In an increasingly digitised and intelligent world, it is well known that successful online businesses are those that communicate with their customers by making efficient use of the data they collect from their interactions. However, this does not mean that current technology is only applicable to increase sales in virtual spaces. Nor, that we can only predict someone’s needs by the product they put in their cloud cart, or the time they spent in a section of the website. It is also possible to innovate in retail and increase profits.
Many businesses have already realised that in order to continue to grow and remain relevant, they need to optimise customer contacts at the point of sale. But also many others have not yet ventured into personalised content, and are registering fewer and fewer sales. Ladorian helps you to stay ahead of your competitors and boost your business.
The risks of non-personalised decisions
Can you imagine knowing what your customers need or want at the right time? To be able to offer them what they are looking for when they come to your shop? This is no longer an utopia for retail, it is the present and the future.
Shoppers are becoming increasingly tech-savvy and expect shopping experiences to match. Although there are still companies that continue to send mass messages without taking into account the many nuances of their audience, the need for digital transformation and innovation in retail is more evident than ever.
A mother-to-be who arrives at a shop and finds only bargains in the alcoholic beverages section is likely to be discouraged. A group of teenagers who encounter messages aimed at an audience that does not represent them are likely to go to another business and not come back. A sporty person who gets a discount but for out-of-season clothing will not be satisfied. Failure to consider the different groups among your customers and their current situation carries great risks, not least of which are the following:
- Not generating positive impacts
- No sales
- Missing the opportunity to discover new audiences
- Giving your competitors an edge
- Lose money
How can retail innovation increase your sales?
Artificial intelligence applied to big data makes a difference in retail. Using different metrics and information from your customers in an assertive way means substantial benefits that far outweigh the challenges described above. Moving away from clinging to an outdated model and becoming a smart shop can open up new opportunities:
Measure and improve conversion rate
Evaluating conversion rate is key to determine the real performance of your shops and to innovate in retail. Indicators so far tended to focus only on how many people made purchases, without identifying those individuals who left for various reasons. Distinguishing why they left, and converting those reasons into improvements in your content and offer is possible and essential to increase the conversion rate of your shop.
Increases consumer satisfaction
The quality of customer service and messaging greatly influences customer satisfaction and has a major impact on their interactions with the shop. By helping you with technology to automate day-to-day processes, you gain resources, such as time and staff, that can be put to the service of providing a better experience.
Helps to plan stock more effectively
Good stock management is an essential part of smart retailing. Having too much inventory increases warehousing costs, while insufficient or inadequate inventory leads to lost sales. An intelligent system to manage it helps to know which products work better than others, offers personalised reports, among other advantages.
Stimulates impulsive purchases
Impulsive purchases are defined as the acquisition of items that customers did not plan to buy at the time of entering the shop. Price and positioning are two of the main factors influencing impulse buying. Whereas the latter has psychological impulses behind it, i.e. it serves as a reward or as therapy.
How to make an impact at the point of sale?
Most shoppers are exposed to hundreds, if not thousands, of messages per day. On the mobile, on the computer, on the streets or chatting with friends, competition is becoming increasingly fierce and omnichannel. How to impress with your messages?
An excellent solution to innovate in retail is to have an intelligent recommendation engine that emits content in offline spaces taking into account the data of your business. In other words:
- Advertise specifically for products that meet visitors’ needs
- Use the arguments that appeal to them and convince them when they are in the shop.
- Offer incentives for them to continue buying or take more.
- Propose loyalty programmes to encourage early return and referrals
Heat maps, for example, can indicate how to position products in a way that captures the attention of visitors or guide them to the right ones. Another option may be to offer good prices to those who take two products that, thanks to the data you know, others often carry together. There are many strategies that can be used. The big challenge for retail, then, is to predict what is the best content to broadcast and how to do it quickly and efficiently.
Ladorian helps you to innovate in retail and stand out from your competitors
We have the solutions you are looking for. We help you to analyse historical data, managing the hardware you have, in order to identify user profiles, analyse their behaviour and optimise the conversion of your business.
We guide you in defining your objectives, we simplify the management of processes and suppliers, leaving you free time for activities that need your strategy and energy.
With the help of our technology you can deliver the right ads at the right time and stand out from the competition. With Ladorian, it is also possible to manage your communications in an automated and personalised way, improving interactions at the physical point of sale, eliminating traditional signage and taking it to the next level.
Contact our sales team, we have different plans and proposals adapted to what you are looking for. We will be pleased to assist you.