Retail establishments take a lot of planning. This means that they take planning from the ground up, including how the business is laid out and how it’s being built from every aspect. Technology is now a new and almost guaranteed component of the brick-and-mortar retail establishment. Although the online retailer is winning big, does it help physical storefronts?
There are some interesting components of this including supply chain and how it works, as well as smart consumption. Technology is helpful for brick-and-mortar establishments in that it can help identify buyer behavior, foot traffic, and what items shoppers consistently purchase. This is when technology makes it easier for retailers to identify key opportunities for growth.
While e-commerce is growing, it currently only accounts for about ten percent of the retail market share. JD.com is China’s largest online retailer, and they are good at developing strong relationships with offline partners.
There are numerous benefits that both Jingdong has noted for their online marketplace and physical store locations. The delivery of numerous items is not only becoming more popular, but it is also big news that JD.com is making their technology available to other retailers.
As an online retailer, they have become so big, that they control more than 90% percent of the logistics in China. This includes the online sale of products, the technology behind the entire process, and the results of transactions.
Smart consumption is the first thing that a retailer wants to look at when reports are processed. One of the primary reasons they offer this to other retailers is that they see that customer retention has become an issue for larger retail operations. If the customer service is lacking due to growth, the retailer should realize that there is cause to step back and focus more on being customer-centric.
Smart consumption and supply chain aren’t the only factors. The use of AI is also now a more important component than in times past. This helps a retailer realize the lowest acquisition cost for a customer, as well as predicting the outcome.
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