A lot of new businesses are finding the lucrative nature of online shopping to be highly attractive and they intend to switch to this domain. The competition is cut-throat, and you have to strive to thrive in the market. You need to offer a compelling shopping experience to your shoppers so that you become their priority. The retail technology and digitalization can be useful in the following ways to build equity and an online brand image;
Shopping Through Smartphone
A recently conducted study concluded that 4 out of every 5 shoppers undertake thorough research before finally deciding to buy something. Their purchase is a well thought through decision after they have compared similar products, their specifications, and prices from different vendors. Therefore it has become imperative for retailers to maintain a good brand reputation, offer fair prices and also keep their websites updated. If a customer has a convenient, enjoyable and informative experience online of a brand, they are likely to approach it as well physically.
The increasing use of e-commerce has led different software developers to measure customer behaviors through business analytics. This behavioral analysis aims at making more customer friendly decisions through the use of this retail technology. The retailers can offer a wide array of options to choose from in supply chain, merchandising, advertising and marketing according to the preferences of their customers. The company gathers preferences for the most part through customer behavioral analytics. Analytics gather data about the interactions of the buyers with a customer care professional and histories of their search and purchase, amongst others.
Dynamic Pricing Strategies
The tendency of prices to fluctuate by sales targets and inventory (internal) and competition out in the market (external) factors is dynamic pricing. It is based on both, demand and supply of the product. When a product is doing good in the market, its demand also increases. It is the time when most retailers slightly inflate the prices because this is their time to make an abundant profit. This real-time change in the prices has a huge impact on bottom line of firms in the e-commerce and traditional retail space.
Artificial intelligence is quickly taking on the e-commerce market and replacing most functions that were previously manually handled. There is an expectation that 2020 will be the year when 85 percent of e-commerce will depend on artificial intelligence. AI is not only limited to the use of chatbots that simulate conversations. They are further usable in influencing and analyzing buying behaviors of customers, dealing with customer data, prevention of fraudulent transactions, and prediction of consumer behavior. To sum it up, AI has enabled retailers to automate their entire entrepreneurship.
One of the newest innovations in retail technology, barQode works with customers to identify the price they are willing to pay and creates individual offers and pricing to convert shoppers into buyers. Instead of traditional heavy discounting to increase sales, the targeted pricing of barQode ensures that discounts are provided exactly where they are needed. By using both Machine Learning and Artificial Intelligence (yes, they are different!), barQode is able to optimize negotiations and results for retailers at a transactional level while providing insights that are simply not available through any other platform.
To find out more about barQode and how it can work for you, Contact Us or try out our free Analytics Tool to see what sort of benefit barQode can bring to your business. Don’t forget to follow us on LinkedIn for the latest news and updates!