This has presented major challenges for retailers.Ĭhoosing the right technology. Retailers have to be able to adapt to current trends, changes in behavior and become the next best thing overnight. This impacts the way retailers can effectively market to and connect with their customers. With digitization of consumer lives, customers are increasingly relying on recommendations from people they know and trust, from friends and family to influencers on social media. The role of social media for customer engagement. If the same item comes at a cheaper price online, guess which shopping option a consumer may choose since delivery of daily essentials and groceries can take two hours (i.e., Amazon.) Price transparency allows businesses to implement dynamic pricing and define the value of their brand. Transparency in terms of promotions and prices. Wiser’s survey of consumer shopping preferences suggests that 29 percent of respondents are much more likely and 33 percent of them are more likely to shop in-store than online if a unique experience is offered. Challenges in the retail industryĬertain challenges in the retail landscape have come up mainly due to the result of digitalization of both social life and business operations.Ĭustomers expect unique in-store experiences. Let’s understand the potential of this technology and how chatbots are a win-win for them as well as their customers. The dilemma of implementing chatbots comes from a lack of awareness and technical know-how of their functioning among retailers. Providing a world-class experience to the in-store customers has become the only way to differentiate themselves from competitors.Ĭhatbots are increasing customer satisfaction levels as they are easy to interact with and extremely helpful in increasing sales.Įngaged customers produce a 23% premium in wallet share, profitability, revenue and relationship growth compared to only 13% for disengaged customers. Retailers are constantly competing with consumer price sensitivity and digital competitors.
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