3 Important Tips for Retail Business Success in 2019

The New Year is almost here and retail businesses must look forward to getting it spot on, right from the word go. It is therefore important for retailers to rely on learnings from the past while strategizing for success in the new year. So let’s look at 3 important factors that will help retailers get it right in retail in 2019.

  • Striving for Seamless integration across the business: It is now or never for retailers, where ‘unified commerce’ is concerned. Shoppers are increasingly demanding seamless experiences across channels. Operating in silos will surely spell doom for retail businesses. On the other hand, integrating channels and business processes will provide dual benefits – single version of the truth, seamless flow of information. Data is key to delivering outstanding experiences to customer. Having the right information related to product and inventory across channels, and having a thorough knowledge of the customer while ensuring that multiple channels are well integrated in the business system will enable retail brands to deliver exceptional retail experiences to their customers.
  • Focusing on Lifetime value rather than transaction value: Retail brands should stop focusing on the value of the transaction, rather they should look at how much value a customer brings to the retail business throughout their lifetime. This approach will provide a more holistic insight while managing customer relationships. While using on a transaction value based approach will help retailers to increase the value of a single transaction, focusing on the lifetime value will allow retailers to design strategies that will be enable them to extract more value of the customer. Further, this approach will aid in customer retention and cementing brand loyalty while ensuring repeat business and creating brand advocates.
  • Staying abreast with technology advancements that could disrupt: Every new technology that made its headway into the retail industry has led to the disruption of the business, primarily in 2 ways; i) consumers adopted technology faster leading to changes in their shopping behavior and shopping journeys, ii) businesses who were early adopters used technology to enhance their processes and operations which made traditional methods obsolete. Some of the biggest game changers in recent times have been e-commerce, mobile commerce, omni-channel, virtual reality (VR) & augmented reality (AR), Internet of things (IoT), and Artificial Intelligence (AI) being the latest entrant. It is necessary for retail owners to equip their business with the right retail technology for futureproofing their investments.

Gearing up with the right attitude while aiming to work towards making their business better using the above tips will allow retailers to have a Happy New Year 2019.

Top New Technology Innovations

“I believe that every life is valuable. That we can make things better. That innovation is the key to a bright future. That we are just getting started.” – Bill Gates

It is said that every generation owes itself one glorious revolution. It seems technology is impervious to this timeline distinction – from the steam engine to the printing press, from the stapler to the smartphone, it is destined to revolutionize our day-to-day lives, generation after generation. It is making clean energy at 1/100th the cost, eradicating diseases, saving and even creating new lives a tangible possibility.

The top new technology innovations of the 21st century (so far!):

DNA technology is helping produce miraculous fixes and even modify mutations that cause life-threating diseases. It is also increasingly used in criminal investigations, nanotechnology and gene-splicing.

ETP blog dnatesting-com
(Image courtesy www.dnatesting.com)

Solar technology is often imagined as solar panels installed atop the roofs of industrial and residential buildings. But, research teams are focussing on applying solar energy in various forms like solar roadways and solar power in space.

(Image courtesy www.extremetech.com)

Connectivity is perhaps the most experienced form of new technology today. It is only going to be better, faster with hyper connectivity weaved into and across daily appliances at home and offices, transport modes and entertainment.

(Image courtesy www.discovery.com)
(Image courtesy www.discovery.com)

Online classrooms are providing the most important educational foundation that everyone needs, no matter their location, social stature, physical and mental limitations.

(Image courtesy www.wired.com)
(Image courtesy www.wired.com)

3D printed bridges, self-driving automobiles, virtual reality, bionic prosthetics, artificial intelligence and robotics – the future of technology is as comprehensive as it is engaging and incessant.