Retail sector has undergone a substantial digital transformation over the past decade and is potentially one of the highest influencers for digital disruptions for organizations closely competing to meet customer expectations. Moreover, consumers have been transfixed by the cutting-edge digital landscape and are more aware of the choices that match their personal preferences. Consequently, even the retailers have more opportunities that they can leverage from the plethora of digital touchpoints available to reach out to end consumers.
As per recent survey across retail stores, over 80% of the respondents who use smartphones have a high propensity to consult their phones for product reviews and discounts across social media and alternative mobile websites. Furthermore, the advent of wearable devices augmented with AR/VR technology is completely transforming the digital experience of consumers. The technological evolution in this sector has been growing in such a frantic pace that almost all areas have been covered within the digital purview. So, it is up to the retailers to partake in the journey to transcend to the next level of digital evolution which is increasingly being augmented with artificial intelligence.
Some of the key applications of Digital Customer Experience for Retail –
- Personalised Marketing
- Pricing Optimization
- Fraud Detection and Risk Assessment
- Inventory Planning and Retail Positioning
Analyst viewpoint – There is huge potential not only for e-retailers but for physical stores as well, with various digitally enhanced services such as location-based/context-aware recommendations as a part of personalized advertising or even self-service checkouts and digital payments with discount offers for in-shop purchases. Some of the innovative vendors such as Episerver and Sitecore are transforming this digital landscape for retailers.