Sponsored by Swiftly
As we look back on 2022, the retail community can all agree on one thing: this year kept us on our toes. The past 12 months have served up a colorful collection of curveballs, starting with supply chain challenges and record-high inflation rates, and wrapping up with unprecedented looming mergers and significantly altered customer behavior. As budgets tightened and needs evolved, price sensitive shoppers continued to make tradeoffs between what they wanted and what they needed, and ultimately turned to technology to help combat growing costs.
Looking ahead, the new year is likely to bring more of the same challenges and uncertainty. Predictability is not on the horizon and the best way for retailers to push forward is by focusing on the things you can control, starting with your digital strategy.
The good news is that digital innovation is constant and, when adopted thoughtfully, adds a wealth of opportunities to engage customers, build loyalty, add new revenue streams and capture market share.
In fact, in just three steps, retailers like you can transform your business, embarking on a journey that will set you up for success no matter what roadblocks pop up along the way.
Step One: Figure Out Where You’re Going
Planning your digital strategy is like anything else… getting there is half the battle. As you consider your next steps, the most important things to focus on are awareness, adaptability and agility.
Retail technology innovation is a constantly evolving industry, and customers are becoming more dependent on digital tools that make their lives easier while saving them time and money. By looking at the trends and choosing solutions that meet your customers’ needs (while creating new revenue streams), you’re choosing the fastest route to success with a strong awareness of the tools you need to get there.
Step Two: Choose How You’re Going to Get There
As you set your course, make sure you’re implementing the right tools from the start. This is where agility will be key and where a little spending can go a long way. Be prepared to change course as your shoppers’ expectations evolve, making sure you’re investing in the right solutions to meet their needs.
Customers want a seamless shopping experience, which in our current omnichannel environment, requires several key components. The first is an intuitive, informative mobile app that takes them from their online research and list-building steps to their in-store purchase. The second is a loyalty program that delivers personalized deals and suggestions, tailored to their individual preferences. Lastly, they want a connection—to your store and to the brands that you partner with to deliver the products and savings they want.
All three of these digital solutions bring numerous benefits to your business-facing endeavors, particularly when paired with a well-planned retail media program. The first-party data you gain from your customer interaction, partnered with the brand relationships that come from your retail media efforts, will also help you meet your goals.
All you need to do is make your plan, read the signs (and the data!), and take the necessary detours to get where you want to go.
Step Three: Step on the Gas
With digital transformation, speed is the name of the game. As a new year—and new opportunities—loom, there’s never been a more impactful time for you to step on the gas and get moving. Take this opportunity to ask yourself where your budgets will go farthest in serving your bottom line and in delivering the experience your customers expect. Odds are you’ll see that a strong digital presence is just the fuel you need.
Need help getting going? Companies, like Swiftly, have the tools and technology to help you identify the right solutions for your business. With little financial investment, their solutions can be quickly integrated into your existing technology, offering your customers the same experience they’ve come to expect from ecommerce and retail giants, all with your own personal touch.
Start Your Journey Today
There’s no doubt that the retail road is rocky. With 2022 in our collective rearview, it’s time to forge a new path with innovative solutions that will lead you to success in 2023.
Exploring and embracing the world of retail technology will not only lead you down a path of increased revenue and boosted customer loyalty, but it will also put you on the road to future innovation and transformation, taking you as far as you want to go. Let us help you enjoy the ride. Contact Swiftly today.