Article: Tech Trends in The Retail Industry
At a glance:
- Basics of Retail CRM
- Smart Checkout Technology
- Retail Store Management Systems
- Augmented Reality
- NFTs and Blockchain
- CRM in Retail: Constant Innovation
As technology evolves, so do businesses and how they can optimize their systems to improve customer experience. CRM is becoming increasingly sophisticated with innovations such as smart checkouts, store management, and augmented reality in the retail industry.
These new features improve retailer efficiency and help consumers enjoy a smoother shopping experience. Read on to learn more about how these technologies change CRM in retail and what it means for your business.
Basics of Retail CRM
CRM, or customer relationship management, is a system that manages customer data and interactions. Retail businesses can use a CRM system to track customer purchases, analyze shopping habits, create targeted marketing campaigns and keep track of customers while improving customer service.
Providing remarkable insight, a CRM system helps retailers identify when to contact a customer again and what the customer might need. Sales reps can use the system to discover, for instance, a customer’s lifetime spend and the average order value (AOV), along with a detailed omnichannel order history, so that they know what to emphasize in their outreach. When choosing which CRM to use for your business, it’s vital to consider what sort of data and workflows your sales team needs in order to be successful.
Smart Checkout Technology
Smart checkouts are a self-service checkout system that uses technology to speed up the checkout process. Smart checkouts can scan items as they are being placed in your shopping bag, which reduces the time it takes to check out. Smart checkouts can also accept mobile payments and store loyalty card information. This makes it easier for customers to pay and helps to reduce bottlenecks at the checkout.
Smart checkouts are a great way to improve customer experience and reduce frustration. They can also help businesses save time and money by reducing the need for employees to staff traditional checkout lanes.
Amazon is using smart checkouts and CRM to improve its customer experience with Amazon Go. It is a cashierless store where customers can simply walk in, grab the items they want, and walk out.
The store uses sensors and artificial intelligence to track what items are being taken off the shelves and charge the customer’s Amazon account. With this information, Amazon can offer targeted discounts to customers based on what they purchased and how often they visit the store.
When smart checkouts are integrated with CRM systems, businesses can use the data collected to heighten customer service response. For example, if a customer abandons their shopping cart at the checkout, the business can follow up with them for assistance.
Businesses can also use data from smart checkouts to create targeted marketing campaigns. For example, if a customer frequently purchases items from a particular department, the company can send them coupons for that department, much like how Amazon does with their stores.
Integrating smart checkouts with CRM systems can help businesses improve customer service and target their marketing campaigns leading to more sales and repeat customers.
Retail Store Management Systems
These systems can track inventory, manage employees, and create marketing campaigns. Integrated CRM systems can be used to improve store management by providing employees with access to customer data. Furthermore, this data can be used to train employees to serve customers better. Suppose a customer complains about a product. In that case, the employee can use the CRM system to look up the customer’s purchase history and offer them a replacement product or a refund.
Store management systems can also be used to track employee performance. This data can identify employees who need additional training; helping businesses create incentives for employees who provide excellent customer service, so that the staff and HR have a better retention rate. Staff turnover can be costly in a competitive job market and can lead to unforeseen consequences to your bottom line.
Good store management entails ensuring that the store is organized and well-stocked, that the staff is knowledgeable and friendly, and that the checkout process is quick and easy. When these factors are taken care of, customers are more likely to have a positive experience in the store, leading to repeat business and loyalty.
Another effect of good store management is reducing costs and improving logistics. By minimizing waste, maximizing space utilization, and developing efficient systems and processes, a good manager can save the company money while making it easier to get products to the customer promptly.
Augmented reality (AR) is a technology that overlays digital information in the real world. AR can provide directions, display product information, and even provide interactive games. Integrating AR to a retail CRM system provides customers with more information about products. For example, if a customer is looking at a pair of shoes, the AR system can display the customer’s purchase history, recommend other products, and provide information about the product.
Businesses use AR and CRM to improve customer service and increase sales. For example, furniture stores are using an AR system for customers to see how furniture would look in their homes before buying, or to help customers find products in the store. Another setting are makeup brands using AR for customers to try on makeup on their own face before they buy it.
The success of AR boils down to engagement. AR allows for interacting with the customer and increasing the value of the products. Individuals are not just going online and scrolling. They are actively interacting with the product to see if it’s a right fit for them without breaking the bank.
Engaging with the product you’re selling is critical in gaining a foothold into your customers’ desires and improving brand strategy. Another area this is beneficial is production. AR combined with CRM can hone production strategy. Because AR no longer needs an actual product for individuals to try, you can hold back creation until the product is ordered. This reduces waste and is good for the environment.
Business success is all about creating a reliable and meaningful customer experience. While CRM can collect data, AR can help visualize and directly engage with the world. The future has much to hold on how both can work together for consumers.
Provided by Pexel.com – Photo by Tima Miroshnichenko
NFTs and Blockchain
NFTs are non-fungible tokens that exist on a blockchain. They are unique assets representing anything from digital art to in-game items. NFTs are immutable and cannot be tampered with. This makes them ideal for tracking data, as businesses can ensure that the data is accurate and up-to-date. And they’re becoming more and more popular in the retail world as major brands are already using them.
NFTs are still in their early days, but they already impact CRM systems. The potential uses for NFTs are vast, and they have the potential to revolutionize the way businesses interact with their customers.
CRM in Retail: Constant Innovation
CRM is constantly evolving with new features to help retailers stay competitive. With augmented reality, store management becomes easier, and smart checkouts let customers check out quickly and easily. Take advantage of these innovations and improve your retail business with a CRM system.
Webinar: Policy-Driven to Customer-Centric in the Insurance Industry
It is paramount to focus on the customer in today's insurance industry first and foremost. By leveraging cutting-edge technologies, insurance agencies can implement a robust digital transformation initiative to streamline critical processes such as policy renewal, claims management, and onboarding.Read more
Ebook: Policy-Driven to Customer-Centric in the Insurance Industry
Many insurers are turning to CRM tools to reshape their business from a policy-driven to a customer-centric organization to stay competitive and keep up with changing customer needs.Read more
Webinar: Future CRM trends in 2022
Future CRM trends in 2022 Being Up To Date On CRM Software. The New Trends For 2022 92% of businesses say that CRM is a crucial tool in achieving their revenue goals. Growing adoption of CRM software, sharper insights powered by AI, and more sophisticated data integration are all examples of the future of […]Read more