Digital is the key for the future of retail, because technology increases the overall experience of customers. People who socially use digital technology are intimately connected to using the same medium for shopping, and therefore, every organisation without a reliable online presence risks falling behind.
The majority of consumers shopping online today has demonstrated in recent surveys. A study by Ernst & Young showed that 62% of global consumers go online for at least part of their shopping and 79% of the 25-34-year-olds are influenced by social media. In addition, 40% of mobile users who use social networking facilities will probably share positive and negative experiences in retail.
It is crucial to install the latest technology to improve efficiencies of your business and to bring order online to the lead in retail operations in the struggle for survival in today’s challenging economy.
Retail analytics
In the digital retail revolution, industry and retail analytics are a crucial part. The online market in the industry is rapidly moving, with emerging new trends and a spectacular increase in competition. Consumers can share their views on all things from new products to customer service standards using the many Online Platforms both with friends and the public.
This trend for retailer online communication provides a large amount of data that companies can store and analyse. The collection of valuable data can help retailers meet customer needs, improve business performance, boost sales and become more robust competitors on the market.
Analytic solutions can help retailers assure customers a positive experience by developing a personalized customer experience, acquiring new customers, retaining them, building good relationships, and providing loyalty initiatives for high-value customers. Make use of the power of the data to gain an insight into your customers, which they can use every now and then.
eCommerce analysis
It is fair to say that the Internet’s e-commerce area is more and more competitive as more enterprises, additional services and platforms enter the market.
SMACIT can analyse the eCommerce landscape every day to give companies a more efficient chance of meeting their objectives by painting a picture of current consumer behaviour and marketing trends in the eCommerce arena.
Statistics indicate that Google, Yahoo and other search engines account for 30.5% of all traffic. This represents a substantial sum, so retailers need to invest in an SEO approach to help ranking the most popular search engines.
Pricing strategy
It is highly important that your online store has a pricing strategy in place, but how do you know the best price for its products? Most retailers employ one of three basic pricing strategies that contribute to their efficiency.
Anchor pricing sets the price point to be used as a reference for future prices by consumers. In case of sales prices, the original price shall also be displayed so that customers have a benchmark to save. When you set high anchor prices, the standard price increases are seen by customers, making the sales price much alike.
It is a careful balance to have the lowest prices on the Internet. This is a useful strategy for addressing short-term needs.
Dynamic pricing represents the third strategy, which means that retailers adapt to market changes. Prices have to reflect the real-time market to fulfil the expectations of customers when they reach your website. Good data is the key to dynamic pricing. If your prices do not adjust to reflect lower market prices, customers will not be shopping with you.
Don’t underestimate the power of price metric because this is one of the greatest reimbursement opportunities sometimes ignored. To optimise your business profit, it’s crucial to assess your value metric and ensure that it is in line with your pricing strategy.
All seem a bit like hard work? It needn’t be. SMACIT analyses the marketplace for hundreds of brands and retailers in the U.S., U.K., and other parts of the world. Grab the opportunity and see how our team can enhance your conversion rates.
