The retail sector has undergone a huge transformation in recent years and has become one of the markets that most received investments globally. This vibrant industry, heavily shaped by changes in consumer behavior, is embracing technology not only to understand changing customer preferences, but also to enhance shopping experiences.
Technological disruptions have taken over all sectors and the retail market has not been different. Technology has been the driver of personalized and “instant” experiences for the buyer. The players that are managing to extract all the technological resources are standing out in this competitive segment.
The importance of multichannel for retail analysis has gained momentum and has led players to expand their presence across all platforms. However, integration is the key to success in this game. Unless the platforms are indeed connected, they will present an inconsistent experience for customers, creating confusion about products, pricing and promotions.
Digital strategies that will differentiate leaders in retail range from predictive analytics powered by big data, Face ID payments and smart storefronts with augmented reality to AI-powered integrated logistics, order fulfillment automation and shopping assistance robots. However, there are still many challenges to be overcome. One of them concerns “conversational commerce”, which highlights the focus on human presence as a fundamental part of the purchase journey. Another is logistical control, which involves the application of intelligent systems to the delivery process.
The Retail 2022 report carried out by Adyen in partnership with KPMG, which consulted 10,000 retailers from 23 countries and 40,000 consumers from 26 countries, pointed out that Brazil has rates far above the world average regarding the use of apps for shopping. In our country, 83% of respondents said they use more shopping apps now than before the pandemic, compared to 53% of the world average. At the same time, 40% of Brazilians still prefer shopping in physical stores and 72% say that physical spaces are important for the relationship with brands, even if they shop online, which exemplifies the relevance of the multichannel model.
In addition to ensuring an unshakable experience, the biggest advantage of an integrated omnichannel approach is to analyze customer behavior to provide even more personalized service, as well as more agile and assertive decision making by the organization. If a customer has a specific buying pattern for an offline product, for example, the retailer can use those insights for targeted marketing across multiple digital platforms. Not only will this help the shopper more easily find what they need, but it will also support the retailer in driving higher sales through relevant product suggestions and recurrences.
By Thiago Ruchet