ETP Omni-channel CRM solution is integrated with the ETP Omni-channel Store Solution and it connects the business back-end operations with the supply and demand channels. This ensures the customer can peruse, pick, purchase, like, promote, review, search, seek information and provide feedback from anywhere at any time.Using the omni-channel retail CRM software, channel-based promotions can be developed, tracked and modified while capturing valuable customer feedback. It provides seamless visibility with a dedicated OMS engine to optimize customer order fulfilment. Customers are delighted with personalized offers and empowered with multiple retail channels, modes of payment and delivery options which further aid sales frequency.
Big data analytics is on a rising curve with organisations across industries realising the role that it plays in their business growth. The estimated worth of the big data market is all set to witness a substantial increase from US$ 46.34 billion at the end of the year 2018 to US$ 203 billion by 2020. This emphasises on the emergence of big data analytics and the subsequent change in the business landscape.
Letâs discuss the dominant trends in big data analytics :
Rising demand of big data frameworks
The demand for big data frameworks like Hadoop, NoSQL and Spark is expected to increase by about 32.9% annually. A Forrester Report mentions that approximately 60% enterprises are expected to have Hadoop clusters implemented by the end of 2018. This will accelerate big data processing, improving the accuracy of critical business decisions through real-time insights.
Data visualisation-integrated models
Data visualisation and data discovery will come to the forefront. There has been an apparent shift in the concept of data discovery from simply focussing on data analysis to offering deeper business insights. This will in turn empower enterprises to track and closely monitor visual patterns.
Big data analytics in the clouds
The volumes of data in the database of enterprises have been increasing in leaps and bounds. Despite constant efforts from data scientists to break down. Analysing such vast volumes of information has remained a growing challenge. With lack of sufficient manpower to make the best use of these data, it is time to upgrade and digitise their software systems to the clouds to simplify big data processing. This will help in interpreting the unexploited data, also referred to as âdark dataâ.
Streaming Analytics is transforming Big Data Analytics
While cloud software has been gaining popularity since quite a few years. Streaming analytics takes it one step forward by analysing data while it is still being created. This phenomenal big data analytics trend is re-defining the meaning of real-time data analytics. This also eliminates any scope of revisiting or replicating datasets, ensuring zero tolerance for delays in big data processing.
Evidently, the future lies with big data analytics. However, the big question is âWhat next?â. It will definitely be intriguing to wait and watch how big data analytics unfolds in the coming years and the dynamic role that it will play in interpreting extensive volumes of data.
Artificial Intelligence, abbreviated as AI, has been at the centre stage of business innovation since quite a few years now. It shows no signs of slowing down anytime soon. Instead, going by the recent trends, its adoption is expected to increase manifolds in the next couple of years. The rapidly growing competition in the retail industry requires the players to consistently innovate with their consumer products. They need to improve the efficiency of business processes and improve decision-making â exactly what AI is equipped to help them achieve. This will ensure consumer loyalty and further increase their base, helping them to stay buoyant in the challenging retail market conditions.
A recent report titled âThe coming AI revolution in retail and consumer productsâ conducted by the global IT company, IBM, predicts a bright future for AI-powered innovations. Conducted at the 2019 Big Show, which was hosted by National Retail Federation, the study included participants from 1,900 retail and consumer products from 23 countries.
Letâs take a look at the salient points of the report that was released by IBMâs Business Value.
79% of consumer products and 85% of retail organizations that participated in the survey revealed their plans of integrating AI in their existing better supply chain planning by the year 2021.
Two out of five retailers already use AI, and the number is expected to become double by 2021.
The retailers surveyed believe that AI may push up their annual revenue growth by a significant 10%.
Artificial Intelligence plays an important role in automating demand forecasting and customer engagement.
Omni-channel retailing enables retail brands to expand their presence as it removes the dependence on a single channel and allows the use of multiple channels to interact with their customers as well as sell products. ‘Click-and-collect’ or ‘Buy online pick up in store (BOPIS)’ is a powerful omni-channel fulfillment option that is gaining popularity, globally. The below video illuminates some of its important benefits.
ETP is delighted to launch the ETP SIS V5.5 (Shop-in Shop) Mobile solution for retailers.
