ADVANTAGES OF ADOPTING INNOVATIVE STRATEGIES

Advantage of DIGITALISATION

Nowadays, every aspect of people’s lives is swept across by

digitalization, an innovation that is becoming such an important part of
society that people do not know how to live without it.

The most prominent benefit of digitalization is growth and cost

efficiency, many brands have started a series of initiatives to improve
their speed to market.E-commerce is empowering consumers with
more choices.

Advantage of adopting Augmented Reality

Augmented Reality enhances the in-store experience for consumers.

Global retailer Zara has implemented AR to showcase its brand-new
collection at the storefront, which provides a live runway like
demonstration of items. Experiences like these add a layer of
emotion through the digital platform. Several retail brands have
already rolled out AR features in their apps and in-store experiences.
There are massive plusses for businesses adapting Augmented
Reality technology.

Advantage of adopting Voice-controlled Shopping

Voice Technology has the ability to support brands and retailers with
providing more personal experience for customers, which increases
conversion, brand awareness, repeat purchase and loyalty ASOS
launched Enki, the shopping guide, with a voice command that is done
through a Google Home smart speaker or Google Assistant app. The
shopping service, in the UK and US, will allow customers to discover the
latest Asos products using just their voice. Study from OC&C Strategy
Consultants shows that voice-based shopping will grow to a whopping
$40 billion-plus in 2022, up from $2 billion today across the US and the
UK.

Advantages of Multichannel distribution:

Improved customer perception: Brands that create a seamless buying

experience can gain significant customer loyalty. They’re perceived as
attentive to consumers’ needs, purchasing habits and digital-savviness.
With multichannel distribution, brands can also differentiate
themselves not by lower price but through convenience.

Increased customer base:  When brands place their merchandise in

the path of customers who need them, whether in-store or online,
sales, exposure, and customer reach will increase.

Diversify risk: It can protect merchants from relying on a single sales

channel. In the event of a supply chain breakdown or suspension of a
major account, merchants who diversify their channels can avoid such a
hit against your revenue.

Growing into untapped markets: Going multichannel also allows

merchants to expose their products to new customers and first-time
buyers, leading to more product sales.

Greater control over your brand’s future: With a multichannel

strategy, companies are not reliant on a single platform. Companies are
free to optimize your supply chain on your terms, get creative with your
marketing, and have complete access to your customer base.