Did you know the cloud computing market is growing at a compound annual growth rate (CAGR) of 22.8% from 2014 to 2018 and will reach $127.5B by 2018?” Digital transformation is affecting all aspects of our lives, but the retail sector is experiencing particularly severe turbulence at the moment. There are regular news stories about store closures and job losses on the high street and the underlying dynamic isn’t hard to identify: an accelerating shift away from in-store shopping towards e-commerce, particularly via mobile devices with Amazon the keystone species in the new ecosystem.
How SAP CRM Can Help?
This trend doesn’t necessarily mean that the high street is heading the way of the dinosaurs. However, the selection pressure on retail businesses is changing and those that fail to adapt certainly face decline and even extinction. In this blog we will look at how SAP CRM features can help your business in the retail sector.
Use of digital in all aspects of the consumer shopping journey is forcing retailers to think of shopper engagement across all digital and physical touch points vs. a single in-store transaction. Retail associates need to be equipped with the right tools and information to live up to heightened shopper expectations.
Segment-of-one loyalty programs will sense customer preferences and tailor recommendations, offers, and cross-sell/upsell opportunities to a customer’s digital identity. Differentiation will come from innovative campaigns that extend beyond price points to align with the values of individual customers
SAP CRM has features to improve your personalisation. Personalised marketing based on history, context, and predictions becomes a reality when built on a customer-centric foundation that captures all interactions, contexts, and behaviours.
Point of Sale
In-store customer experience is improved by using technologies like mobile POS, shopping cart sensors, smart fitting rooms, smart screens, and mirrors with virtual reality for additional product information and recommendations. Gamification increases customer engagement as a motivating tool. New methods of payment without pins and passwords using iris recognition or fingerprint technology provide a faster and more secure transaction, achieving happy customers while reducing costs. SAP CRM has integrations with many point of sale solutions.
Compliance of all store-related activities such as planogram execution to influence customer navigation with in-store location-based offers, re-ordered mobile shopping lists, smart shopping cart, or smart mirror recommendations
Social media for staff recruiting is increasing dramatically. Millions of people are leveraging specialised communities to provide services, share knowledge, and engage in commerce. Retailers need to reimagine how social can be used to raise brand awareness, provide targeted marketing and promotions, interact with customers to increase revenues e.g. via embedded buy buttons, provide payment options, provide customer service, etc.
In-store digital technologies will improve productivity by reducing manual tasks and putting the focus on the customer and service. Tools such as on-shelf availability, digital price labels that update automatically, and mobile POS offer the ability serve customers from anywhere, eliminate unnecessary work by digitising manual steps, and improve overall efficiencies.