ETPâs Mobile SIS solution helps shop-in-shop/departments store retailers better manage their sales, CRM and inventory on a convenient mobile platform in their SIS/Consignment location within department stores. Retailers can now make their replenishment more efficient to avoid over and under stock situations with online information of sales of sales and receipts from SIS stores. They can receive goods and track inventory movement at SIS stores. It removes the hassle of doing reconciliation with department stores on periodic sales and collection. Built on the technology that supports both Android and iOS, the ETP Mobile SIS solution can be hosted on premise or on the cloud.
Mr. Naresh Ahuja, Chairman & CEO, ETP Group mentioned, ââThe problem shop-in-shop retail brands have is that they get sales information from the department stores either weekly or monthly and the data may not always be accurate. ETP Mobile SIS is a user-friendly, powerful mobile app which can allow them to record the sales (not actually produce the bill), update the system when they receive goods and also do a stock take.â
Luxury products have always been one of the most admired and sought after products. So much so, that consumers of such products take pride in their possessions and are often considered to be of a higher class. They and their products are the âtalk of the townâ most of the times in social gatherings and people like to be associated with such class conscious, brand loving and luxury seeking consumers. Luxury products therefore had few options and demanded a high cost of purchase deliberately tailored to a select set of consumers.
But now times have changed thanks to rapidly changing consumer mindsets and the very idea of âluxuryâ is evolving. The old-fashioned ideas that defined luxury as aspiration, high status, exclusive, wealthy, donât really paint the exact picture of what customers perceive about luxury products. One of the drastic changes over the recent years is that the new age luxury isnât for showoff. Â Similarly other values that luxury brands exclusively attributed to, such as better quality and style, precise workmanship and great designs, are not exclusive any more to luxury.
Consumersâ tastes are evolving. There is an indisputable appeal for new products and services along with more choice of options yet having the flavor of uniqueness and exclusivity. This has given rise a various breeds of brands such as specialised ones and those that are highly customised to customer demands, thus increasing competition.
Further, along with changing tastes, customer shopping patterns and buying behaviour have undergone a tremendous transformation. Traditionally, luxury shoppers heavily relied on physical retail to fulfil their desire for luxury goods. But now, multiple channels have come into the game and customers willingly switch between channels to get what they want. Seamless demand fulfilment across channels necessitates the reduction of various issues such as decrease in quality or other losses that are caused during the course of the supply chain. While older shoppers are still playing a significant role in the luxury market spends, millennial’s and Gen Zs are predicted to account for the larger growth in the coming years. Moreover, their new spending habits which are faster, more frequent, brand-conscious and trend-driven while being highly influenced by digital platforms.
All these are the modern day challenges that luxury retail businesses, especially the ones still depending heavily on the heritage and traditional processes are facing and there is one way out. They need to transform their retail businesses to omni-channel and employ the right omni-channel retail software to exceed their customer expectations and fulfil their business goals.
Gone are the days where retail used to be treated as a transactional business where in retailers sold the products to consumers who came to their stores to buy those and the mutual give and take of the product and the cost was the be all and end all. It has all changed now. While the transaction is still integral, it is just one of the many processes that make the retail business the way it is today.
A shopper not only buys a product from a retail brand, he/she wants to interact and engage with brand across certain stages of the shopping journey which has evolved into a complex, multi-dimensional journey that shoppers embark upon when they want to buy a product. This complexity has come in due to the influence of technology into the retail sector leading to substantial shifts in the shopping behaviour. The point to focus is not on the complexity but the opportunities that retailers have to connect with their end customers.
Consider this scenario – a shopper intends to purchase a mobile phone. So he decides to research about the options and varieties online on the website of his preferred retail brand. He is not happy with the options so he decides to further research on a market place online. Having shortlisted the devices that he could consider to buy, he visits multiple stores to check out the devices, to have an experience of their look-and-feel. Still not convinced of which one to go with, he goes onto social media and seeks opinions. Moreover, he also checks out information portals that review products.
Now, the above shopping journey is an incomplete one since the purchase has not happened yet, however it is interesting to note the number of times the shopper has interacted with the brand through multiple touch-points. From a retailerâs point-of-view, these are indeed the opportunitiesÂ for the brand to interact and engage with the customer. The above scenario is one of the complex shopping journeys and the complexity can further increase along with the number of touch-points that can be used throughout the entire shopping journey. Again, these are multiple opportunities that retail brands have to interact and engage with the customer and create the impact.
