We’re still sorting out the entire economic toll of the COVID-19 epidemic on the retail industry in 2020, which is likely to be the harshest year for brick-and-mortar shopping in modern history. And the biggest question is how retailers can grow in the post-covid economy.
According to Retail Metrics, mall-based retailers saw earnings plummet a stomach-turning 256 percent in the second fiscal quarter of 2020, already ailing owing to department store woes. On the other hand, demand has been unexpectedly high for other firms, ranging from supermarkets to home exercise brands.
Those with solid e-commerce strategies in place, or the capacity to pivot rapidly and create an omnichannel experience spanning shops, online, and social media, stood to gain a significant competitive advantage.
Noticeably, there was one element that has fueled the success of several retailers during this difficult time- the accelerated adoption of technology and A.I.! Let’s look at these 4 ways how retailers can grow in the post-covid economy.
Pay Attention to Data Categories
Retailers should concentrate on four data pillars:
- Company Data: Internally owned data concerning the company’s own transactions is referred to as “company data.”
- Customer Data: Information about a customer’s online and offline transactions.
- Competitor Data: Data about what your competitors are doing, competition pricing and offerings, and so forth.
- Counterparty Data: Supply chains, logistics carriers, and other counterparty data are examples of counterparty data.
Read more: Top 5 AI Applications in the Retail Sector
Utilize the Power of Untapped Data
With tapping to data, merchants may learn more about the customers they’re seeking to reach with personalized marketing. They can then communicate with them via a variety of channels, emphasizing the ones they use the most. This will increase the effectiveness of these initiatives, resulting in increased conversion rates.
Implement Data Assembly Line
And this brings us to an important question! How do retailers act on the data that they retrieve? Every retail organization has a four-step data assembly line:
Obtaining -> Transforming -> Applying -> Deploying
Because each segment of the data assembly line has its own set of challenges and requirements, each part is a specialist function. This data assembly line is the future and works wonders for businesses. This is something that every company should concentrate on in order to be successful.
Leverage generative AI
The capacity of Generative AI to demonstrate value on both the front end and the back end makes it the way of the future. It has the potential to dramatically transform how merchants think about procedures and how they conduct business.
