iLAB UNDERSTANDS RETAIL
Retailers are consistently under pressure to adapt and offer better products, pricing, and experiences to their customers. With the emergence of e-commerce, brick and mortar retailers now have to be worth the trip out to store over the comfort of shopping from online-only competitors.
In order to consistently adapt to the needs of the customer, retailers must use big data to adjust inventory and pricing, while implementing real-time marketing efforts that will boost sales. As products hit high demand levels, inventory systems must adapt to make sure quantities meet the increased demand.
As products sit stagnant, pricing must be adjusted to help boost sales or real-time marketing efforts must hit the consumer as they shop to influence buying behaviors. Utilizing software tools can be the difference between increased profit margins and suffering sales.
Improper calculations or failure of software tools can result in excessive inventory of products which don’t sell, or a lack of in-demand inventory that can send your consumer to the competition. If pricing calculations are not accurate, a retailer can also leave valuable funds on the table.
While software tools can be helpful to boost product sales, retailers are also expected to integrate with third party companies to offer a wider array products and services all from one checkout point of sale. Consumers can now pay for utilities such as phone bills, purchase travel tickets, and more from the same location they purchase groceries.
Failure to properly integrate with third party systems can drastically hurt a retailer’s relationship with that vendor, alter payment processes, and leave consumers with faulty purchases that do not serve their purpose.
UNDERSTAND CONSUMER BEHAVIOR
When margins become tighter and it becomes increasingly more important for your business to sell more products, consumer data can become an invaluable resource to adapt pricing and inventory behavior.
OFFER MORE PRODUCTS
Consumers expect the point of purchase to offer more than just the products you normally sell. Whether it's being able to pay utility bills from a kiosk at your location, or buying movie tickets, your business is expected to offer more.
GROW PARTNERSHIPS AND REWARDS
Partnering with third parties to reward customers for loyalty and offering discounts can be a great competitive advantage, but requires a complicated network of calculations to get it right.
MARKET IN REAL TIME
Adjust pricing and serve advertising in real-time to your consumers to spike buying behaviors and increase volume.
INCREASING PRODUCTIVITY, BOOSTING TRANSACTIONS
Some organizations are forced to implement new technology, not because they require a significant amount of new functions and features, but because an existing legacy system no longer has the support they need. Such was the case for one iLAB client in the automotive parts industry.
BRANDS TRUST iLAB