MN Tech Mag | Fall/Winter 2022


HOW TECHNOLOGY CAN HELP How can retailers meet the higher needs and expectations of customers? Technology helps connect with customers and create operational efficiency.

Payment Options Payment innovations, like buy-now- pay-later systems and contactless payments, makes the buying process more convenient for shoppers. Flexible and frictionless payments are enticing to consumers as prices continue to rise. By providing unique payment strategies, retailers can deliver increased basket sizes, more shopping visits, stronger brand loyalty, and help to alleviate cart abandonment. Streamlined Operations If you’re a retailer looking to cut costs, look no further than process automation. Companies can reduce human effort, operational costs, manual mistakes, and processing times by automating processes. Opportunities include automating product categorization, supply chain and inventory management, billing, pricing, and other operations. Chatbots with conversational intelligence can improve the quality of your customer service while reducing the burden on your team members. The chatbots can answer routine questions and escalate inquiries that require human assistance. Plus, chatbots can be available to help customers 24/7 across numerous channels.

Live commerce accelerates the buying process, increases audience size, and boosts conversions. According to McKinsey Digital, companies using live commerce report the following results:

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• 20% growth in younger audiences

Personalization Personalization across channels

• 30% conversion rates – compared to the 1-2% that’s typical for traditional ecommerce • 10-20% of their total ecommerce sales come from live commerce The Metaverse The metaverse combines physical, augmented, and virtual reality to create a digital environment where consumers can interact and make purchases. Because the metaverse provides a deep and rich customer experience, it has the potential to drive customer engagement and loyalty. Don’t worry if joining the metaverse seems too lofty a goal for your organization – you have time. While you can expect that hybrid technology innovation will begin to reshape the retail experience within the next twenty years, it’s unlikely that fully-immersive experiences will be in widespread use for many years. Still, it’s worth considering the future implications of the metaverse when optimizing the current customer experience.

enhances customer experience, builds loyalty, and drives growth. The average consumer now uses stores, online, and mobile devices throughout their shopping journey – and they expect you to be aware of their behaviors across channels. This makes the process more complex for retailers. Success necessitates collecting and combining data from across channels and using the insights to create a cohesive omnichannel shopping experience. Artificial intelligence (AI) and machine learning can provide greater insights into buyer behaviors and preferences. Based on the collected information, you’ll be able to understand what your customers are viewing, buying together, and other vital pieces of information. A Customer Relationship Management (CRM) system with built-in AI can be an easy entry point into hyper- personalization, helping you to achieve one-to-one connections at scale and engaging mobile-first customers in a cookie-less world. Flexible Order Fulfillment People are looking for flexibility in the purchasing process. The pandemic accelerated preferences for different ways to shop and get their goods. Technology is fueling change in order fulfillment. Click-and-collect, curbside, and other delivery technologies that optimize the last mile are helping retailers keep up with increasing consumer expectations for fast and easy pickup.

Teddy Bekele Land O’ Lakes Leadership

Sarah Nieters Medtronic Global

Brian Tilzer Best Buy Large Enterprise

Mary Lynne Perushek Mortenson Enterprise

Michelle Roemer Cirrus Aircraft Large Corporate

Paul Johansen Edmentum Corporate

Nonprofit/ Public Sector

LEARN MORE Find out the importance of data and learn how to develop your digital strategy by reading the full eBook at winning-at-the-checkout-ebook.

Anjali Gandhi Federal Reserve Bank of Minneapolis

26 | Winning at the Checkout

MN Tech Mag | 27

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