The Technology Budgeting Act by Retailers [infographic]
Retail is one of the heavy players in both commerce and e-commerce industries and just in the US alone, it has generated a revenue of 389.30billion dollars, as last reported in January 2015. A significant 2.38% growth was seen from one year ago, with an average growth rate of 4.31%. However, things are not looking that bright, pertaining that the furniture sales have seen a drop of 0.7%, the biggest decline since the end of 2013, according to an article on Reuters. Apparently, the drop in price of gasoline and oil is most beneficial for Europe and Asia, as the US dollar gained more momentum compared to other exchange currencies.
But how do things stand in other retail sectors? According to various market research reports, foods and beverages and the shopping area still generate profit in Q1 of 2015. The only problem relies in the expenses of retailers to draw in new and returning customers and a desperate action to connect more with consumers. The issue at hand is generated by a large amount of investments in technology and mobility in the wrong departments, while those that should receive priority are left behind. According to findings, retailers invest in mobility while consumers still prefer shopping in stores.
However, with Apple’s new product launch and the IBM-Apple association, POS and mobile payments are gaining momentum and trust from consumers worldwide. This does not solve the mistrust of consumers in what concerns the safety of customer data or the growing numbers of data card security breaches in famous retail brands. What consumers should receive more is support via social platforms, in an age and time where social media platforms have turned into a social CRM used to address issues at hand.
Community managers and social media managers are to join forces with the Sales and Customer Support teams in large retail chains, as well as brands aiming to build a strong social media presence. There is much potential in generating leads and conversions by simply replying on time and introducing consumers to the right department.
Many of these issues along with ERP and CRM, retail chains visibility, big data intelligence and more can be discovered in this infographic that compares what retailers think they know about their consumers with what consumer reality actually feels like.