Intelligent broadcasting: how to innovate in retailing
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 today's technology is only applicable to increase sales in virtual spaces. Nor does it mean that we can only predict someone's needs by the product they put in their cart in the cloud, 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 to continue to grow and stay relevant, they need to optimise customer contacts at the point of sale. But also many others have not yet ventured to personalise content, and are registering less and less sales. Ladorian can help you get ahead of your competitors and boost your business.
The risks of depersonalised decisions
Can you imagine knowing what your customers need or want at the right time, and being able to offer them what they are looking for when they walk into your shop? This is no longer a utopia for retail, it is the present and the future.
Shoppers are becoming more and more technological and expect shopping experiences to match. Although there are still companies that continue to send mass messages without taking into account that there are many nuances among their audience, the need for digital transformation and innovation in retail is more evident than ever.
A mother-to-be arriving at a shop and finding only bargains in the alcoholic beverages section is likely to be discouraged. A group of teenagers who come across messages aimed at an audience that does not represent them will probably go to another shop and not come back.
A sporty person who gets a discount but for out-of-season clothing will not be satisfied. Not considering the different groups that exist among your customers and the time in which they find themselves carries great risks, among which the following stand out:
- Failure to generate positive impacts
- Failure to achieve sales
- Failure to repeat
- Missing the opportunity to discover new audiences
- Giving your competitors an advantage
- Making a loss
¿How can retail innovation increase your sales?
Artificial intelligence applied to big data makes a difference in retail. Using different metrics and customer information assertively 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 up to now have 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 offerings is possible and critical to increasing your shop's conversion rate.
Increase customer satisfaction
The quality of customer service and messaging greatly influences customer satisfaction and has a big impact on their interactions with your shop. By helping you use technology to automate day-to-day processes, you gain resources, such as time and staff, that can be put towards providing a better experience.
Helps you plan stock more effectively
Good stock management is an essential part of smart retail. Having too much inventory increases warehousing costs, while insufficient or inadequate inventory leads to lost sales. A smart stock management system helps to know which products perform better than others, offers personalised reports, among other benefits.
Stimulate impulse purchases
Impulse buying refers to the purchase of items that customers did not plan to buy when they entered the shop. Price and positioning are two of the main factors that influence impulse buying. While impulse buying has psychological drivers behind it, i.e. it serves as a reward or 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 street or chatting with friends, competition is becoming increasingly fierce and omnichannel. How to surprise with your messages?
An excellent solution to innovate in retail is to have an intelligent recommendation engine that broadcasts content in offline spaces taking into account your business data. In other words:
- Advertise specifically the products that meet the needs of your visitors.
- Use the arguments that appeal to them and convince them when they are in the shop.
- Offer incentives for them to continue shopping or to 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 might 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 tactics 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 to define your objectives, 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, you can also 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 tailored to what you are looking for. It will be a pleasure to advise you.