IRT Magazine And Featured News Content
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The Future Of Voice-of-the-Customer CX In Retail Is Conversational Design
8/12/2022
Research predicts that by 2024, consumer retail spending for chatbot services worldwide will reach $142 billion, up nearly 5,000% since 2019. This increase in spending is happening for a reason. Approximately 40% of internet users prefer using chatbots to human agents, meaning that moving forward, the importance of AI-powered customer experience (CX) will be more prevalent than ever.
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Consumers Reimagine Retail Shopping: Here’s How It’s Affecting Businesses
8/12/2022
It’s no surprise that online shopping for goods and services reached an all-time high during the pandemic. Digital Commerce 360 estimates that over the past two years, the pandemic contributed an extra $218.53 billion to e-commerce’s bottom line.
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The Roadmap To Retaining Loyal Subscribers While Convincing Skeptical Shoppers
8/8/2022
When it comes to retailer subscription services, consumers are split on their opinions. Some shoppers appreciate the convenience of subscriptions, while others worry that subscriptions limit their purchasing control.
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Want To Beat The Big Quit? Invest In Your Frontline Teams
8/8/2022
Retail and hospitality workers remain loyal — but employers need to show they care
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The Modern Store: The Key To Convenience For Tomorrow's Shopper Here Today
8/1/2022
The term digital nomads often comes up as a significant transformation in human behavior relating to hybrid work, lifestyle, travel, and the growth of a gig economy, magnifying the strategy surrounding retail’s evolution of capturing consumers and their buying behavior.
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Retail Futures: How To Harness Data To Revolutionize Inventory Management
8/1/2022
COVID-19 lockdowns accelerated a shift to online shopping that was already well underway. According to the Adobe Digital Economy Index, consumers now spend an average of $6.7 billion online each month on groceries, up from $3.1 billion pre-pandemic. Adobe expects the category to reach an annual figure of $85 billion in 2022.
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5 Considerations When Selecting An Order Management System
7/25/2022
Customers today expect to be able to make purchases on their preferred channel, be it online, marketplaces, social media, stores, etc. In fact, 40% of customers are ready to discard a purchase if they cannot do it on their favorite channel.
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The Growth In Physical And Digital Shopping Means Retailers Must Deliver Omnichannel Excellence – Here’s How
7/25/2022
After an industrywide shift to digital channels, the post-lockdown bounce back of physical shopping has left the barriers of digital vs. physical well and truly blurred. Never before has an omni-channel shopping experience been so important. Forward-thinking retailers must tackle the change head-on, using event-driven architecture to deliver real-time products and services, any place, any time, or via any channel. The importance of event-driven architecture to deliver true omni-channel excellence has reached new heights – it will put customers at the center of every transaction.
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eCommerce: 3 Steps For Fraud Prevention
7/25/2022
From shopping for clothing to online-gaming purchases, eCommerce is redefining consumerism in a way that has taken the world by storm. Along with the emergence of faster, more efficient delivery services, eCommerce offers customers a seamless, on-demand alternative to brick-and-mortar stores that they can easily access and enjoy from the convenience of anywhere, using mobile devices or tablets. From 2011 to 2020, however, global payment fraud tripled from $9.84 billion to $32.39 billion, leaving consumers wary about allowing online sellers access to their payment credentials.
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Technology Trends Dominating Retail In 2022
7/21/2022
The statement that lockdown and the COVID-19 pandemic became the reason for e-commerce growth is valid. Indeed, the global share of online retail raised in 2020. The United Nations Conference on Trade and Development proves that an additional 26.7 trillion dollars earned are calculated for 19% of all retail sales. After the market learned the rules of a new reality and the need for digitization, the business became calmer, and entrepreneurs felt more confident. Although 2022 brings new challenges, there are new techniques to overcome them. Read the latest retail technology trends below!