Retail
The retail industry has always been the first market segment to feel the impact of changes in the economy and recent international events have had a significant detrimental impact on performance. Rising inflation is pushing up the prices of both everyday necessities and the luxury desirables sold by multinational conglomerates. Supply chain disruption has negatively impacted operations as stocks run low, encouraging some raw material retailers to push prices up even further.
The Covid pandemic has changed the purchasing habits of many buyers so retail businesses are rushing to move to on-line sales and if they already have an on-line presence, looking for ways to expand and improve their sales model.
Many retails businesses are struggling to understand how the hybrid solution of mixing in store and on-line sales is going to work.
Consumer habits are changing and most businesses are facing the challenge of maintaining their market share in an ever changing retail landscape.
Many larger businesses are looking at improved technology to better understand and react to changing customer habits and expectations. Ideas that seemed like SciFi until recently are now becoming commonplace. For example robot delivery services are appearing in many cities across the USA, Europe and the UK.
Offline outlets can learn from the innovations made by online retailers in logistics and inventory management, flexible payment methods, home delivery options, and loyalty programs. Online retailers can learn about building personal relationships with customers and providing immersive shopping experiences from bricks ‘n’ mortar retailers. In 2023 adopting this hybrid mindset will be a key strategy for retailers looking to continue to build brand awareness and customer loyalty.
Utilising innovative algorithms, retailers are able to tailor suggestions to customers designed to offer those products which would be most likely to be attracted to and help improve the sales closure rates as well us upselling on purchases.
Handling all this information, be it supply chain, customer details, financial data or simply new ideas is becoming increasingly vital in the retail industry. Loosing access to the database of customer habits and trends can have a dramatic and expensive impact on the business. Any loss or breach of customer details would likely lead to a significant drop off in customer trust and irretrieval damage to the brand.
The KaiKetsi solution ensures your vital information is secure but always available in a straightforward solution encompassing the complete information technologies of the business. Where a group contains several discrete entities a single KaiKetsi solution allows for a centralised system but able to keep business data separate and ringfenced.
