‘Retail re-imagination not possible without modernisation’: Retail experts YRC

Today, traditional retailers around the world strongly realise the need to revamp their brand image, meet the contemporary expectations of customers, and emerge with a new avatar. Retail experts YRC stresses that achieving this retail re-imagination is not possible without modernisation and highlights how it can be done with some of the most effective pillars of retail modernisation.

Choose Omnichannel Retail

Going omnichannel has become synonymous with retail modernisation. Present-day customers want the advantages of both online and offline shopping channels. Omnichannel offers a seamless shopping experience to customers integrating the elements of both online and offline channels in a relevant and strategic manner. In omnichannel, retailers build better connections with customers. They can offer superior customer experience, develop stronger CRM, and enhance brand/store loyalty. With the ability to reach out to the segment of online customers in addition to store-based shopping, omnichannel helps retailers increase the probability of achieving higher sales and revenue. In segments like FMCG, omnichannel allows retailers to make big savings on cost heads like leases and rentals by stressing on strengthening online storefronts and developing robust order fulfilment processes and systems.  

Build Online Presence and Digital Marketing

Today, an overwhelming majority of customers expect retail brands and businesses to have an online presence. Digital marketing makes it possible to come to the notice of a large audience base comprising all kinds of users of the internet. Traditional mediums like TV commercials or print media are also powerful but their ability to reach out to more specific audiences is restricted. Two more advantages of digital marketing are speed and measurability. Promotional content or any brand communication could be shared with specific audiences within a matter of minutes. Retail automation further accentuates this speed and accuracy. Digital marketing also allows trailing the performance of promotional campaigns, controlling them, and measuring ROI.

Leverage Technology

The use of technology is an indispensable component of any modernisation attempt. The two aspects of retail modernisation - omnichannel and digital marketing, are possible because of various technological solutions. However, there are many more fields of retail business management where technology is already a dominant factor. Advanced technologies like IoT and AI are consistently scaling the terrains of retail re-imagination.

Talking about technology products, there are plenty of solutions in the market with varying features. Many of these products are customisable based on factors like business volume, process complexities, channels, support, etc. Tailor-made solutions are also available for unique specifications. The integrated products are suitable for micro and small businesses that are looking to start their journey of digitisation and automation.

Sharpen In-Store Shopping Experience

Veteran omnichannel consultants are often heard reiterating that having an online storefront does not mean that store maintenance and modernisation could be put to sim. Traditional retailers have this big edge over only-online retailers in the form of being able to offer in-store shopping experience to customers. Brick-and-mortar retailers already have a physical storefront that provides a brilliant platform for branding efforts to new and existing customers and encouraging them to stay loyal. This is why the element of the in-store shopping experience is such a powerful instrument available to brick-and-mortar retailers. The physical storefront can be used not only to introduce modernisation but also to become more competitive and keep re-harvesting the benefits of in-store shopping.

The visual appeal of a store should be taken up on priority. This includes both the external view of the storefront and the interiors of a store. If the external view is not appealing, the internal highlights may be denied the very chance of even being looked at. Coming to the interiors, the overall atmosphere should find prominence first with details coming later. Doing badly in terms of the overall store atmosphere means the other smaller elements will need more work.

As retail consultants for more than a decade now, the think tanks of YRC cannot emphasise more on the importance of customer support in any business.

Improve Operations

Maintaining good quality of operations is important and should not be aimed only at modernisation but also at running a business properly in its existing state. As experienced retail and eCommerce consultants, YRC maintains that improving the quality of operations licences itself as a hallmark of retail transformation or retail modernisation in many ways.

The first step towards improving operations is to diagnose all the business processes that are presently carried out. This mapping helps to evaluate the importance and requirements of processes. As-is process analysis helps to inspect processes in terms of objectives, workflows, standards of input and output, and other operational specifications.

The next step is process gap analysis which aims at detecting the irregularities in the existing ways of working.

After establishing the process requirements, ascertaining the as-is processes, and determining the requirements for process correction, the to-be processes are defined using Standard Operating Procedure or SOP.

After the to-be process roadmaps (in the form of retail SOPs) are available, the next ideal foot forward is process automation.

In all these efforts, planning for and providing SOP training to employees should not be ignored.  

Seek to become a Sustainable Brand

Sustainability is emerging as a powerful factor in shaping preferences for brands and products and services. There is a rapidly growing customer segment that values sustainability and environment friendliness of retail brands and businesses.

Retailers can add sustainability to their value propositions in numerous ways. They can opt for choosing goods manufactured using recycled inputs and prioritise procurement from sustainable sources. Implementing rainwater harvesting systems is another innovative way. Retailers can reward customers for choosing green products and services. They can also contribute to programs that seek to resolve local-level concerns in relevant ways.