Its never been such a competitive, integrated and dynamic like now
Tech and data driven approach in Retail Industry is inevitable
Do you plan your holidays? Do you execute some level of research before sending you child to school or university? How do you plan your child career? What do you do before buying a permanent house for you? How do you plan where to invest your saving? What becomes the source of every thing discussed above, its your income that enable you to avail your holidays, plan a career of your child, buy a house and invest your savings somewhere where you could get better value in future.
So presumably you are running a small business or you are a mid level Retailer/manufacturer would not you feel more satisfactory or better if you are saving your cost in a way you operate only when its needed? You only utilize your resources when its required? Its only possible when in already know the statistics. When you know how much your consumers are present in the place you are operating and how much they are consuming. So operational point of view says only make that much what is required to save cost, resources and waste.
Till now we realized that you know your target audience and the demand of your product and you are working efficiently on its production and producing only what is required. What about competitive pool? What do you know what your competitive is up to? What kind of technology he is using to fulfill his consumer needs operating in the same domain you are playing in. Who will be better of at the end the competitor who knows about the consumer behavior and demand of the next 6 months or the one who is reluctant to know about consumer behavior?
Giants are sitting on the wealth of data and they are using integrated technology such as Business Intelligence and artificial intelligence tools, cloud based data center to get rid of this unwanted expense. Top Retail players are in deep integration with Amazon, Microsoft and Google and they are leveraging platform and infrastructure to focus more towards customer with the help of Data and this is the reason they are familiar with the consumer long term behavior and demand and has exact idea how to stay cost efficient and sustainable.
Retail industry is changing rapidly and integration of technology is inevitable in this industry primarily. Smart retailers are vibrant and over seeing what tech is in use and how viable it is in the future and they are opting it with out any delay because they know with out being familiar with consumer buying trends they cant survive in the industry. So if you have a better idea about your consumers, there buying behavior, a year demand plan, competitive edge, what tech your competitors are using, how they are operating sustainable of course that will help you in better decision making and will get you close to your goal better and sooner than your rivals in the same market.
Global Retails trends 2019
- The UK Consumer & Retail Retail 2019/20
- Germany/France/Russia Retail Report 2019/20
- Opportunities in the Consumer Space
- Internet Of things: Industry Connections
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