A few ways great integration will help a great retail brand
Creating connections that hum will be totally worth it.
Integrating a complex technology landscape can be a two-edged sword – when you don’t manage it well it can be risky, costly and an inhibitor to growth.
On the other hand when you manage the connections well it opens up exciting possibilities.
#1 Wow your customers with personalised experiences
It’s where the magic happens. Only by making sure that customer information is accurate and up-to-date everywhere (whether it’s digital or in store) can retailers deliver exceptional experiences that are tailored to customers. This personalization drives fantastic customer journeys, increased loyalty, and repeat purchases. Did you know? According to Accenture, 81% of customers are more likely to make a purchase from a retailer that provides personalized experiences.
#2 Stay in control of your inventory
Products are so important – customers are more attached to products than your brand, so it’s super-important that you have what you need, but without the costs of having too much. Real-time visibility of inventory levels across all channels means you will avoid stockouts and overstocking. Did you know? The US National Retail Federation found that retailers with effective inventory management systems saw an average increase in profitability of 12%.
#3 Experiment, learn and grow
The right kind of tech integration gives retailers the flexibility to respond quickly to market changes and customer demands. You can experiment with new strategies and technologies, and pivot if necessary, enabling you to stay ahead of the curve and differentiate your brand from the competition. Did you know? Gartner found that retailers who integrated technology saw an average increase in market share of 15%.
#4 Rely on the data for decision-making
You have invested copious amounts in systems so that you can get product and customer data. But it’s money down the drain if you can’t access it, and leverage it. Integrating technology systems well gives retailers a more complete view of customer and product information, allowing
you to make evidence-based decisions. You can experiment with strategies, analyze trends, and optimize products in real-time. Did you know? McKinsey found that retailers who invested in data analytics saw an average increase in profitability of 20%.
#5 Stay out front of your competition
In times where we are fighting for every customer, you need to be able to stay nimble and adjust to shifts in the market and customer preferences, to stay ahead of the competition. With real-time visibility and data-driven decision making,you can quickly make changes in the ever-changing retail landscape. By leveraging technology integration, retailers can further establish their position in the market and ensure sustainable success. Did you know? According to a survey by Gartner, retailers who integrated technology saw an average
increase in market share of 15%.
#6 Make work easier and better (and cut your costs)
It’s hard to keep and retain great talent. We know that people prefer it when technology makes their job easier to do. Smart integrations across your systems does just this, while also eliminating manual data entry, reducing errors, and streamlining processes. This will lead to keeping better talent and reduced unnecessary labor costs. It also saves you from the high costs of maintaining separate systems and lack of visibility between systems. Did you know?: Gartner estimated that retailers can save up to 30% on IT costs by integrating their systems.
Last word
Effective technology integration is a must for retailers looking to stay competitive in today’s fast-paced retail landscape. By rapidly and accurately moving data across multiple systems and unlocking the power this integration offers retailers can take advantage of the numerous benefits for cost savings, improved customer experience, and increased profitability.