Brick and mortar stores are starting to respond to changing consumer behaviour by tying the in-store and online shopping experience into one connected experience, says LEON COETZER, COO of redPanda Software.
Online shopping has never been easier or more intuitive. You’re at work or laying in bed, and with a simple click of the mouse you can book a dream vacation or the latest curved smart television, or your weekly groceries can be delivered to your doorstep. And, even better, most often the online shopping experience just gets your preferences right”.
“Today, consumers have the upper hand when it comes to the experience they demand in-store,” says Leon Coetzer, COO of redPanda Software. “Brick and mortar stores are starting to respond to changing consumer behaviour by tying the in-store and online shopping experience into one connected experience.
“This paints an interesting picture of where consumer spending is heading and the direction brick and mortar stores need to take to attract new customers and win the loyalty of existing customers. In the face of this worldwide trend, there are some traditional brick and mortar stores that are really pushing the envelope in customer experiences and have successfully adapted to shifting consumer preferences using e-commerce capabilities, mobile applications and the Internet of Things (IoT).”
In the past, says Coetzer, retailing was a relatively simple business: “You selected the right product range, bought the selected products at the lowest possible price and at the right quantities, merchandised the products in your stores, managed stock availability with supply chain efficiency and marketing efforts, and at the end of the retail cycle you exited old lines with minimal cannibalisation. Simple.”
Today, however retailers are faced with different challenges. Retailers need an integrated technology platform to streamline processes, such as stock count, temperature or lighting regulation and to intimately know and predict consumer behaviour with data analysis to push personalised promotions through mobile.
“The brick and mortar retail industry is probably the most cut-throat industry when it comes to engaging consumer spending, but a decade ago Amazon had successfully figured out how to personalise a customer’s experience by tracking spending behaviour. If you can pull this principle through to a large grocery chain, you have a profitable retailer offering their customers an intimate experience.”
Coetzer outlines a few areas where South African retailers are beginning to leverage the many promises of IoT and big data:
Enhancing customer experience, building loyalty
Retailers have identified customer experience as the key to building brand loyalty and winning share of wallet. To harness customer data, turning it into accurate customer profiles, and using it to communicate more targeted promotions and discounts, retailers need one integrated data platform so they don’t have 20 versions of the truth.
Monitoring inventory, reducing waste
While the customer is receiving personalised offers sent directly to them, one of the biggest concerns for retailers is tracking inventory to keep stock levels up at a cost-efficient level, and in real time. By implementing an ecosystem of connected devices harnessing IoT that constantly monitors stock levels and inventory, today’s retailers can eliminate waste and boost revenues.
Optimising asset management
Through a well-implemented and consolidated network of connected devices, companies can better manage and optimise their key assets and equipment. For example, smart sensors can begin to pick up key trends, and allow retailers to become proactive and pre-empt possible system or hardware failures or glitches.
Boosting productivity and engagement
As many brick and mortar stores are closing down, and as a result, are laying off thousands of employees, it is important to remember that great, knowledgeable and loyal staff are worth their weight in gold. It can be the difference between profitability and failure. It is important to harness compelling data to track employees and monitor their performance to identify a problem before it influences employee performance and the customer experience.
“Retail stores 100 years ago knew their regular customers, down to their clothing sizes and family members,” Coetzer points out. “However, the massive scale of today’s retailers makes it impossible to know your customers. Being able to now analyse the data, IoT has the capacity to bring these valuable customer insights to brick and mortar companies. It is finally replicating at least some part of the personalised experience of a century ago. Now it’s up to retail companies to implement a simple and customisable integrated technology platform to leapfrog business forward.”
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.