How do you use technology to expand your retail reach?

I agree, you can be a tour coordinator, event organiser, theatre, restaurant, tailor etc. if you have an active means of scheduling your online appointments, people are going to prefer you just because of the certainty and lack of friction they will get while making a choice at the comfort of their homes

In today's digital age, establishing an online footprint is essential. Whether a startup or an established brand, here's why the online realm matters: Showcase & Amplify: With an e-commerce platform, your products are globally accessible, 24/7. Voice Your Value: Use online channels, be it a blog or social media, to share your brand's story and value. Engage Globally: Digital channels let you reach and connect with a worldwide audience. Data-Driven Decisions: Utilize modern tools for real-time insights to refine strategies. In an era where consumers 'Google first' or "Let's ask chatGPT', lacking an online presence can be a missed opportunity.

Being visible to the people who are searching for products or services related to your business is important as it increases the chance of converting them to customers. Creating an online presence and maintaining it will determine the success of retail stores.

Having an online presence is quintessential in this age for businesses of all shapes & sizes and there are multiple ways to showcase your brand in the digital world. Depending on the scale of your business you may decide to have a small website or a fully functional e-commerce platform or strengthen your local reach with a Google local listing. Remember, Google now sits on the top of the customer funnel, and by establishing your web presence you book a seat in the world's most famous shopping arcade.

Being present on social platforms and creating a website for the product or services provided is indispensable at the present time. Everyone prefers the easy work of searching, whether for a product or service. Therefore, the first task is how to be part of the search process in the world of the Internet.

Expanding your retail reach using technology can be a powerful strategy in today's digital age. Here are some effective ways to leverage technology for retail expansion: E-commerce Website: Create a user-friendly e-commerce website to reach customers beyond your physical store's geographical location. Ensure the site is mobile-responsive, offers secure online payments, and provides a seamless shopping experience. Online Marketplaces: Expand your presence by selling products on established online marketplaces like Amazon, eBay, or Etsy. These platforms have large customer bases and can help you reach a broader audience.

60% of the product discovery happens on a mobile device, implying that it's essential that your business's website is either mobile-friendly or has an app. Having a mobile app is a different discussion, and depends on various attributes like number of products, brands, repeat customer rate, LTV of a customer etc. But the bare minimum is that our businesses have mobile friendly presence which enables more than half of your potential customers to effectively experience your brand.

In my opinion, the potential of mobile marketing exceeds our initial expectations. Apart from the mentioned applications, I'm particularly fascinated by location-based beacons leveraging AR to provide contextual promotions when customers are nearby. Beacons have emerged as a widely adopted proximity marketing tool, showcasing diverse applications in the retail, travel, and real estate sectors.

Relying on your POS system, schedule alerts that will automatically send customers a text or email message when their favorite product(s)are restocked. Include a link where they can place an order for delivery or pickup at your store. Also, include a customized promotion for a complementary product. For example, let them know that their favorite red lipstick now has a matching nail hue.

"Mobile First"! For example, even when watching TV most of spend more time checking their mobile phones than watching what's on TV! and that includes the supper ball games! It's unbelievable how attached we are to our devices and as a business, that's exactly where you should be.

Based on my personal experience, I've found that blending customer feedback with technology can yield some really great results. It's no secret that most folks on digital platforms like to see some social proof before making a decision on a product or service. And let's not forget, keeping an eye on customer behavior and marketing trends is a crucial part of growing in the retail game. In a nutshell, data is pure gold when used wisely, and social proof is your secret weapon for boosting conversions. 💼🚀

It's true that Digital signage is not just a one-way communication channel, but a dynamic and interactive medium that can enhance the inbound marketing efforts of any business. According to an article on CMSwire, the use of digital signage can increase brand awareness by 47.7%. Therefore it would not be wrong to state that using digital signage is a powerful way for businesses to engage with their customers in a personalized and interactive manner.

Two things I personally don't like about outdoor digital signages; the sun glare and reflection, and the rotation as you often need to share the same screen with other brands.

Top 3 reasons why adopting omnichannel retailing can help your business. 1. Enhanced #brandvisibility: Omni simply means multi and with the customer exposed to so many brands everywhere, it's important that the brand has visibility on maximum channels wherever your customer is looking. 2. Increased Trust: When a customer can experience your brand at multiple touchpoints, be it social or website, or physical it increases their trust, and with seamlessly integrated customer experience across all these touchpoints, one can certainly improve customer satisfaction & and hence retention. 3. Increase in Revenue: By cracking more eyeballs and building trust and loyalty with your customers, omnichannel helps boost the toplines.

