What Small Businesses Must Do To Survive In The Online Retail Market

The “innovate or die” cliche has proven true for old giants (think Sports Authority or Circuit City) and has shown its utility in generating new ones in the retail business (like Amazon). And it doesn’t matter how big or how profitable a firm is when it comes to innovation. (ecommerce platforms)

Smaller businesses, in particular, must emphasise innovation and take the dreaded digital leap. Small firms are frequently the ones who stand to benefit the most from digital transformation. Small firms can compete and even surpass larger competitors by utilising CRM software, ecommerce websites, and marketing automation, which are sometimes hard and time-consuming to deploy due to outdated technologies.

The digitization of shopping, together with the expansion of digital in related industries, is resulting in a constantly changing retail experience. Companies who can find out how to take advantage of emerging technologies will outsmart and outrun competition in the small company environment. Emerging retailers must think about the client from the inside out if they are to withstand the industry’s impending tectonic change. Here’s how to do it:

Ensure that the experience is seamless. (ecommerce platforms)

Anyone with a mobile device can shop whenever and wherever they choose. Consider how the modern consumer’s journey to buy has changed. This year, 51% of transactions were made online, more than 90% of shoppers used their cellphones while shopping in-store, and 78% of global shoppers were affected by social media in some way. This type of consumer behaviour necessitates a unified shopping experience that spans both physical stores and online platforms, from purchase to delivery to returns. There are still methods to engage with today’s digital public for small shops who don’t have a mobile app or don’t aim to sell online. Make sure your website, for example, has a responsive web design that looks the same on any digital device.

As a result, today’s customer has very different expectations than those of ten or even five years ago. The bulk of the world’s population is made up of market to millennials, and these tech-savvy customers are anything but traditional when it comes to buying. Personalization is essential for attracting and retaining this generation. Retailers who can provide consistent but personalised offerings are more likely to outperform their competition.

When a corporation successfully synchronises digital and physical retail platforms, the seamless shopping experience does not end. The next critical step for retailers is to combine these channels, breaking down walls between mobile, internet, and in-store interactions so that each channel functions as a single, unified system that prioritises the consumer experience.

Every component of the connection should be personalised. (ecommerce platforms)

Every customer wants to feel special when they are shopping. In retail, creating a sense of individuality has become a gold standard. Companies can use predictive analytics to anticipate their consumers’ wants and needs, allowing them to develop customised experiences that are finely adjusted for specific tastes.

Retailers are increasingly relying on sophisticated technologies to collect, store, and analyse customer activity, not just online but also in-store. Traditional brick-and-mortar merchants now have the same level of analytical capabilities as internet retailers, thanks to the ability to follow consumers’ movement and behaviour throughout the store. The possibilities are practically limitless if they combined the data with purchase history, behavioural analysis, and market trends.

Consider BaubleBar, an online jewellery retailer that recently established two physical shops in New York City. Customers may have a one-of-a-kind online and in-store experience with BaubleBar’s interactive display cases, which contain guidance on how to wear the jewellery, photos of other customers, and suggestions for future purchases. This little business, which has only 150 employees as of 2016, analyses analytics to predict what jewellery a buyer will want before she even sees it.

When a customer conducts a web search, Baublebar collects real-time data on the media sites she visits, other designers she purchases, and the amount of time she spends on each page. The site can provide a detailed image of each customer’s demands, style, and preferences by collecting and analysing data. They used this information not only to personalise the shopping experience, but also to forecast trends and make future design decisions, giving customers more control over product creation than ever before.

Customize the technology to fit your company’s needs.

When it comes to joining the digital realm, small businesses should take the lead from large, successful businesses and collaborate with technology specialists to improve the consumer experience. Co-innovation agreements allow retailers to scale up capabilities under the leadership of trustworthy technology professionals with considerable expertise ushering businesses into the future; Whole Foods and DSW are among the companies cooperating with my firm, Infor. These collaborations bring together people who are experts in both the business and technological worlds.

Now is the moment for merchants of all sizes to rethink their business models and take cues from platforms like Netflix and Pandora to better understand today’s consumer. Companies can satisfy the demands of today’s customer by enlisting the help of UX specialists with creative design skills to move their business to the cloud.

The retail business is in the midst of a tremendous transformation that shows no signs of abating. Disruptive technologies such as the internet of things, automation, artificial intelligence, and 3D printing are no longer notions or pilots; they are now a reality in today’s company processes, with limitless benefits. Take, for example, Amazon’s new grocery store, which, owing to AI and sensor technologies, eliminates queues and checkout counters.

Source: ecommerce platforms , online selling platform