the above tips and tricks to increase retail sales. Ultimately, it comes down to prioritizing your customers and understanding that you’re in the business of serving them.
From your staff to the systems you use to run your store, everything and everyone’s job should be to create more “wow” moments and earn their trust; the sales will naturally follow.
Want to create an efficient in-store experience that your customers will love? Talk to one of our retail experts today to see how ETP V5 can help!