Driven by well-informed, socially-connected and increasingly mobile consumers, technology led transformation in the retail industry is quite evident today. Rapidly rising expectations about the quality of the products and the ubiquity of a seamless shopping experience are presenting several challenges to the retail sector. At this juncture, both online and brick-and-mortar stores need to reinvent themselves to meet these challenges and take benefit of the new opportunities that arise from this heighten customer involvement.
The line between in-store retail and e-commerce is blurring fast. Tech-savvy customers research the products thoroughly before making purchase decision. Using social media, they want to take the most informed decision for their purchases and their expectations are obviously high. While this is a challenge for the retailers, such spirited customer involvement is, in turn, arming retailers to become much more sophisticated in how they predict demand, manage and move inventory, and integrate their physical, virtual, and mobile selling channels.
Today, technology plays a much greater role in retail than ever before. Using channel-synthesizing technologies, retailers must provide multi-channel retail experiences to their customers. Analytics and big-data solutions must be deployed to study consumer behavior, predict demand and effectively channelize inventories. Besides, marketing and loyalty apps that work in concert with a well-crafted CRM strategy are the need of the hour. The Customer Relationship Management (CRM) and customer experience are hence important to enliven the sales process.
We over the last couple of months have toiled hard to shortlist some of the best retail services providers who are at the forefront of the retail industry in providing value added services. To come up with this list, we have evaluated their services on few vital criteria. The current edition of ESoutlook presents to you “25 Most Promising Retail Services Vendors ”, which, we believe, will help you meet the ever growing demands of the industry.
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