Keeping up with the pace of change
The way people shop is changing – and fast. Whether it’s researching a product on the internet or buying from a social platform, the ability to cater for these demands is becoming vital for business growth.
At Cin7 we’ve identified seven ways customer behaviour has changed over the last few years:
CLICK AND COLLECT – Consumers will choose and buy online, then head in store to pick up their purchase.
DELIVERY – Particularly common with household appliances, flooring and furniture, consumers will buy in store and then arrange to have purchases delivered later.
SELF-CHECKOUT – You’ll have seen these in supermarkets, where shoppers can scan and pay for their groceries with minimal help from store staff.
ORDER ONLINE AND PAY INSTORE – This is often used when products are in short supply, or need to be ordered.
BROWSE OFFLINE, BUY ONLINE – With the relaxed tax laws, and bigger overseas markets, consumers often find they can buy similar or identical products online much more cheaply. It means they go in store to make their decision then purchase from an international competitor.
BUY NOW AND PICKUP LATER – Again most often seen for large or bulky purchases, where consumers arrange to pick up their purchase at a more convenient time.
BUY USING SOCIAL MEDIA AND MOBILE – These are the newest methods on the block, with platforms like Facebook implementing a new “shop” functionality.
So how can we deal with these disruptions?
Faster and cheaper mobile data
Most consumers treat their smartphone as a mini-computer. They use it to search for products and services, socialise and even do their banking. Now that data is available at cheaper rates and with much faster speeds, there has never been a better time to engage with and cater for customers on these breakthrough platforms.
New apps are developed every day to facilitate the new-age consumer – you can book a table at a restaurant, hail a taxi or buy a product, all from your smartphone. Not only is this convenient for the consumer but businesses can profit from it too. If you give people online access to staff and products through chat and remote purchasing, you can save time and money, while also improving customer service.
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Bringing in an outsider – Third-Party Logistics
Because of the growing eCommerce industry, Third-Party Logistic providers are becoming more and more common. Chances are, because they are specialists, they will be able to offer a faster and better service than you.
Logistics and fulfilment is very important for business success. Bringing in logistics specialists will help keep your stores stocked and make sure eCommerce orders are filled quickly. They’re also critical if you’re looking to expand nationally or globally.
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Keeping track of the ins and outs – Inventory and Supply Chain Automation
Inventory and supply chain automation is being transitioned into the cloud – this has had a significant impact on the retail industry. More and more systems can now be connected and integrated, giving you real time access to your suppliers and your data.
With instant access to your suppliers you can still get product delivered promptly, without having to outlay for the product and then pay to store it. The cloud also makes it much simpler to develop your own line to sell through retail and wholesale outlets using new technologies such as EDI (electronic data interchange).
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Smart thinking – In App Suggestions
Cloud-based systems have access to a lot of data, in real time, as it is happening. Using this data to make better business decisions or determine patterns in your market will unlock huge value in your business.
With a cloud-based system you’ll be making decisions based on real time data about your inventory across multiple stores – what’s selling, and what needs to be restocked. The future: the cloud will almost certainly be able to offer solutions or suggestions for improvement at the click of a button based on your data. One store or one-hundred, embracing the digital age and integrating your systems in the cloud will give you room to grow – and make sure you keep up with your competitors as the technology continues to revolutionise business.
How cloud computing can help grow your business:
Operational efficiency: The better your systems and processes, the better your customer service and the better your bottom line looks.
Multi-channel: The ability to serve multiple channels – increase your reach without having to increase your size.
Time and cost savings: Time and cost savings – you’ll have more time and money to spend on things that grow your business, not hinder it.
Head-Count: At Cin7, we have a saying: The quick eats the dead. This means that
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Retailers able to serve multiple channels, with minimal processes and less staff will have a greater capacity to serve more people. This gives smaller retailers the ability to compete with larger retailers.
If you’d like to discuss how your business can make the most of Cloud Inventory and Point-of-Sale technology, talk to the expert team at Cin7 today or join one of our introductory webinars.
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