Digital futures powered by retailers with a focus on customer growth

Leveraging stratgeic technologies and a clever use of data can help retailers continuously adapt to better understand evolving consumer needs

// By George Minakakis, Founder and CEO of Inception Retail Group, and Author of The New Bricks & Mortar Future Proofing Retail

Jack stood confidently in front of his closet, with some concern and anticipation in the air. An invitation to an elite gala the following week sat in his email, part of many events he may attend with his new role, he was determined to make an impression and get out of his jeans and t-shirt combos he is so well known for at work. With his wardrobe limited he turned to his wife Sarah. She immediately launched her AR-powered fashion app and, with a few additional tweaks, they were looking at men’s fashion. Jack pointed to a few options that he thought matched his style. Sarah then flipped over to the AI-driven personalized assistant, attuned to her past choices, and unbeknownst to Jack she had fashion stores that she used to buy clothing for him. The personalized assistant found collections from different retailers that matched their choices. And with their commitment to sustainability, they verified Jack’s choices against a dedicated ethical fashion database. They picked the retailers, the personalized assistant connected with the retailers AI, quickly verifying that they could pick up the clothing within an hour.

Behind the scenes, the retailers were equally as proactive and tech-savvy as Sarah.

The moment Sarah interacted with the AR-powered fashion app, data analytics tools at a host of retailer’s sprang into action. These tools, collecting real-time data on user interactions, provided insights into popular trends, items frequently tried on, and even those that were often abandoned before purchase. Such insights allow retailers to fine-tune their offerings, ensuring that stock levels match demand and marketing strategies are aligned.

When Sarah utilized the AI-driven personalized assistant, the machine learning algorithms didn’t just stop at providing her and Jack with recommendations. They also sent feedback to the retailer about user preferences, highlighting items that were frequently paired or recommended together. Such data empowered retailers to design future collections with pieces that seamlessly complemented each other, ensuring a cohesive and curated shopping experience for all customers.

Lastly, Jack and Sarah’s sustainability check didn’t go unnoticed. The rise in consumers verifying the sustainability of their purchases urged retailers to integrate blockchain technology, offering transparency in supply chains. This not only instilled trust but also gave retailers an edge in the competitive market by showcasing their commitment to ethical practices.

So how did the retailers win these two customers and their order?

The retailers realized that the modern customer was not just looking for a product, but an experience. They understood that the purchasing journey now started long before entering the store or clicking ‘buy’ online. In response, they invested heavily in advanced technology to ensure that their brands were not only visible but also enticing to technologically-savvy customers like Sarah and Jack.

If you can imagine for moment in this future shopping scenario artificial intelligence apps are dominating the search landscape for faster and more precise results. This could actually block many retailers from being seen by potential buyers if they are still waiting for the traditional instore or website visit. To be more precise it is AI that will be doing the search. What did these smart retailers do?

Integrating with popular APIs is important

Retailers were able to ensure that their products are accessible to a wider range of applications for broader visibility. APIs allow for real-time synchronization of data because a seamless experience is important. The retailer on their part had to standardize data formats, regular updates are important to make their API compatible with the latest version of AI apps and other platforms. This also means they established strategic partnerships with AI app developers allowing for product launches and promotions. Retailers would then monitor traffic and data requests coming through their APIs. Allowing the retailer to make strategic decisions.

Immersive AR Experience

Retailers worked closely with tech developers to create an immersive AR shopping experience.

This meant that shoppers could virtually try on clothes and see every detail, like how the material looks. They did this in order to bridge the gap between stores and online which is still a problem.

Integrating AI in stock management

AI-driven stock management ensured that there was no gap between demand and supply. Machine learning algorithms predicted stock requirements, especially for trending items, ensuring that popular items were always available. This ensured that the product was in inventory before a recommendation was made.

Personalized marketing strategies

Using the data from the AI-driven personalized assistant, retailers crafted highly personalized marketing campaigns. Just like sponsored promotions on social media, retailers could invest in strategic ad placements within AI-driven apps, to reach the highest visibility. A user like Sarah may even receive an instant offer.

Training and preparing the human workforce

Technology was just one side of the coin. Retailers also understood the importance of human touch. Sales teams underwent rigorous training to understand and leverage these new tools and how they were to prepare for customers picking up their orders. And to eliminate unnecessary returns, they showed customers the fitting rooms and had other options ready for them.

Building trust through blockchain

When it came to sustainability, blockchain became an integral part of building trust with consumers. With blockchain’s transparent and immutable features, customers could see the entire journey of a product, from source to store.

Feedback loops

These retailers didn’t just use AI and data ana lytics passively. Feedback from these tools was continuously leveraged to plan and manage strat egies, products, and marketing.

In conclusion

The success of the retailers in this journey was a testament to their adaptability and for ward-thinking. It wasn’t just about using tech nology, but leveraging it strategically, combined with a deep understanding of evolving consumer needs. These retailers didn’t just sell products; they sold experiences, trust, and sustainability. And in doing so, they didn’t just win a sale; they won loyal customers for life. What else will win the Jack’s and Sarah’s of the future? Simplification and convenience will be key drivers for them. Retailers harnessing advanced technologies will allow their brands to continuously adapt.

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George Minakakis is the CEO of Inception Retail Group Inc. and Author of The New Bricks & Mortar Future Proofing Retail