Listicle Retail Revolution: Overcome These 4 Challenges With Cutting-Edge Technology
By Insight Editor / 22 Jan 2024 / Topics: Customer experience
Influenced by emerging technology, new trends, evolving customer expectations and new challenges are facing the industry in 2024. Keep reading to explore four major retail pain points — and innovative solutions to help your business thrive.
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These four pain points are top of mind for retailers in 2024. With the right technology, you’ll stay ahead of the competition and in sync with your customers.
1. Supply chain optimization
Challenge: The pandemic highlighted critical disruptions in the supply chain, and businesses are being challenged to transform and digitize their systems.
Solution: Investing in digital solutions such as AI, machine learning, blockchain and IoT sensors can help modernize your supply chain and enable agile decision-making.
2. E-commerce resurgence
Challenge: Recent years saw a stall in eCommerce growth, but analysts expect it to become the driving force of retail sales once again. Businesses need a solid eCommerce strategy.
Solution: Embrace top trends dominating the eCommerce conversation, including social commerce, smarter chatbots, AI-powered personalization and sustainability.
3. Heightened customer expectations
Challenge: Retailers need to create a shopping experience that customers will return to again and again, but growing expectations can be difficult to meet.
Solution: Create a dynamic and personalized experience with machine learning, Augmented Reality (AR) and Virtual Reality (VR) opportunities, audience segmentation, interactive kiosks, smart screens and self-service systems.
4. Top talent retention
Challenge: With a competitive job market and high demands for compensation, benefits and work-life balance, retailers are struggling to retain talent.
Solution: The right technology, including mobile devices, automation tools and inventory management, can lessen the strain on associates and create a more productive and supportive work environment.
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