Why Retail Success Is Based on Digital Transformation and Consumer Decryption
At the end of the Covid-19 era consumption will, to an exceptionally large extent, take place through online platforms for e-shops that will replace shopping streets and department stores through internet browsing.
Essentially the consumption will be transferred in the context of satisfying the online purchases of this pleasant walk to the commercial department store.
In this type of new economy, competition will be brutal in its hardness, while internet search engines will function as supermarkets operate with products on supermarket shelves being replaced by each e-shop and the online platform of each e-shop will ask to be placed high enough on the shelves (on the first pages of search engines) in order to keep an eye on them by consumers in order to increase the chances of them becoming consumers and potential customers of these e-shops.
The successful digital transformation of businesses active in the retail sector should be based on three pillars-concepts:
1. The smart electronic (digital) commercial store that is no longer based on the parameters of price and quality, but by offering a pleasant digital service experience that the consumer will conduct from the sofa of his home, enjoying smart digital mirrors, smart digital baskets etc.
2. The highly dynamic interconnected digital supply chain with its core accuracy in delivery time which is the core of the new logistics era.
In this case, in order to implement the above strategy, there should be new types of sensors throughout the process to detect in real time the movement of products at each phase of production until the completion of the delivery process of the finished product for movement, while at the same time having detailed stock control supervision in each of these phases.
3. The shift of the consumer from consumer mentality to investor-consumer mentality a process that changes the consumer de facto.
The new investor-consumer mentality culture ensures financial stability and wealth creation for businesses and consumers.
This new mindset contributes, on the one hand, to saving money and the best choice of investing in new investments, to lowering consumer borrowing rates and building long-term, constructive relationships targeting the future and the next day.
From the point of view of the company active in the retail sector, an apostolic commitment to the service offered by them is required to serve the consumer-customer with responsibility and consistency.
4. The natural and at the same time digital consumer who seeks the experience of comparing between physical and digital store type.
The large amount of data and information gives the store the ability to personalize the needs and preferences of each consumer and to satisfy them in the best way.
The ‘decryption’ of the consumer
Businesses, for their part, need to develop or acquire powerful technology tools to tell them what their potential customers are buying and asking of them.
In this way they will then be able to upgrade their marketing strategies and increase their revenue.
One of the main problems in this effort faced by companies is to manage to unify the data they collect information about the behavior or preferences of their consumers-digital and physical-visitors.
Then, in order to achieve the “decryption” of the consumer, companies will have to use all the data (from different sources of systems e.g. information systems in physical stores, call center, websites, apps, etc.) that they have for each of them to outline the profile of each consumer, carrying out promotions that will be personalized.
In this case the same information-promotion will be promoted in a coordinated way (channel orchestra) and based on the means used by the consumer himself (channel prioritization).
In this case, both businesses and customers come out victorious, as they can formulate successful strategies marketing.
This successfully accelerates the digital transformation of a business and achieves optimal use of the marketing, because data storage systems are transferred to a channel creating the full profile of the consumer-client to the marketing and communication systems.
The Liberal Globe is an independent online magazine that provides carefully selected varieties of stories. Our authoritative insight opinions, analyses, researchers are reflected in the sections which are both thematic and geographical. We do not attach ourselves to any political party. Our political agenda is liberal in the classical sense. We continue to advocate bold policies in favour of individual freedoms, even if that means we must oppose the will and the majority view, even if these positions that we express may be unpleasant and unbearable for the majority.