Customer loyalty has now become a very hard thing to get for any retailer as customers these days have an abundance of options to choose from when shopping in the highly competitive retail market. Customers will quickly move on to a competitor, if a retailer did not meet their expectations, be it in terms of price, product, or experience. To address the theever-growing challenge of customer loyalty retention, retailers are looking for new technological solutions that aid them in leveraging their most important asset, customer data.
Listed below are the key technology trends impacting the customer loyalty theme, as per the report.
The Blockchain technology is a method of storing transaction related information like date, time, amount, and the transacting parties, in separate blocks or digital storage units. Each of these blocks are uniquely identified with a hash code, different from other blocks and added to a public database. This is a decentralised method of storage of transactions in a P2P network, with increased anonymity and can be leveraged in devising loyalty programmes by retailers.
For example, American Express has developed a Blockchain-based loyalty programme in association with online retailer ‘Boxed’. Whenever customer purchases items from Boxed, information related to the transaction is stored in the Blockchain as a smart contract which then creates and adds the points to a loyalty system run in the backend.
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Customer Loyalty in Retail: Technology Trends
Customer loyalty has now become a very hard thing to get for any retailer as customers these days have an abundance of options to choose from when shopping in the highly competitive retail market. Global Data Thematic Research highlights the key technology trends impacting the customer loyalty theme.
Destination Korea – In just a click!
Korikart brings in a flavour of Korea right to our doorstep. This marketplace brings multiple Korean favourites, all at one place. Brands like The Saem, Plan 36.5, Jin Ramen, Mustaev, The Face Shop, Innisfree, Etude House and many more are just a click away on Korikart. Korikart has certainly gained many followers since inception, but how does the brand continue to carry on the excitement with new additions and its impeccable services. Here’s unraveling their story!
In this exclusive interaction with IMAGES Retail, Lalit Agarwal, Chairman & Managing Director of V-Mart Retail Ltd talks about the recovery from pandemic losses and the future of omnichannel retail. Excerpts:
ADIDAS ENDS ITS 15 YEAR SAGA WITH REEBOK, SELLS OFF THE BRAND TO ABG
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KEARNEY PREDICTS INDIAN E-COMMERCE DOMAIN TO HIT $40 BILLION MARK BY 2030
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COVID has accelerated technology transformations in retail, but that’s not all. The pandemic has changed the facets of retail across segments, markets, channels and shopping malls too. Today malls are no more just a place to shop, but they have turned into ‘social spaces’.
SOUTH KOREA E-COMMERCE MARKETPLACE TO SURPASS $242.2 BILLION: GLOBALDATA
As the e-commerce trends continue to improve worldwide ahead of the pandemic. The Global Data reports stated that South Korea’s e-commerce market ranked among the top e-commerce marketplaces.
Surviving The PandemicLessons Learned In Online Retail
To understand the challenges and new lessons, roadmaps and constraints related to transformed e-commerce and Omnichannel retail, this session of the ‘Omnicomm Intelligence Series’, discussed the necessary changes and themes basis a roundtable session. The fourth episode revolved around a discussion on the topic ‘Surviving The Pandemic-Lessons Learned In Online Retail’.
Warehouse Leasing to Touch 100 Mn sq.ft. Over the Next Three Years; E-Commerce and Third-Party Logistics to Drive Growth: CBRE
Against the backdrop of robust growth of manufacturing, e-commerce, and third-party logistics (3PL) sectors, the report highlights how Industrial and Warehousing (I&W) activity has gained momentum over the past few years in India
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Retail has always thrived on Target, with its billion-dollar private trends—spotting them, copying them labels, has turned this and capitalizing on them approach into a winning strategy.
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Apple Warns China Virus Will Cut iPhone Production, Sales
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Stitch Fix: In Data We Trust
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Carnegie Library: Inside Apple's New Flagship Store
Carnegie Library has been labeled Apple’s “most historic, ambitious restoration by far,” an Apple Store that’s more than two years in the making, costing over $30 million.