In Retail, the introduction of new, disruptive technologies redefines core systems, including payments and supply chain, and repositions everyone on equal footing. Retailers should stop shying away from digital options and learn to embrace them.
Here are three things to add to today’s retail presence to capitalize on digital disruptions:
- First Thing’s First – There is a seemingly endless list of new digital options for retailers. In 2014 alone, we’ve seen significant growth in 3D printing, digital currencies and curated shopping with online retailers. Before jumping in with both feet, retailers need to survey the scene and make an educated decision on what digital options to choose to implement. Survey what new digital options are most suited to your retail business and make the leap.
- Be Unique – In a recent CNBC article, Steve Barr of research group PwC stated that the most successful retailers don’t cut prices—rather, they offer unique products and shopping experiences. Retailers shouldn’t be afraid to explore digital options that aren’t found in traditional retail settings. By incorporating unique technologies, retailers have the opportunity to reach new demographics with an unparalleled experience.
- Get Out Ahead – Technology isn’t going to stop improving, and customers will likely never stop wanting to experience the next big thing. It’s critical for retailers to stay on top of industry changes and make investments in new digital options as they emerge. Becoming an early adopter or even pioneering original, creative solutions are ways to gain significant recognition in the industry.
The digitization of retail is the new normal—consumers will continue to demand and expect the availability of digital options. Retailers that want to stay relevant can’t afford to sit on the sidelines any longer. The convergence of digitization with face-to-face service opportunities requires an integrated approach for creating repeatable retail success and more durable brand loyalty.