Post by account_disabled on Feb 27, 2024 21:37:45 GMT -8
Digital transformation is having a strong impact on business but in particular on the world of retail which is still trying to find the right ways to react to the ongoing change. The very definition of retail has changed over time, starting from the birth of self-service sales points in the early 1900s, to evolve to the concept of shopping centers ( everything under one roof ), up to the Amazon phenomenon, a gigantic e- commerce that has changed the rules of the game by allowing customers to review the products offered and recommending purchases via a recommendation engine managed by artificial intelligence. Today, thanks to the democratization of technology and disintermediation (i.e. the possibility for the end customer to bypass the traditional intermediaries of the distribution chain) the definition of retailer has expanded to anyone who has the right to maintain a commercial relationship - direct or intermediated - with a potential final customer-consumer.
Retailers are faced with new challenges (there is no longer just the paradigm Paraguay Phone Number of choosing the location and optimizing the assortment ) which are based on both physical and virtual competition, on changing expectations and methods of interaction with consumers and on the centrality of the customer experience . In this scenario it is increasingly fundamental to observe the customer in all phases of the sales funnel , analyzing their behavior thanks to the flow of data produced by them. Our world changes at the speed of an algorithm, and the only constant is change itself. The 10 rules of retail in the digital age From reading the book " Retail 4.0: 10 rules for the digital age " by Philp Kotler and Giuseppe Stigliano , we extrapolated the list of 10 rules that retailers should follow to navigate the scenario given by digital transformation. Let's see them together. Be Invisible Technology must be a means not an end. This could summarize the first rule that retailers should follow.
The goal is to simplify people's lives and respond to needs by using technology as a process enabler and making it as invisible as possible to the customer. We are thus aiming for a frictionless experience , an experience where we tend to minimize the cognitive and physical efforts that consumers must make to achieve the goal. We must not pursue technological progress without first having analyzed the cost/benefit ratio of the tools we have decided to activate. Be Seamless The digital and physical dimensions are increasingly merging, making us live a hybrid experience. This process has been accelerated by the adoption of the smartphone which has now become to all intents and purposes our personal media which allows us to be connected and reachable, both by other people and by companies. The customer journey is fragmented across different interaction channels and the battle for consumers' minds and money is won (or lost) within micro-moments .
Retailers are faced with new challenges (there is no longer just the paradigm Paraguay Phone Number of choosing the location and optimizing the assortment ) which are based on both physical and virtual competition, on changing expectations and methods of interaction with consumers and on the centrality of the customer experience . In this scenario it is increasingly fundamental to observe the customer in all phases of the sales funnel , analyzing their behavior thanks to the flow of data produced by them. Our world changes at the speed of an algorithm, and the only constant is change itself. The 10 rules of retail in the digital age From reading the book " Retail 4.0: 10 rules for the digital age " by Philp Kotler and Giuseppe Stigliano , we extrapolated the list of 10 rules that retailers should follow to navigate the scenario given by digital transformation. Let's see them together. Be Invisible Technology must be a means not an end. This could summarize the first rule that retailers should follow.
The goal is to simplify people's lives and respond to needs by using technology as a process enabler and making it as invisible as possible to the customer. We are thus aiming for a frictionless experience , an experience where we tend to minimize the cognitive and physical efforts that consumers must make to achieve the goal. We must not pursue technological progress without first having analyzed the cost/benefit ratio of the tools we have decided to activate. Be Seamless The digital and physical dimensions are increasingly merging, making us live a hybrid experience. This process has been accelerated by the adoption of the smartphone which has now become to all intents and purposes our personal media which allows us to be connected and reachable, both by other people and by companies. The customer journey is fragmented across different interaction channels and the battle for consumers' minds and money is won (or lost) within micro-moments .