Success of Retail Digital Transformation in Buyer Personalisation
Retail digital transformation is trending rapidly among companies that are trying to tap into new technologies to enable them offer buyers personalised and real-time services that they need. Digitization of retail shops is a high priority among retailers. Retail market is one of the markets that are affected by transformation of digital industry. Among the reason retailers should consider digital transformation is that it will help improve digital investments over the lifetime of the retail shop
Buyer Personalisation
Experience of customer personalization is an initiative that retail industry strive to transform regardless of the technology or the solution that is applied. Retailers are using mobile applications, Internet of things and systems to enable them understand their customers better, predict their desires and to be able to improve their experience.
Elements that show the success of technology transformation in retail market in buyer personalisation are:
Payment flexibility
Payment methods among service providers is undergoing major transformation. This is aiming at growing customer experience. Offering customers the freedom to choose the method that they want to pay with is important in order to create customer loyalty. Digital payment methods such as online payments, credit and debit are past expectations. Customers today require a more flexible payment cycles such as postpaid, prepaid and deferred payments.
It is crucial to automate payment handling by offering different payment services that target a specific customer segment. Billing transformation provides service provider an opportunity to create or improve the experience and build a strong long lasting relationship.
In addition, retail digital transformation results in cost saving. Automation enable retailer to do review the history of a customer thoroughly therefore avoiding missing payments, enabling effective collection of credit and be able to evaluate risks involved in credit.
Easily and quickly resolve issues
Retail digital transformation provides an easy way to resolve issues hence the customers become loyal and happy. More often, there is little coordination between departments of a retail and therefore causing delays in resolving customer issues.
Having an Information system that integrates all the departments of a retail that is, credit collection and management of disputes and processing of services gives servers a view of the customer including his history and detailed view of his financial report. This improves efficiency in the handling of customer disputes thus increasing customer satisfaction.
Accurately consolidate invoices and bills
Manual processing of invoices which is time consuming is resulted from lack of invoicing systems. The manual processing results in complicated invoices that customers do not understand hence frustrating them. This ca lead to direct loss of customers hence revenue of the retail.
Customers need an approach that provides simple and understandable invoices and a payments methods. Retail digital transformation involves coming up with systems that integrate services and charges to simplify the invoices. The system consolidates all the invoices placed with the retail over past period into a single bill for a customer to pay.
Additionally, having multiple invoices to cover a certain bill introduces the possibility of an error due to misplaced documents or delays in payment. An integrated system that consolidates all the bills lowers the chance of an error. This is mostly important for retails that have customers who place multiple orders routinely. The customer trusts the retail for an invoice that is error free. This creates customer loyalty.
Provide seamless and fast service
Retailers have adopted multiple distributors due to organizational and geographic spread. Management of this operations require an automated process in order to have smooth running of supply chain. Customers need an easy way to make orders and receive products or services as fast as possible. Also, this will help create a consolidated invoice for buyers of products that they consume across the supply chain of the retail. Managers can be able to view a detailed report of the retail sales from across the supply chain hence making important decisions.
Providing retail digital transformation in buyer personalization is an important step for growth of the retail sector. Retaining customer loyalty is a challenge, it is essential to provide good products and services. Offering customers a couple of ways to make their transactions, retailers can be certain that there is future for their businesses.
