History has shown that the retail industry cyclically undergoes drastic shifts in business operations. Digital retail technology is currently the most significant catalyst for transformation within the retail sector. Our first introduction to ecommerce in the 1990s bought us businesses such as Amazon. Based on their tremendous success, there was a rush by retailers to create a “dot-com” business. The dot-com proverbial bubble burst and most of these ecommerce businesses were gone as quickly as they arrived.
The uncertainty around the ecommerce economy is gone and the reality is that digital retailing is the strongest and most stable it has ever been. According to the Harvard Business Review, ecommerce is now approaching $200 billion in annual revenue in the United States alone. For retail companies to grow or capture market share, they must embrace digital retailing and incorporate advances in technology to create innovative ways to combine digital and traditional best practices to create a customer experience that hasn’t been offered before.
Because of technological innovations, the advantages of digital retailing continue to increase. Companies however cannot capture market share if they operate with an analog approach in a digital industry. Many retailers are not willing to embrace this digital revolution and are slow to make changes in their brick and mortar stores. With the advent of omnichannel shopping options, customers are becoming less forgiving if their in-store experience does not meet or exceed their online experiences. If these retailers want to remain competitive or grow their business, they will need to adopt an omnichannel strategy or risk becoming obsolete.
Today, every customer is a digital customer and has rising expectations about the quality and ubiquity of a seamless shopping experience. It is no longer sufficient to distinguish your business by offering lower prices. Retailers that are forward thinking consider ways to enhance and improve customer satisfaction as well as the purchasing encounter. For companies to be competitive, it is vital that they transform almost every stage of their retail chain processes; from back office and enterprise systems, to customer-facing functions such as payments, loyalty/reward programs, customer management and services.
SBSC expertise in retail management provides innovative and powerful solutions that meet the business requirements of the most demanding retail environments and provide rapid return on investment, low cost of ownership, and a single point of accountability. We use our knowledge of the retail space to provide customized solutions that are designed to meet the evolving merchandise and service expectations of today’s connected, cross-channel shopper. SBSC’s retail service offerings will help your organization to use industry-leading technology and business intelligence methodologies to stay competitive and capture market share.