11 Mar' 16

RETAIL AND TECHNOLOGY— HOW DOES 2016 LOOK?

retail business technology

The world is changing. Is that news to you? Nope. The news, though, is, by the time you finish reading this article, a start-up in some corner of the world would have come up with something revolutionary and your arch business rival would have unearthed a few more secrets that will catapult his business light-years ahead.

BUT getting paranoid won’t help you or your business. Getting technology will.

And that’s what you need to know to keep your strategies updated and your start-up right on track. Here are a few predictions on how retail business technology is going to look in 2016.

More Customer Profiling

To beat your competitions in this crowded marketing arcade, you need to build relations with clients. How? By simply remembering what they need and when they need it. Thanks to new technologies, companies have already migrated to new service architectures and applications to keep records of your preferences and purchase history. And guess what! That really helped retail companies to identify each client and offer him tailored solutions. So, in 2016, we can definitely expect more of client profiling.

Faster Reaction Time

Today’s consumer is always on the go. Retail businesses have adapted to this trend and have changed their business routines to improve service/product delivery time. Using different platforms (social, mobile and more) to create and maintain a presence have made their services agile. It makes sense and seems to be working great. Consumers are already going for retailers who always respond to their queries and stay connected with them. So, in 2016, we will see retailers drawn to retail business technologies that can offer them fast reaction capabilities. You better get on it too.

Invest in Analytics

Your retail business solution needs insights regarding how your target audience is reacting to services presented to them. Otherwise, service modification to draw in more clients would be a tough cookie to crack. Analytics have shown promise in offering actionable intelligence regarding clients. Companies that invested in analytics were able to connect their stores, e-commerce, social, and mobile apps to link information for making better decisions. Analytics is already a big hit in retail business and it is safe to say that in 2016 more companies will opt for this solution.

Snappy Payment Processes

Things always get serious when there is money involved. Businesses have tried bringing multi-layered payment processes for clients, just to make them feel safe. But, as it turns out, clients didn’t like overly complex payment methods. So, you could win the day by introducing simple payment systems. However, keep in mind that you cannot cut corners while setting up security. Biometric technology looks promising with its thumb print and retina scan technology. So, we hope in 2016, more retail businesses solutions will get a chance to incorporate this retail business technology in their payment process.

Are you ready for a technologically charged business growth? Or, is surfing on app and automation driven waters making you nervous. Don’t worry, we are here to help you. Contact us today to get in touch with some super-techy surfers. Mail us at info@codeuridea.com.

Soma Bose

Project Manager

Soma is the Project Manager with Code{UR}Idea and we call her the 'tech-pro'. When not working she loves reading about new technical trends and writes about them.

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