With higher purchasing power and an advent of brands from around the world, consumers are eager to shop for the best. How can a retail chain manage the supply, stocking, delivery, while ensuring customer satisfaction in a competitive environment? The answer lies with IT.
From apparels to groceries and crockery to stationery, retail has something to cater to every consumer. However, retail outlets, big and small, require IT in order to enhance customer experience. IT allows retailers to efficiently manage a huge inventory, improve logistics and increase efficiency of customer relationship management, among other functions.
What Does IT do?
Every retail operation includes managing the local storehouses, offices, and retail outlets – all in a day’s work. How do the retailers connect all these dots? That is where IT steps in.
A comprehensive enterprise resource planning system enables retailers to seamlessly manage all the functions. Here are some of the benefits of technology-led digitization in retail sector:
- Efficient Operations
A system that can streamline all retail operations, manage inventories and paychecks for employees and maintain a record of the whole operation is what IT provides the retail sector.
Today, buying things on credit or debit cards is a norm. Cashless transactions, introduced only a decade ago, are used frequently and preferred by many users. This convenience has been made possible due to the introduction of IT in retail.
In addition to making transactions simpler, it has introduced novel methods like consumer loyalty card and coupons to make the business more profitable. The turnover at the end of the day is also consolidated by these systems.
- Improved Customer Satisfaction
A retail operation’s biggest asset is a regular customer. Happy customers are a boon to the retail business. But how do retail chains retain customers then? How do they identify the needs of the customer? IT can show the way.
IT management systems offer a robust CRM that can store and consolidate spending patterns of consumers. For a retail operation, it is difficult to track consumer activity over a long period of time without IT. It facilitates positive changes in the business according to consumer demands. This can help the business grow and keep the consumer satisfied.
- Online Retail Activity
Online shopping contributes a huge amount to the total retail activity. Online retailing, e-tailing as it is known, makes it easier and more convenient for the buyers. However, it brings in a different set of challenges for the retailers. A complete software package keeps a track of online shopping activities, and allows targeted ads and customized deals for the consumer.
An option of linking the online shopping portal to the buyer’s social media, gives the retailer an inside view of the interests and choices of the buyer. Catering to online customers, with the help of IT, has made retailers empowered to offer better service and gain better returns.
Be it the physical retail or e-tail, IT is an enabler for the business. It enables and empowers retailers to grow and serve better.