Changes in customer behaviour and technology advancement are ongoing causes of evolution in the marketing world, consequently leading to major shifts in the retail industry. Hence, retailers that understand consumer behaviour and adapt to it through the use of technology will thrive.
To achieve this, retailers must either invest in or take advantage of available technologies that lead to greater customer satisfaction and make all business processes easier to handle. Here are some ways retailers are putting technology to effective use in their businesses:
Moving Businesses Forward: Ultimately, technology is being leveraged for advancement of all forms of business. While many retailers embrace digital medium to showcase their wares, those in the informal retail market are now leveraging online shopping for inventory. With the help of the likes of Alerzo and others, retailers now order for stocks online and get them delivered at their shops. Informal retailers are now benefiting a lot from technology.
Ease and comfort: Consumers embrace online shopping for the ease and comfort it gives. However, the comfort technology offers covers for sellers. ” Since I started ordering my goods online, I’ve been able to save a lot of money on transportation. But what I enjoy the most about it is the comfort. I don’t have to go to the market. Just for me to open my app on this same phone, select what I want, make payment and the next day I get my shop filled up again,” said an informal retailer who shops for her goods via Alerzoshop app.
Best prices: one of the beauty of technology is that it eliminates many barriers and makes things easier. Likewise, retailers using technology in their businesses are able to offer customers more value at reasonable prices. For instance, an informal retailer shopping directly from manufacturers via B2B app, will get best deals on inventories and also be able to sell at best prices to customers.
Ease of Marketing: Through social media, many people in every corner of their homes have become retailers making thousands and millions of Naira. No physical shop needed. No rent paid. Just data and a smartphone to provide information about products with photographs that draw people towards the business. Those who are able to add some basic digital marketing skills, get more visibility, sales and turnover.
Technology Makes Forecasting Possible: Nigeria is full of retailers, but very few understand the power of proper forecasts for business growth. For retailers in the informal market, restocking via B2B platforms will give access to insights and data from these platforms that will help understand present customer behaviour and what the future trends will be. This enables proper and informed business decisions.
Online shopping is a huge trend that has come to stay. Hence, retailers, especially in the informal markets, with their immense importance, cannot afford to stay frozen back in time.