The rise of technology has changed processes for several industries, but have you considered what it has changed for your industry? Wholesale, distribution and retail businesses revolve around their customers. So, what happens when technology impacts the demands of these customers? Your business must be equipped to meet customer demands without sacrificing profit margins.
Online sales have given customers access to multiple means of receiving a product and allows competitors to expand into markets that they did not service before. As a result, wholesalers and distributors are faced with new challenges such as:
- How to reduce costs
- How to manage growth expectations
- Improving customer experience
- Increased competition
- Improve decision making with timely information
Many top tier businesses adjust to these demands by streamlining processes and optimizing supply chains by implementing new technologies. So, what are some of the technologies they are investing in:
- Augmented Reality (AR) for enhanced try before you buy experience.
- Artificial Intelligence (AI) in the form of virtual agents, webchats and chat-bots to improve customer service and support interactions.
- Robotic Process Automation (RPA) provide significant operational cost reductions when applied to extremely repetitive, rules-based, high volume tasks.
- Geo-Location Wi-Fi based opportunities for trade promotions and other customer engagement techniques to both in-moment and in-store opportunities with greater accuracy and relevance
- Cognitive intelligence (CI) supply greater visibility and decision support to demand and supply investments and procurement strategies combined with after sale customer experience monitoring
- Cloud ERP/CRM anywhere, anytime and any internet device is now a necessity. Having immediate access to critical information is what is needed for on demand decisions.
To learn more about improving your technology in customer interactions
contact Integrated Data Technology