Technology Trends and Retailing

According to a report by consulting firm KPMG
“Know thy customer. Know thyself. Surely seems simple enough. Yet, as our 2013 Retail Industry Outlook survey confirms, in today’s ever-evolving and dynamically changing retail industry, traditional business models and customer segments can no longer be taken for granted. Technology has blurred the lines and created a retail industry open for business anytime, anywhere, and in any way the customer prefers to shop. The possibilities for effectively engaging consumers are limited only by imagination, and each advance in new technology brings excitement and anticipation of a brighter future for the retail industry.”
“As evidenced by our survey results, most executives realize that technology is paramount to driving growth and enhancing customer engagement. With consumer behavior, spending, and demographic profiles changing so rapidly, it is absolutely critical for companies to adopt an ‘omnichannel’ approach, utilizing all the touch points at their disposal, including brick-and-mortar stores, online, and mobile to engage consumers. Social media and mobile technologies are certainly accelerating the rate of change, and there is a significant increase in their use to explore new ways of doing business and reaching more customers. Smart retailers are wasting little time in seizing strategic opportunities to seamlessly integrate their physical and virtual channels in an effort to personalize customer experiences.”

 

 

This entry was posted in Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Technology in Retailing and tagged , , , , , , , , , , , . Bookmark the permalink.

4 Responses to Technology Trends and Retailing

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