If you want to survive in today’s tremendously competitive e-commerce landscape, the key is innovation, right? Well, not exactly.
According to Forrester’s latest research, the most successful online retailers are the ones focused on using technology to become better retailers — not just better innovators. The report, Masters of the Top Four Retail Tech Trends, details what really stands at the center of the industry’s most impressive initiatives … and how you can apply them within your own business.
Top 4 Retail Tech Trends for Connecting with Consumers
Retail Tech Trend 1: Personalization
Thirty-five percent of US shoppers say they’re more likely to purchase from a retailer that sends personalized advertising, and 36% want more customized experiences. But while most e-commerce sellers recognize that they need to deliver a more seamless experience across channels, few are getting it right.
Retail Tech Trend 2: Omnichannel
Did you know that 64% of US online adults say it’s important for retailers to offer “buy online, pick up in-store” (BOPIS)? Despite the increasing demand for such initiatives, many retailers’ omnichannel operations are not optimized yet.
Retail Tech Trend 3: Predictive Analytics
Leading retailers are moving beyond basic data and are now on the hunt for predictive and prescriptive analytics tools — insights that can be used in areas like merchandising and store operations. The challenge is how to put those mature analytics into practice for greater ROI, rather than getting lost in a sea of big data.
Retail Tech Trend 4: In-Store Experiences
In the days of the deeply connected consumer, something as simple as syncing online and in-store inventory can pay off in spades. But while digital store technology is making it possible to reimagine the in-store experience, it’s often easier said than done. Many sellers still struggle to find digital store technology that can deliver on the promises of positive ROI.
Do these challenges sound familiar? If so, you’re far from alone. Improving the customer experience is a top priority for 70% of surveyed global retail decision makers, second only to growing revenue.
While there’s no silver bullet for winning the loyalty of every potential customer — and no single solution that guarantees you’ll meet every possible consumer pain point — there are things you can do to set the stage for greater growth.
It makes for a great guide when deciding which retail tech investments make the most sense for your unique shoppers, and as a template for applying similar technologies to your own business.