Technology has disrupted nearly every industry worldwide, and the retail sector is no exception. E-commerce is often what retailers think of first when discussing the impact of technology on shopping and traditional retail.
Before discussing the technologies that have driven innovation in traditional retail, it is very important to understand how typical shoppers/customers have evolved over the past decade. The rise of e-commerce has highlighted the extent to which consumer value convenience and choice. Despite this, offline retail has thrived and continues to disregard predictions of “the demise of brick-and-mortar shops” spurred by a rising share of e-commerce sales in the retail space. This has motivated offline traditional retailers to adopt new technology at a quicker pace than they did previously.
Customers, particularly the latest generation have indicated that customer experience matters above other things in retail due to which traditional retail has been undergoing significant changes in recent years due to the integration of technology. As more customers are increasingly turning to online shopping via mobile devices, retailers are adapting their strategies to keep up with the changing landscape. In this article, we will explore some of the ways in which traditional retail is changing using technology.
One of the most significant changes in retail over the past decade has been the rise of e-commerce. Online shopping has become increasingly popular, with customers turning online to purchase everything and anything from groceries to clothing. In response, retailers have had to adapt their business models to include online sales channels.
The retail industry has undergone significant changes in recent years, driven largely by the increasing use of technology. One of the retail fin-tech company at the forefront of this shift offers a suite of solutions to help traditional retailers modernize their operations and better compete in today’s digital marketplace.
The technology allows merchants to get their offline shops online to adopt O2O model and provides businesses with a suite of tools and services that help them integrate their online and offline channels seamlessly. For example, a retail fintech app allows businesses to create a single catalogue of products that can be accessed both online as well as offline, and it also provides tools for managing inventory, orders, purchases, Galla and promotions.
Technology is particularly beneficial for small and medium-sized businesses (SMBs) in India, which often struggle to compete with larger, more established companies. By adopting the technology, these businesses can reach a larger shopper audience and provide a more seamless customer experience. Furthermore, retail fintech platform is designed to be affordable and easy to use technology, making it accessible to even the smallest businesses.
Here are some of the ways that technology is helping traditional retail sector:
- Online Shopping: With the rise of e-commerce, many traditional retailers are now offering online shopping options to This has allowed them to reach a wider audience and offer more convenient shopping experiences.
- Increased Customer Reach: By having an online presence on the retail fintech App, you can reach customers who prefer to shop online as well as those who prefer to shop in-store. This will help you retain existing customers and attract new ones who might be using other online platforms for their
- Convenience: The O2O model allows customers to browse your products online with your catalogue on app and then pick them up in-store or have them delivered to their doorstep. This provides customers with the convenience of online shopping while still giving them the option to interact physically with your products in-store.
- Increased Sales: By combining online and offline channels, technology intends to create a more engaging customer experience that will increase your For example, with free promotion tool you can directly message your customers about the deals, new range, and promotions that encourage customers to visit your physical store, or you can offer in-store pickup for online orders, which can lead to additional purchases.
- Improved Customer Experience: Retail fintech’s O2O model allows you to provide a more personalized customer experience by offering online product recommendations and reviews, as well as personalized promotions and
- 24/7 Availability: Technology helps in opening store 24/7, which means customers can make bookings at any This can increase sales and revenue, as customers can buy products even when your physical store is closed for the day.
Overall, technology is transforming the retail industry, and retailers who embrace these changes and adapt to the new landscape are more likely to succeed in the future.
(This article is written by Pankaj Khaitan, Director & Founder – Enbill, A Retail Fintech, and the views expressed in this article are his own)
