Published on January 6, 2017
1. wwww.etailingindiaexpo.com Retailers Push Digital Use to Increase Sales Retail shops increasingly want to retain potential purchases lost due to unavailability of products, ranges or sizes. As much as a fifth of sales are estimated to be lost because customers don’t find their size or product in stock. #DigitalErra Thought Corner Fashion Major Max estimates 10% of its customers are lost due to out of stocks. To deal with it, the brand has launched an initiative called ‘endless aisles’. It will involve linking inventory and stocking data at all city stores on a single network.
2. wwww.etailingindiaexpo.com “We typically launch 3,000 new styles (or a new range) every 60 days. So every 60 days the entire floor is changed and hence a lot of ‘out of stock’ happens with us,” said Vasanth Kumar, executive director of Max, which is owned by Dubai-based Landmark Group. Data's role in Inventory Management Merchants will learn that they need to thoughtfully curate items, rather than simply stock more merchandise. Data Analytics will let retailers win over customers not because they have the widest selection, but because they have the best and most relevant assortments for their target market, and they’re able to deliver those products using the preferred retail channel of each customer. Let the Customer Know About Your Products Product data gives consumers a complete picture of what they are buying. It includes everything from the product’s name, to its features and benefits, to its size and compatibility with other products — along with scores of other potential product attributes. Digital Push for Retail Future Group’s retail chain Central has a WhatsApp group where customers can send messages, photos and videos of products they like and cannot find. Customers will be notified when the product is back in stock.
3. wwww.etailingindiaexpo.com “If a customer has shopped before at Central and visits one of our stores again and purchases only apparel, then along with the bill, we offer him or her discount on another product category like 15% off on footwear. We call this coupon at the billing till,” Jitendranath Patri, chief of brand marketing and customer loyalty at Central said. Retail digital signage makes a significant effort to revolutionize the customer experience. Through interactive touch-screen kiosks, retailers are beginning to empower shoppers and see their gratitude reflected in increased sales. The modern day equivalent of this practice is letting shoppers search store catalogues on touch-screen devices. Rather than pester customers as soon as they walk through the door, this approach empowers the consumer, making their experience more relaxed so they are more likely to stay longer and make a purchase. The rise of retail digital signage is a sign that it is only evolving to cater for a new generation of shoppers. The retailersthat are embracingthis change are seeing huge returns on investment and it is only a matter of time beforeothers catch up.