An emerging component of online technology is the degree to which new technologies are responding to customer needs while serving good process and financial performance.Whilst there are a number of technological initiatives taking advantage of serving customers in this way, three good examples of this are:
Technologies that allow deep dives in to customer data, support effective analysis and drives focussed offers to well segmented customer groups .
- For the retailer, this has the capacity to reduce costs, improve inventory productivity, improve conversion rates and basket size, and of course, increase sales.
- For the customer, this reduces receipt of communications that are not likely to appeal and potentially irritate that customer. With the explosion of electronic communications, customers are increasingly likely to unsubscribe from retail sites that indiscriminately send customers unwanted offers.
Technologies that offer customers payment avenues that suit their requirements, without attracting interest .
- Technology has allowed the development of risk managed payment systems that allow customers to immediately acquire product at no interest and without reverting to high interest credit cards and with real time application processes.
- Options that include a revolving credit model and a modern day layby model are already biting in to the market, with retailers and not customers covering the cost and providers taking all credit risk and immediately passing net funds to retailers.
- For the retailer, this provides rapid access to risk free provision of payment options at a modest cost.
- For the customer, it provides new options to immediately access wanted merchandise without attracting high credit card interest rates
Technologies that allow and support customer access to all inventory carried, no matter where it is located across the retailer’s portfolio .
- The notion of an endless aisle is central to retailers achieving omni-channel capability.
- A broad selection of support technology is now available, all it requires is a focussed and determined approach to strategy and implementation by retailers.
- For the retailer, it has the capacity to improve sales, improve inventory productivity and drive for improved customer satisfaction. It also has the capacity to materially expand product choice at a local level.
- For customers it largely removes the irritation and disappointment of wanted items being out of stock.
As online selling and technologies have positioned customers to research product, understand global pricing, expand their available choice and even break down the seasonal barriers to local product offers, these new technologies are ground breaking in terms of delivering efficiency, improved profit as well as a clear advantage to their customers, a great step forward in sustainability for retailers who take advantage of them.