At the heart of the connected retail experience is the need to simplify the buyer’s journey end-to-end. We focus on providing our customers with a consistent, convenient and unified shopping experience regardless of the shopping platform. This allows customers to choose their trading location and seamlessly transition between channels, resulting in higher customer satisfaction. Vijay Verma, executive vice president of HCL America Inc.A connected ecosystem offers many business benefits such as enhanced Increase your return on investment (ROI) through inventory management, faster time to market, and improved operational efficiency.
In less than 15 years, the retail industry has gone from bricks-and-mortar to digital to omnichannel and shows no sign of stopping. With technology no longer allowing people to shop the way they used to, the omnichannel shopping experience has become an ever-evolving term. In the rapidly evolving retail world, what was considered an omnichannel retail experience just a few years ago feels sluggish compared to new possibilities. Advances in technology, the rise of mobility and personal devices, and the rise of social media channels have fundamentally changed customer expectations.
The aftermath of recent global lockdowns and quarantines is accelerating change with new retail experiences powered by the metaverse and augmented reality. Today, retailers support omnichannel shopping experiences across multiple customer touchpoints, truly blurring the lines between offline and online channels. In fact, according to Harvard Business Review, 73 percent of customers shop across multiple channels. New Age shoppers have several options for purchasing and often shop across multiple channels.
In this regard, retailers Those who focus on a single channel risk losing the most 30 percent of their sales. Likewise, creating a linear, static customer journey is a failure. To thrive in this competitive business environment, businesses must create highly connected retail shopping experiences that focus on customer experience and behavior.
Envisioning a Connected Retail Ecosystem: What Can You See?
of The RCPG ecosystem has changed dramatically over the past five years. Customers are becoming more tech-savvy, and their shopping habits and preferences are undergoing a major shift. At the ground level, retailers are relying on intelligent his technology to create a connected ecosystem of brick-and-mortar stores, online websites and applications as more and more shoppers shop in a digitally networked environment.
Connected RCPG system We focus solely on the purchasing needs and behaviors of client. Connected retail increases customer centricity by providing flexibility to her three main aspects of the shopping experience.
- purchase: Businesses offer multiple shopping channels such as online websites, offline stores, and social media platforms to streamline the purchasing process.
- payment: Select your customer’s preferred payment method, such as in-store payment, app-based payment, or cash on delivery.
- Shipping: Customers can also choose shipping methods such as in-store pickup, in-store purchase, or home delivery.
A connected retail environment offers greater business continuity and long-term sustainability by ensuring customers have consistent purchasing opportunities despite sudden disruptions in global markets.
Role of next-generation innovation
Marketing guru Seth Godin said, “People don’t buy products and services. They buy relationships, stories, and magic.” In today’s world, technology is the most compelling customer. at the center of the experience. The connected RCPG ecosystem is fully supported by next-generation technologies that integrate systems and processes, automate operations, and provide customers with a personalized shopping experience. for example:
IoT devices: From inventory management to geo-fencing anti-theft to energy management to smart shelves for always-on product availability, IoT has the potential to eliminate limitations associated with customer touchpoints across multiple channels. Not surprisingly, the scale of the IoT market in the retail industry is $177.9 billion by 2030 Globally.
AI/ML: AI and Machine Learning (ML) Tools Help Businesses Aggregate Consumer Data to Deliver Personalized RecommendationsImprove product recommendations and optimize pricing strategies. in fact, 75 percent Percentage of large companies that have increased consumer satisfaction by 10% by implementing ML in their digital environment.
Radio Frequency Identification (RFID): RFID tags allow businesses to track inventory in real time across all channels.they guarantee their products Availability is aligned with customer demand. Such tags can also deliver customized recommendations to the customer’s mobile phone to support personalized service.According to a recent study, the global RFID market is $31.5 billion by 2031.
Metaverse (AR/VR): With the Metaverse, you can create an immersive shopping experience by representing products in real-time 3D visualizations, eliminating the need for customers to physically try products. His VR-driven features like virtual changing rooms and virtual avatars could shake up the retail industry. For example, luxury brand Gucci has recreated its famous Gucci Garden as a museum dedicated to iconic fashion wear on the Roblox Metaverse platform. 19 million Visitor.
Chatbot: AI-powered chatbots can serve across multiple channels, provide efficient customer support, and upsell products online 24/7. The chatbot market size is expected to grow at a compound annual growth rate (CAGR). 23.3 percent Globally from 2023 to 2030, this includes the RCPG segment.
Cloud computing: Cloud Data Platforms Will Help Retailers single data sourceoffering customized products compiled from multiple sources and strategizing targeted marketing campaigns. This drives data-backed decisions, optimizes operations, improves customer experience, and delivers value.
see next: IoT (especially connectivity) is in transition: MWC trends
The Future of the Retail and CPG Industry
From personalized and immersive experiences on connected platforms to seamless shopping experiences anytime, anywhere, the connected retail ecosystem is set to become more personalized, fluid and exciting.
Retailers can work with the right transformation partner, a provider that has the necessary expertise and experience with the latest technologies and a deep commitment to operational efficiency and customer experience to disrupt traditional modes of business and Online and offline channels should be integrated. In doing so, companies will not only have access to new technological innovations, but also decades of retail and CPG industry experience that can drive operational advancement and accelerate their growth trajectory..