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Technology's Impact on the Industry: From Retailer Needs to Consumers Demands

Wednesday June 20, 2018

Posted by: Jason Baylis | jbaylis@glds.net

Article courtesy of: www.AFPDonline.org

No doubt, technology and the advancements over the last decade have changed the way people communicate and conduct business . The desire to have access to goods and services has fueled these rapid changes. The result of these advancements is that retailers now have more tools to help their business. Whether it's data mining, digital coupons, eCommerce or employee reward systems, retailers now have the ability to evolve in new and exciting ways. Not all options may fit your type of business, so knowing what's available is the first step to determining which course of action to take.

Defining the term "data mining" can be difficult depends on the industry. "As it applies in the retail grocery industry, data mining is a process that results in very accurate insights into customer preferences and behavior that can then be used to better target a customer with relevant and meaningful promotions and shopping experience," said Ravi Achanta, CEO of RSA America. "Successful retailers must identify their high­ value customers and engage them in a seamless and natural manner as part of the shopping experience. RSA America is able to analyze and identify with accuracy different tiers of customers down to the individual customer. Our retail clients can then best target and engage their customers in such a way as to make the customer happy while increasing the retailer's revenue." One way retailers can integrate new technology into their business is by focusing on omni-channel marketing. This type of marketing allows for a seamless experience for a customer, regardless of their device. It combines all of the different channels into one, by bringing together your brick and mortar, your online website, mobile app and social media.

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