Gareth Hawkey,\nthe CEO of redPanda Software, says that the retail success in 2020 will be\ndefined by seven technology strategies that will unlock growth. <\/p>\n\n\n\n
As the year comes to an end, it is clear that the role and function of brick and mortar stores has fundamentally changed. <\/p>\n\n\n\n
Increasingly, physical stores have to become a seamless extension\nof an overall customer experience that blends the best of the online and\noffline worlds. Indeed, savvy and forward-thinking retailers understand that\nthe lines between online and offline are blurring, and the question is not so\nmuch around whether to have a physical or online presence \u2013 the fundamental\nquestion is how to deliver the most value to your customer. <\/p>\n\n\n\n
In South Africa, retailers should take their cue from the global\nshift and find local solutions that speak to the fundamental shift that is\nhappening. Arguably, many decision-makers within local retail are stuck in\n\u2018traditional\u2019 thinking that is purely focused on cost savings and efficiencies\n(the low hanging fruit) \u2013 with little vision of a fundamental transformation\nthat puts the customer first. <\/p>\n\n\n\n
Understanding where value lies <\/strong><\/p>\n\n\n\n To keep up with the lightning fast pace of change in global retail, most of which is technology-driven, South Africa\u2019s retail decision-makers have to embrace a new mindset that is less risk averse, more experimental and that is entirely centred on providing value to the customer. <\/p>\n\n\n\n Looking ahead, we believe that three things will define retail success in the years to come: convenience (for example, easy online payment options); brand strength (are you a premium brand?); and customer experience (is your buying experience seamless and easy?). In order to remain relevant in a highly competitive retail landscape, every retailer has to fulfil these three functions. In South Africa, we currently risk losing ground on all three.<\/p>\n\n\n\n So, where to begin? <\/p>\n\n\n\n Ask the right questions <\/strong><\/p>\n\n\n\n In order to better understand how to deliver value to your\ncustomer, you need to be equipped with the right knowledge. This knowledge can\nbe extracted from data \u2013 credit card data, buying patterns, location data,\nstock trends, customer feedback, etc. <\/p>\n\n\n\n Once you explore and analyse the data at hand, you can better\nunderstand what is working and what is not. Remember, unless this knowledge can\nimpact in-store operations, it is probably irrelevant. <\/p>\n\n\n\n Everything has to come back to delivering more value to the\ncustomer as they move through the purchasing journey. To guide your thinking,\nask questions such as: Who are we? Who are our customers? What do we do very\nwell? What do customers come to us for? <\/p>\n\n\n\n Leveraging technology to drive value <\/strong><\/p>\n\n\n\n Once you have real insight into these key elements, you can then\nstart exploring various technology solutions to ensure that you will be able to\ndeliver unique value to the customer. If you start with the customer in mind –\nnot the technology – you will undoubtedly make decisions that reflect the true\nnature of your brand and business. <\/p>\n\n\n\n With regards to technology investment and innovation, the most\nimportant thing is just to get started \u2013 there is no need to have full and\nexpensive solutions in place right away.<\/p>\n\n\n\n With that in mind, here are our top seven technology strategies\nthat every retailer should be looking at.<\/p>\n\n\n\n Enable payment flexibility:<\/strong> Allow customers to pay via\nmobile for example and place the emphasis on security as well as convenience<\/p>\n\n\n\n Create an omnichannel\noffering<\/strong>:\nToday, every retailer has to have an e-commerce presence of some kind that\nlinks seamlessly to the in-store environment <\/p>\n\n\n\n Transition into the cloud<\/strong>: Move your data and certain\nkey services into the cloud. The major providers such as AWS and Google will\nensure both data security and reliability. Once in the cloud, you can slowly\nstart to explore more bespoke services <\/p>\n\n\n\n Explore the IoT:<\/strong> Although the Internet of\nThings (IoT) is still maturing in South Africa, networks are getting stronger\nand businesses can start to experiment with different use cases <\/p>\n\n\n\n Find collaborative partners:<\/strong> More and more retailers are\nharnessing collaborative partnerships to draw in foot traffic and leverage key\nresources, such as a global brand, to boost growth using the \u201cstore within a\nstore\u201d concept<\/p>\n\n\n\n Look at voice-enabled\ntechnologies:<\/strong>\nMany experts are hailing the beginning of a \u2018voice\u2019 revolution, whereby\nconsumers will increasingly make use of voice-activated devices and services.\nSavvy retailers should look to become first movers in this space <\/p>\n\n\n\n Find ways to apply AI to\nyour customer database:<\/strong> AI and Machine Learning, whilst still in their infancy, can be\nhugely transformative by creating questions that you would never have thought\nto ask. Start implementing data analytics and begin to mine customer data for\nkey insights. <\/p>\n\n\n\n While many of these strategies may appear daunting, the key is to get started and to begin to explore where you can unlock value. Success will depend on finding the right partners and specialists, who can guide you along the way. Looking ahead, retail growth and sustainability will be the domain of those who prioritise experimentation and are able to think differently about delivering value in-store. <\/p>\n","protected":false},"excerpt":{"rendered":" Gareth Hawkey, the CEO of redPanda Software, says that the retail success in 2020 will be defined by seven technology strategies that will unlock growth. As the year comes to an end, it is clear that the role and function of brick and mortar stores has fundamentally changed. 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