The reinvention of retail: It is what is happening now with consumers who are turning to the use of smartphones and mobile devices to shop.
Paying attention to this reinvention is what will assuredly help merchants to become and/or remain successful. The entire goal of the merchant to ensure the consumer has an outstanding shopping experience as it leads, not only to the return of the consumer, but also to exceptional word of mouth, free advertising opportunities. The assurance of customer satisfaction is the core of the relationship between the merchant and consumer.
The primary energy driving a consumer to shop is what they are interested in buying – it seems like a no-brainer, but you have to offer what the consumer is looking for if you are going to benefit from the consumer dollar. Bear in mind that a thousand more retailers can carry the same product as you do. So what influences where the consumer starts the shopping process? The sense that a merchant is trustworthy. This idea seems small, actually obvious, yet it is not something that should be swept to the side as a not useful revelation. It’s a clue left behind by the consumer as to what they really want from the shopping experience.
Consumers prefer the merchant that has incentives. Not just ordinary generic incentives but those that are tailored to the consumer’s preferences. Consumers like working with merchants who offer timely delivery, excellent pricing, and that give the consumer a good experience from start to finish. Take for example the things Target is doing to shore up its business and to strengthen the business to consumer bond of trust. Target is not looking at what Wal-Mart, Kohl’s, Amazon, and other competitors are doing.
Instead, they are improving their digital and physical assets to ensure the consumer gets the best shopping experience imaginable. Whether the consumer is shopping in the store, or ordering via online means and picking the products up at a physical location, or it’s a matter of the way products are displayed in order for consumers to experience ease of product discovery, Target is turning to the latest technologies to guarantee a spectacular customer experience for every consumer. For instance, the company is using holograms to demonstrate what attire looks like on the consumer without having the hit the changing room.
Additionally, targets looking to use opt in beacon technologies in order to give consumers access to the offers they will find most relevant. Dominos is doing similar things by using technologies to offer superior services, and in fact, the company calls itself a digital retailer. As much as half of the company’s business comes from online sales. To keep pace with the company, other pizza sellers are now forced to look toward using similar technologies to keep pace with the competition.
Of course, the use of Internet technologies for selling means a company needs to up its security. The consumer wants a trust worthy experience, and that means they want their data protected at all times. The mobile wallet with encrypted technologies are the way many consumers are shopping for product. But perhaps nowhere is the paradigm of trust and the consumer experience more inextricably linked than in the realm of the mobile wallet. And with mobile wallets, consumer trust is an important issue, one best addressed with simplicity of use and maximum-security protection. To reinvent retail in a digital age, it is time to think about how to satisfy the consumer during the point of sale experience.