You need to ensure that customers return either to the store-online or offline. Over a period of time, some tricks work like magic each time. Whether you run a super luxury store or a small sized brand, tech-tools offer retail solutions. So, the store is not just a place to shop but also a destination that repeat customers experience, afresh.
Everything revolves around customer experience- in a physical or digital store. Before we even discuss the tools and AI, we need to put the spotlight on the customer who keeps retailers in business. Take a look at what keeps them returning to shop with you time and again. Maybe you will identify with some of these points or perhaps all of them to survive.
Customers are willing to spend more on socially responsible brands. And getting such people repeatedly is the key to sustainability in non-peak seasons. However, all retail solutions do not depend only on their return. As ecommerce flourishes other methods are required to keep business afloat and digital legacies have to be created.
Can retailers adopt AI?
A significant portion of the industry that has its supply chain automated, naturally looks for alternative methods to improve business. Artificial intelligence is the buzzword but a few things about it need to be unlearned. How it can propel e-tail business is entirely up to the leaders who run the companies. For example, AI is not just a strategy. One has to use it to make it work as an ideal retail solutions is when the team leaders have a vision, figure out how it can reduce human errors, and delays during rush hour or peak seasons. How it will be used for business or revenue generation is important. On its own, the technology is redundant. For example, apparel stores often have customers getting disappointed when they are not able to match the color or size of the garment. In a bid for instant gratification the salesperson may make mistakes, leaving the customer unhappy after hours of search. The other reasons of usage of AI come in tracking prices when discounts are offered or lower prices are available on particular days. Getting feedback is yet another concern for e-tailing vendors. As there is a need to run the business and also have an edge, specific requirements can be tackled with AI. Other areas require tech-tools in combination with AI. Having chatbots online and marketing allow these systems to display their powers. With data available, it is important to use them intelligently to reduce machine dependency. This is where planning tools are required.
As e-tailing segment surges, the need for tech-tools is inevitable.
Learning all about assortment planning
Have you ever wondered how Amazon or Walmart or other big e-tailers manage massive amount of products, customers, vendors, and handle logistics of delivery to customers or getting stuff from the warehouses? There is a method to all the madness. They use tools to set their goals and keep customers returning on a monthly basis. Both Big Data and AI are used for analysis. The routine begins with the first impressions the customers have – seeing products on the shelves in physical stores or product galleries online. All the inventory is up there for the buyer to pick and choose. So, when you have the right assortment to appeal and attract the purchase a part of the battle is won. Optimizing the inventory is done with assortment planning. There is no need to make excel sheets. With the data of previous sales retailers can plug the products customers need. When customers buy on a regular basis, the sales team should know which products sell faster and replenishing them quickly is critical. It stops the customer from going to another place that may have the particular product and much more. Other reasons of assortment planning ensure that seasonable items make it to the store inventory at the right time.
The other aspects of planning refer to:
- Pricing, depending on how much the same item costs in other places.
- Choosing items that make it to the bestseller podiums daily or on weekends.
- Depending on the stock present at the warehouse which product line up should be put in the frontline aisles.
- With the help of data assortment planning is optimized.
- Check how rival stores handle their inventory and put stocks of fast moving items to attract customers.
Will picking a tool do the trick or will AI be more useful? You can figure out in real time.
Ashwin Patil is a passionate content marketer who writes on technology, tech trends, tech reviews. Also, I work with people, organizations and the community to deliver solutions which are driven by Big Data, Internet of Things, Machine Learning, Deep Learning & Artificial Intelligence.