To sum up, as shopping behaviour has evolved, it has provided ample opportunities for retail companies to go beyond the traditional concepts of retailing. Rather, this evolution has enabled brands to meet and greet their customers across multiple stages and touch points of their shopping journey. Ultimately, customers prefer an engaging experience and those brands who will be able to offer that kind of an experience will thrive.
The modern day point-of-sale (POS) has evolved to become more than just a transaction processing tool. Technology has advanced since the original cash till, and today, the POS has business benefiting features that retailers can really use across processes. Letâs focus on one of the most important benefits of the POS which provides value in intelligence and decision making – data collection.
While most retailers over the last few years have started collecting data at the POS, itâs those who are actually processing this data in the right way and drawing insights to enhance their businesses are getting ahead in the retail arena. Below are 3 important aspects of POS data and how it can be used.
Inventory and stock optimization:
When the POS is used to record data about inventory, it enables retailers to stay on top of stock levels thus making it easier to track items â from ordering through the point of sale (and even returns). This further aids in better inventory forecasting, purchasing, and this is also useful in retail marketing decisions. Some of modern retail POS software provide some important features related to inventory such as conducting inventory counts, managing returns, automating re-order points, checking stock levels at stores, among others. Analyzing the inventory data collected at the POS can enable retailers to have the right product at the right time.
Enhancing customer experience:
The POS software can be used to collect customer information while registering customers, look-up already registered customers, capture their feedback, track the frequency of their visit to the store, and also monitor their ticket size, the kind and quantity of products they generally purchase. All this data can be processed to draw powerful insights to analyze shopper behavior and their buying patterns thus allowing retailers to personalize customer experience along with having the right inventory at the store. Further, the information can also be fed-back to the store-staff at the POS to enable cross/up selling. Also, having the inventory data will allow the store associates to proactively let shoppers know about the availability of certain products. These efforts can enhance the overall customer experience.
Improving staff performance:
The POS software can be used to collect data related to sales staff. Some of the valuable metrics in addition to total sales could be basket size in-terms of price and quantity, walk-ins converted to registered customers, customers issue resolutions, and so on. The data can then be processed to learn about employee performance and understand the areas where improvements are required in terms of training and also recognizing the achievements of the store employees. In addition to this, factoring in the staff to sales ratio is an essential parameter to decide about the staffing needs for the store.
While everyone is enjoying the festive season frenzy, and eagerly awaiting the New Year with hope and aspirations, it is time for businesses to retrospect and set objectives for the future. Retail businesses, specifically, are more consumer driven. Therefore, it becomes essential to be intuitively proactive in gearing up for what lies ahead while striving to outperform the previous year.
Itâs a given that technology will continue to play a major role in the New Year as it did in 2018 and the years gone by. Being an enabler, and also a disruptor, technology will see itself getting strongly embedded into the very genes of retail businesses and will drive the engine. And this is perfectly evident in the prediction by Gartner analysts who say that retailersâ investment in technology will grow by 3.6% globallyÂ in 2019Â as customer expectations will put pressure onÂ them to perform.
Further, Gartner mentioned that software would be one of the fastest growing technology expenditures in the retail industry,Â especially platformsÂ for analytics, mobile applications, digital marketing, e-commerce and Artificial Intelligence (AI) increasingly becoming areas of interest for retail CIOs. By these predictions it is clear that technology will be the driving force for retail businesses in 2019.
The next thing in retail that is set to make the waves in 2019 and the years following would be the rise of brick-and-mortar retailing. As global sales of physical retail went up by 4.8 in 2018 and there were more stores being opened than closed, the trend will seem to continue. Even large online players like Amazon have started their own physical stores or are buying out other stores. As physical stores are evolving and are becoming destinations for experiences and not just limited to transactions, customers will continue to flock to the stores to enjoy these curated experiences.
Eventually, retail is no more about the channel, but it is about the consumer. Ultimately, the integration of technology and the business in the right manner will ensure that customers get what they want while businesses achieve their goals in the New Year 2019.
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