Today’s consumers expect a seamless shopping experience, regardless of the channel or purchase paths they use. Historically, manufacturers and retailers could use promotions and advertising as a quick and effective means of boosting sales.
Today, the challenging market and the changing nature of the consumer goods industry has meant that, rather than relying on traditional promotional tactics, brands and retailers must look to create more personalised, convenient and cost-effective shopping experiences.
Driving the demand for a new, more sophisticated approach are the rising number of ‘connected’ consumers who have moved away from traditional buying paths and instead turned to mobile devices. Using smartphones, tablets and related online, social and location-based services, they are empowered with a wealth of information, choice and control when making buying decisions.
Survival and success for organisations operating in the radically altered, fast-evolving consumer goods industry requires adapting to these changes – and turning them to their own advantage.
Here, technology can be a crucial enabler, particularly in its capacity to generate customer loyalty and support the rising number of new and diversified purchase paths. In particular, mobile, social, big data and machine-to-machine (M2M) technologies have all become important revenue-generating tools.
Like the consumers themselves, the most strategic companies will leverage these technological advances not just to adapt to changing buyer behaviours but instead go one step further and find new ways to innovate and execute change consistently across the organisation.
Those who succeed in delivering the most creative and responsive shopping experience will undoubtedly enjoy better relationships with their customers and ultimately, increased profitability.