3 kinds of talent that retailers need to thrive in the digital era
TECHNOLOGY is helping customers get more bang for their buck when it comes to shopping, but retailers aren’t very happy.
They’re not only competing with e-commerce companies but also other retailers for the attention of shoppers.
For them, it’s not just about providing an experience that e-commerce players can’t compete with; they’re competing with retail giants to provide the most intelligent and exciting experience shoppers can dream of.
Up until a few years ago, shoppers in the Asia Pacific (APAC) only read about the cool things that retail giants such as IKEA and Macy’s did in the US. Now, they’re able to experience it because these retail giants are quick to scale innovations across markets.
Companies that aren’t ready to hold their ground (and customers) in such a marketplace should quit now. Diesel, for example, recently filed for bankruptcy, proving to retailers that even “cult brands” that can’t adapt to the digital marketplace will perish.
For retailers looking to avoid that fate and make a solid impression on customers in the digital age, there are three kinds of technology professionals who can provide a fighting chance:
1 | Digital marketing specialist
The first thing a new-age retail business needs is a digital marketing specialist and a neat budget to help them do the job.
Since customers are primarily on smartphones surfing digital platforms such as Facebook and YouTube, having a digital marketer to help get some attention from prospective customers is a good idea.
To be honest, many of the smaller retailers have a misconception that they need to get a website first before they get a digital marketing specialist.
The truth is, digital marketers can create campaigns to attract customers to social media accounts, completely eliminating the need for a website.
Further, a good digital marketing specialist can help the retailer sell coupons, create campaigns with geo-fencing, and build some smart advertising capabilities that hit customers’ screens at the right time and in the right place.
Since talent in the tech world is in short supply, the cost of hiring such a professional and providing them with the necessary budget might be a bit of a challenge at first glance. However, the returns, most retailers will find, make it worthwhile.
2 | Data and business intelligence consultant
For years, retailers have collected a lot of data about their business and their customers.
They know what kinds of products are in demand during which months (seasons) and understand which locations tend to attract customers at what time of day, for what kinds of products, and at what price (sale or fresh arrivals).
Retailers with loyalty programs and relationship management systems in place also know their customers’ birthdays and anniversaries and are able to track their choices when it comes to categories and product lines.
Therefore, hiring a data and business intelligence consultant is a great idea for retailers at a time when e-commerce companies are using data to personalize messaging and target shoppers.
H&M, for example, hired Cambridge Analytica whistle-blower Christopher Wylie recently to help the company get better insights on customers, products, and markets.
According to Bloomberg, H&M is betting that big data and AI can help provide the insights it needs after inventory rose to a record level last year.
3 | Virtual and augmented reality specialist
There’s some magic in being able to experience something in real-life. This is especially true in the case of products that people like to buy only after touching and feeling them. This is also true for cars hardly anyone buys a car they’ve never test-driven before.
Virtual and augmented reality makes it easier to marry the physical and the digital world, providing a life-like experience on a screen.
Hiring a specialist who can create such content can really work wonders for retailers struggling to compete with the comforts of desktop and remote shopping provided by e-commerce companies.
AR and VR is not only exciting for customers but also earns browny points with loyalts who appreciate the fact that the company is making efforts to go digital and keep them engaged.
Maybe Diesel wouldn’t have to file for bankruptcy if they made the effort to try augmented and virtual reality solution.