Business is besieged with metrics. Return on Investment (ROI), website visits, website return visits, shopping cart abandonment rates, and average customer spend are all important and well used metrics to evaluate the success of a business. As with all business problems, everyone agrees that metrics are vitally important. What no one can agree on is which metrics are the most important. Until now.
In the upcoming March/April 2018 issue of Retail Executive, I dedicate my Viewpoint article to voice commerce, a topic we’ll be covering more diligently as the technology progresses. As such, I caught up with Saeed Amidi, CEO of Plug and Play Tech Center and Retail Executive Editorial Advisory Board member to get his take on the progression of the technology and how retailers should utilize it.
The debate over whether we should become a cashless society shows no signs of abating soon, but in the meantime plenty of compelling reasons remain for using cash in a variety of situations.
Here are the top three trends happening in retail this year and our predictions for what’s going to be big next year.
Online shopping can actually be quite stressful but leveraging a chatbot with strong functionalities can relieve shoppers of these stresses and make shopping productive, timely, and enjoyable once more.
Modern retailers understand the core benefits of leveraging the power of Predictive Analytics and Artificial Intelligence. Predictive Analytics accounts for all of your company’s relevant data at a micro-level, identifies your business’ trends, opportunities, and influencing factors. It makes recommendations to retailers that will help them increase forecast accuracy, reduce inventory costs, increase in sales, and maintain high customer satisfaction levels.
The in-store shopping experience must improve to keep customers coming back. Find out how image and vision technology can help create an effortless in-store experience.
New research reveals that 88% of retailers with new supply chain initiatives said it has helped them exceed customer expectations; and 84% claim these efforts allow them to give customers more control over their shopping experiences.
"Internet of Things (IoT) endpoints are becoming ubiquitous thanks to a predicted compound annual growth rate (CAGR) of 32% from 2016 through 2021, according to Gartner research published in December 2017. These endpoints have the potential to disrupt order-to-cash processes and will enable digital optimization by creating new ways to serve and collaborate with customers and channel partners." Despite the expected disruption, the new report also revealed that only 22% of respondents have already or are currently investing in IoT. "However, in terms of the dollar value of spend on supply chain IT, only 18% of budget spend is put toward supporting innovation and agility to transform operations and create sustainable advantage."
Let Radial handle the complexity and risk of payment processing, fraud management and tax compliance. Our fully outsourced solution turns orders into revenue, sends criminals running, keeps governments satisfied, and turns one-time shoppers into repeat customers.
Radial Fraud Zero delivers a best-in-class combination of people, processes, and technology for end-to-end fraud management. We are 100% focused on converting the highest percentage of transactions and keeping fraud well below industry standards to provide a frictionless experience for your customers. Our blending, cutting-edge technology with rigorous expert analysis translates into higher approval rates and happier customers.
Business is besieged with metrics. Return on Investment (ROI), website visits, website return visits, shopping cart abandonment rates, and average customer spend are all important and well used metrics to evaluate the success of a business. As with all business problems, everyone agrees that metrics are vitally important. What no one can agree on is which metrics are the most important. Until now.
Retail executives are struggling in a changing world, with consumers that want their goods faster than ever before. It’s possible to fulfill delivery promises if you get your strategy right.
It’s predicted that by 2025 digital retail will account for $2.95 trillion in operating profits. Even with a number like that in play, some retailers continue to drag their feet on the realities of digital transformation. As more shoppers look online for some good ol’ retail therapy, how can retailers continue to meet customer needs when they’re not face-to-face?
We’ve all heard it before: If you can’t innovate, you’ll get disrupted. While there’s no magic crystal ball that will help retailers predict the future, there are expert opinions on what needs to be done to stay relevant in 2019. Here we’ll explore the top trends shaping the retail landscape in 2019, and how each of them has the potential to drive in-store sales.
An oncoming trend will change the way retailers build their online stores and experiences.
