The retail industry has led numerous innovations over the years, but are there still great ideas you can learn from other sectors?
Looking at some of the key strategies used in other areas, we can see how well they can adapt to the retail environment.
Use better trend analysis
The move towards the use of big data and artificial intelligence (AI) to analyze it has helped many industries better understand the latest trends.
This can be seen in areas such as banking. AI banking reports show that examining customer transaction patterns and discovering anomalies can help banks avoid fraud.
While retailers have begun to use big data, there are other things they can do to get a complete picture of each customer and set prices exactly at the right level.
A good example of how this works in the retail industry is Costco, which uses predictive analytics to look at large amounts of external data to uncover trends that affect prices.
Starbucks uses big data to predict the success of different stores and stay in touch with customers.
Consider a welcome bonus
Bonuses are often offered to new entrants in a highly competitive industry.
This is a way to make your brand stand out in crowded markets, especially those where you can’t tell the difference between some businesses at a glance.
In the investment world, bonuses are offered on sites such as Coinbase and eToro that offer additional cash when you start trading cryptocurrencies.
Online casinos also usually offer a welcome bonus to encourage new players to sign up. This review of 888 Casino in the UK highlights the offer that new entrants can start using 88 without spending their own money.
Adapt to fast pace changes
Change is something we now need to get used to in every industry.
Looking at the FinTech sector, you can see how quickly things are changing as new startups such as Canalee, Primer and Thought Machine are all using the latest technology to change the way they handle money.
There is no way to sit still in this area, as change happens at an incredible rate and everyone needs to adapt to it.
There is no doubt that the retail industry is using more technology than before, but there is still a way to go before the majority of retailers fully adopt the flexible and positive approach of the FinTech sector.
The most open-minded and adapted businesses to embrace new opportunities will probably survive and thrive in the future.
The future of retail will probably include new elements that will require some businesses to leave the comfort zone. By learning from other industries, they can find the best way to do this and know what the benefits are.
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