Retail technology is evolving and consumer expectations are becoming more sophisticated. To succeed in such a challenging environment, retailers need to create personalized shopping experiences that engage and fulfill customer needs throughout the buyer journey to be successful.
That’s the conclusion of a just released report, titled “Accelerating Retail Personalization at Scale,” created by consulting firm Deloitte in collaboration with Oracle Retail and MIT Technology Review Insights. The report addresses how cloud-based platforms and emerging uses of technology help retailers to break down traditional “silos” and place the customer at the heart of processes.
“Whether they are shopping online, in-store, or the spaces in-between like pop-ups, customers increasingly expect a more personalized, omnichannel experience from retailers,” said Jeff Warren, VP, Oracle Retail. “The rise of Artificial Intelligence (AI) and cloud technology offer a huge opportunity to not only analyze consumer behavior, but also put that insight into action to provide online shoppers more relevant offers and suggestions and empower store associates to deliver a higher value, more informed customer experience.”
In shifting from traditional merchandising to a customer-centric strategy, retailers face several hurdles, the report notes, including navigating legacy technology, labor shortages and pandemic-induced supply chain and delivery disruptions.
“Technology has the power to augment the customer experience and anticipate industry trends — but none of that is possible unless you can shift core retail processes and re-examine organizational structures,” said Rudy Kulas, Managing Director, Oracle Retail, Deloitte Consulting LLP. “It’s crucial that retailers find balance between caring for your customer and their preferences, while also ensuring the AI-generated recommendations and personalized messaging match the customer’s actual needs and add real value to the overall shopping experience.”
Click here for more from the report.