To Adopt Omnichannel , it needs organizational change keeping two high level metrics in place, Customer Centric, Single view of Customer ( SVOC) and Supply chain centric, Single view of Inventory ( SVOI). Secondly the program road map need to be clearly identified based on above metrics and tech capability to undergo change. Based on my experience, few programs which contribute to maximum incremental growth are Ship from Store, Click and Collect, Endless aisle, Omni warehouse, and Rfid. Programs that contribute to Customer experience and knowhow are Omni Loyalty and CRM, NPS and Omni Payments Decathlon and Uniqlo are two companies that are pole bearers in Omni Adoption and roll out

These are all great suggestions. Omnichannel is key. It's also perhaps scary or daunting. Start small and keep the critical foundational elements as priorities (mastering 1st party customer data and preferences in real time; an analytics and experience orchestration system that executes/triggers digital and physical moments that matter). Don't be tempted to do the sexy stuff (i.e wearable tech for salespeople on the floor or doubling the multi-media signage). I shopped at Lululemon for the first time last week and they appear to be doing this well - time will tell - but the front of store experience was curated well by the salesperson and connected to back of store real-time inventory, the cashier's POS, and online purchase options.

Best reason to do this: if you don’t you‘ll get left behind by your competitors. This is the third decade of the 21st century; omnichannel is the norm.

The retail landscape post-COVID is a testament to the power of omnichannel strategies. Digital shopping has transitioned from being a mere trend to a staple in our daily lives. A notable statistic is that 52% of Gen Z in the US now opt for online shopping, seamlessly merging online and in-store experiences. Companies that have adopted this integrated approach are reaping rewards, with an impressive 89% customer retention rate. The future looks promising too. By 2023, projections indicate the omnichannel market could reach an impressive $11.01 billion. In this evolving retail world, adaptability is the key to thriving.

AI can be a big enabler - be it for large or small organisations. Ability to consume large data, train ML models to identify patterns, take decisions and augment it through human audit is a great way to boost decision making at scale for large organizations. Off-the-shelf AI/ML tools can help boost the individual productivity of a smaller organization. The sooner organisations realise the true potential of AI and positively embrace it, the faster their learning curves. All new technologies have been dreaded to replace human effort - but time and again have proven to only improve human efficiency and create more time for humans to invest their energies in other value adding activities. AI is definitely one that can create a step change.

Retailers can use AI to their advantage by essentially using its analytical feature to nourish consumer experiences, understand consumer trends, review their systems & operations and do it at a scale.

AI is revolutionizing retail by enhancing customer experiences and cutting operational costs: -Tailored Marketing: AI personalizes offers and content for unique customer journeys. -Optimized Inventory & Pricing: AI adjusts pricing and stock based on sales data insights. -Predictive Insights: Address customer needs proactively with AI's foresight. -Automated Service: GPT chat models offer instant customer query responses. -Reduced Staffing Costs: AI automation leads to operational savings, streamlining business expenses. Bad for employees, good for business It's not full list for sure. For example some time ago I consulted startup who will use computer vision for best merchendasing to cut costs and increse sales in offline stores

AI personalization aligns perfectly with my passion for data-driven solutions. I see huge potential for AI to optimize pricing, inventory, and recommendations while also detecting fraud and abuse. According to Grandview research, In 2021, the worldwide retail AI market size reached a value of about USD 5.79 billion. By 2022, it had increased to USD 6 billion. Experts predict that the market will continue to grow at a compound annual growth rate (CAGR) of over 23.9% until 2030, with some estimates projecting a CAGR of 34.1% during this time. As data privacy comes under increasing scrutiny, it is essential for AI to act responsibly.

Augmented Reality (AR) is redefining the shopping landscape. Key ways retailers harness its potential: Virtual Try-Ons: Let customers 'wear' products like eyewear or apparel before buying. In-Store Navigation: Use AR to guide customers to promotions or new arrivals. 3D Product Previews: Enable rotation and zoom for a better product view. Furniture Visualization: Customers can see how items fit in their spaces. Interactive Labels: Launch tutorials or information with a quick scan. Virtual Storefronts: Shop a digital store in a real-world spot. For sure it's just few examples. AR enhances the shopping journey, increasing engagement and trust, ultimately driving sales.

AR can have significant financial benefits in addition to its marketing advantages. Brands that partner with Perfitly, a provider of virtual try-on services, experience an average of 64% fewer product returns compared to those that do not, as well as an 80% conversion rate. Furthermore, Shopify reported a 40% decrease in product returns last year due to the incorporation of AR visualization (source:glossy)

In today's digital age where we find a lot to consume everywhere, enhancing retail reach extends beyond a mere online presence. To deeply resonate on social platforms, retailers should turn long-form videos into engaging 'shorts' using tools like Contentfries and Vidyo, add personalized quotes for relatability, and employ teleprompters like the 'Blink' app for polished presentations. Such tailored content not only captivates attention swiftly but also strengthens both retail and personal branding.

Data collection is everywhere. Whether is it the POS, on your mobile app, or online. Investing in tech stacks that are scalable with your business to create personalized experiences for improved omnichannel (new and traditional) marketing translates to an increase in ad efficiency/effectiveness, but total revenue growth.