Being at the head of a retail business means you make a lot of decisions about what the next best moves are for your company. This can be really stressful and overwhelming at times. With so many business structures, techniques, and technologies, how can you be sure you’re doing what’s best? Luminos Labs is here to help you by sharing our take on how today’s digital progress is looking in 2019, and what moves you should look into taking for the year to come.
How digital progress has shaped up for 2019
Coming as no surprise, digital has only continued to rise in importance when it comes to any retail business. This is marked by a fairly recent movement. Companies have started to scale and refine their digital processes, showing different levels of maturity in knowing their importance
Furthermore, since a lot of bigger retailers have started to invest more and more in these technologies, some market pressure has been taken off. This has caused digital technology to start to close the gap in revenue growth. Out of all of these technologies, Artificial Intelligence (AI) has been recognized as the number one game-changer for retail. But here’s the kicker: despite this fact, AI still isn’t in the top 5 spending priorities for retailers!
3 steps to match up with other retailers’ digital
So what are the top 5 spending priorities for retailers? Every company is a little different, but here are some key items to consider for future investment for your business:
- Developing new KPIs. We are now in a period of extreme digital growth. With this growth comes a change in what customers expect from retailers. Overall, it’s about committing to the customer’s overall experience and since the features that make up that experience are changing, so should your KPIs regarding the measurement of such features.
- Commit to reinvestment in technology. Piggy-backing on that last point, this period of extreme digital growth for retailers is also calling for more of a need to stay competitive digitally than ever before. Companies are learning to scale back or scale forward their digital technology as needed. However, if you’re looking to advance your technological capabilities, then you need to exercise a strong emphasize on reinvesting a larger portion of your company’s profits into technology development.
- Lean towards investment in AI. The implementation of AI in retail has gained tremendous popularity. It swiftly climbed to recognition as the #1 retail game-changer in under 2 years! At this point, you need to have some level of investment in this technology. However, it’s also paramount not to invest too much right now, as a lot of its uses still have yet to be proven fully.
While these are great items for the executive to invest in, note that this list will continue to grow. In other words, be sure to keep an eye on future developments while you decide where to invest, as the expansion of this list will only increase fulfillment costs for your business.
Other game changers in the digital technology space
As discussed, Artificial Intelligence certainly takes first when it comes to game-changing technologies. In fact, over 25% of survey respondents deemed it so (beating the next highest score by 12%). Here are some other game-changing technologies and how you can move forward with them.
- Data Analytics. Among retailers, 17% listed the ability to accurately use and interpret data as the #1 game-changing technology for 2019. This is especially important for inventory management. Luckily, amazing systems like OrderDynamics have been developed that make it easier than ever to collect, analyze, and interpret the data behind your ordering process.
- The Cloud. This one scores 12% on the same survey. It’s becoming more and more important to store and protect information remotely (and responsibly) via the cloud. Being on the subject of the acceleration of digital, there are many issues that can arise without being prepared with the cloud. For example, storing your data in-house is not secure at all, and makes you prone to hacking and information theft. At Luminos, we’ve written several articles about this, and even specialize in Azure for helping clients make the transition.
- Digital Transformation. Overall digital transformation was also ranked as the #1 game-changer by 12% of survey respondents. This one shouldn’t come as a surprise. If you’re just now thinking of making the first steps to take your company digital, then I’m afraid you’re way behind. Nevertheless, there’s no time like the present, so if you’d like help in bringing your business to the next level digitally, feel free to reach out to us!
Match today’s digital progress with Luminos Labs
Is your business gearing up for a big shift in e-commerce strategy? Looking to transform your digital business to match competition at the top? Well then Luminos Labs is here to help. Our team of experts works 24/7 to provide you with the smoothest implementation and most reliable maintenance when it comes to your e-commerce platform and experience.
We’re always interested in doing the best for our clients, and we’ve helped many achieve increases in AOV, some by as much as 22%! If you’re looking for help with e-commerce implementation, Azure cloud services, or general digital strategy, please don’t hesitate to reach out.