In a world where time is short and there are so many options available, it takes more than pricing for retailers to get ahead of the competition. Convenience is key. Learn how retailers are using technology to deliver convenience to today’s modern consumer.
Today, convenience is the backbone of retail and a major reason that online shopping has boomed over the last few years. Online shopping allows you to purchase items whenever and wherever you’d like, and to pay with the method of your choice, while also having your items delivered to you via a delivery method that suits you.
It’s no wonder that convenience is changing the way people shop and how they view certain shopping options. It is for this reason that when it comes to showcasing their proposition, retailers need to take more into account than only quality and price.
While technological advances were already shifting how consumers approached shopping, the COVID-19 pandemic accelerated this shift. A Stackla report found that 67% of consumers say their online purchasing has increased since the start of the pandemic.
From one-click ordering to at-home deliveries, to curated experiences, the meaning of convenience in retail is constantly evolving. Today’s busy consumer embraces and expects convenience in every part of their retail experience. According to the 2021 Achieving Customer Amazement report, 52% of consumers are willing to pay more for great customer service.
We live in a fast-paced world where everyone wants everything now and this demand for rapid delivery will only continue to grow. Consumers' expectations and need for speed can vary depending on the industry:
Convenience is important across e-commerce, but it is even more so in certain industries. Purchases that people make on a more regular basis (such as groceries and personal care) need to offer a greater level of convenience in order to be worthwhile.
Retailers are using technological innovations, such as augmented reality and artificial intelligence to deliver top-notch customer experiences.
The AI technology of chatbots, for example, can help customers with store navigation and even provide personalised product suggestions.
The travel industry is also taking advantage of AI to revolutionise the way it offers convenience to consumers. Travel companies highly leverage AI-powered tools and solutions for everything from travel planning to landing at the destination.
There is also a trend within the furniture industry to leverage technology to improve customer experiences. Take a look at some retailers who have adopted AR as part of their offering.
Augmented reality is also creating waves in the automotive industry.
The world is changing rapidly and the Fourth Industrial Revolution (4IR) is looming. It is present in our everyday lives from the digitally connected products and services we consume to advancements in smart cities and factories and the automation of tasks and services in our homes and at work.
The 4IR is shaping how we live and work, and businesses need to look at this as a way of progressing into the new digital age. Fully understanding your audience can help you assess which technologies will improve your service, the shopping experience and the overall level of convenience you offer.
The future of retail will come with a lot of advancements, and it is up to businesses to adapt and ensure that they stay abreast of all these innovations and developments. Subscribe to our blog and stay informed on the latest trends and insights.
Need help navigating the complexities of the new digital age? Book an appointment with Sean Devlin, Business Unit Director at Penquin.