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Retail marketing has been transformed substantially thanks to digitization. It is now extremely important to understand the needs and tastes of customers, before bombarding them with any marketing content. Big data has made it possible to track customer preferences. According to a report submitted by IDC, there has been a 43% rise in marketing spend on technology, with the total to exceed US$ 1.7 trillion by end of next year. This data is then processed using business analytics to gauge authentic customer insights. Augmented Reality (AR) is another area of rise with 61% of customers confirming their preference in shopping from a store with the requisite AR facilities. Ikea is one such brand that has successfully made use of AR. The AR industry will be worth 122 billion by 2022. Research firm Gartner has also confirmed how supply chains will be affected post digitization. Amazon, Alibaba and eBay have been able to maximize benefits arising. Voice-activated technologies are the next big thing with the likes of Amazon’s Alexa and Google Home already in the fray. The Deloitte access economics report too states the importance of tech alignment with retail strategies.

Source:https://www.retaildive.com/news/retail-marketing-the-digital-transformation/542804/

Uploaded Date:26 November 2018

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