Made to measure buying experiences.
One of the greatest concerns of this industry is the continuous evolution of the behavioral and spending patterns and habits of consumers.
The sector is experiencing an unprecedented transformation as a result of the changes brought about by technology, the appearance of new competitors, the rise of online and mobile shopping, strict regulations and the growing globalization of the market.
This is a huge challenge that can become an advantage if companies are capable of adapting to the impact of technology, in terms of the motivations, reasons, habits and patterns of purchasing.
It’s necessary to build and incorporate digital skills into business in order to stand out from the competition, and to achieve positioning as the first purchase option for an informed and critical digital consumer.
Big Data & PredictiveAnalytics
The vital importance of having a consistent volume of relevant data when it comes to making business decisions continues to increase in the retail and FMCG industry, thanks to the ongoing progress of technologies such as big data and artificial intelligence and their different applications.
The different actors in the market will look for ways to apply this technology to their sales strategies, marketing campaigns, customer service and operations systems in order to evolve toward an increasingly efficient business model.
Big Data will make the difference once companies know more about consumers’ expenses, consumption habits and tastes than the consumers themselves do, and can establish a relationship of trust by becoming their best advisors.
On the other hand, combining data with artificial intelligence can help organizations create completely personalized experiences, products and services for customers with a broad variety of preferences.
Analytics and machine learning will become pillars in the process of building an ultra-personalized offering for each customer.
Omni-ChannelMentality
The omni-channel mentality will be a key element in the digital transformation process of any company in this sector. Companies will have to identify how to replicate and maintain the quality, consistency and personalization of the consumption experience across all channels and points of contact where they are present, both digital and physical. Building an agile and flexible omni-channel supply chain will be vital for any commercial business.
SmartStores
When faced with digital challenges, many traditional establishments have implemented different technology-based strategies to begin their evolution and gradually become smart and connected points of sale, also known as smart stores, which are focused on the purchasing experience.
Automatic scanning and product payment systems, monitoring of users' entrance into stores, invisible payments, etc.
Use of virtual, augmented or mixed reality to offer virtual changing rooms, simulated spaces, etc.
Beacon sensors in brick-and-mortar spaces, allowing companies to build loyalty and more effectively get to know customers through back-office intelligence.
Use of robotics-based technologies, such as chatbots, virtual assistants and face and image recognition.
Changes in the tasks of the establishment’s staff, focusing their activity on providing value as trusted advisors, while automating their routine tasks.
Click & Mortar and Click & Collect: customers purchase products online and then pick them up at the store.
When buying online, customers want the same advantages that they get in a physical store. They want to have more information on products, to be able to compare and, above all, to have more control over their shopping experience.
Today’s consumers want memorable experiences, and technology is the best tool for creating them.
Moving towardcomplete digitalization…
Physical POS Systems
The dataphone, the sole purpose of which was to transmit product transactions, is evolving into powerful applications that allow for the combination of multiple features into a single tool that can generate reports and statistics, manage inventory (loss forecasting and reserves) and employees, control CRM and more.
Internet of Things
This is a useful tool for personalizing information and promotions, controlling logistics (supply chain and stock) and more efficiently redesigning points of sale. Wearables, which help facilitate payment processes, have emerged within this context.
Retail as a Service
When combined with other digital technologies, cloud services make it possible to develop on-demand sale and distribution models. They enable a reduction in the costs of services and processes, drive the momentum of e-commerce and help to more efficiently manage POS systems.
Inteligencia Artificial
AI is becoming a fundamental technology for UX optimization (virtual assistants, smart recommendation systems, chatbots, etc.), and for facilitating the work of the business itself (task automation, logistics robots, predictive models, etc.).
Offline-Online Convergence
A proliferation of devices and technologies, such as smart home buttons, virtual reality solutions, beacons and RFID labels, which extend purchasing to any space or place.
Analyzing the data obtained from this offline-online convergence is useful for developing greater knowledge on users' habits and tastes, in order to offer personalized information and promotions and new services in real time—and even to predict demand.
Blockchain
The application of this technology makes it possible to trace the path of products from their origins, facilitating evaluation of the supply chain, response to claims for defective products, etc.
It will also transform loyalty programs, allowing consumers to redeem points or obtain personalized promotions immediately and securely.
Showrooming& Webrooming
The mass proliferation of smartphones has had a drastic impact on consumers’ purchasing habits and patterns. Among other actions, users are utilizing connectivity to proactively search for information on different aspects of their intended purchases. They thoroughly research the product that interests them, compare prices, look for and share reviews to hone their judgment and, of course, buy from their mobile devices.
Frequency of the actions most regularly carried out by users from their mobile phones in stores:
PriceChecking
Regularly (Top 3)
Occasionally
Almost never
Info &Reviews
Call or texta friend ora relative
Two phenomena have arisen from the use of mobile devices in purchasing processes:
Showrooming: a user visits a physical store to view and inspect the product that interests them but then buys it online, usually due to the lower prices of online stores. This relegates traditional stores to simple showrooms.
Webrooming: customers look for information on products online before going to a physical store to make a final judgment, and then purchase them there.
In response to this context, retailers are developing various tech-based strategies to encourage physical purchases, such as omni-channel policies, free Wi-Fi in sales spaces, highly specialized sales representatives, click & collect, etc.
