THE FUTURE OF RETAIL MERCHANDISING
Retail is the intermediary service that provides the transfer of goods or products between producers and consumers. While all activities related to the marketing of the product to consumers are defined as retailing, these services are included in the scope of retail merchandizing. But in the light of technological developments in the world as well as in Turkey, the retail sector has entered a digital transformation.
The retail sector, where technological infrastructures and digital processes are integrated into one another, explores new ways of delivering quality service to customers with rich shopping options; many brands, businesses as well as services are available online. Consumers are now shopping not only from physical stores but also via online shops, mobile applications and social media. Nowadays, for large or small businesses, innovation and change are not an option but become a necessity; internet, social media, machines constantly generating information, and many other technological innovations transform the nature of retailing. While this development in information technologies has changed people’s shopping habits, we see that almost every sector is stepping into e-commerce.
In the surveys conducted, it is determined that the satisfaction level of the customers who shop from the brands closely following the latest trends in the retail sector is determined to be much higher. Companies wanting to expand the e-commerce volume lead kiosks into physical stores and direct people to online shopping. Considering that the companies that provide this transformation have added $ 94 billion to their revenues compared to the traditional selling brands; it is much clearer why brands support e-commerce so much. While e-commerce-oriented brands make profits in many areas such as cost, employee salary or store lease; data collection, one of the biggest enhancements of artificial intelligence, helps firms to determine their production strategies. It ensures that customer tailored services are provided according to the segmentation on what the potential customer buys, when he buys, and what price range he prefers. While this increases customer satisfaction, it leads people to do more shopping.
While the technology related expenditures for the retail sector are expected to exceed 111 billion dollars by 2020, it is inevitable that every brand that wants to keep pace with the digitalizing world should be revise themselves with respect to online shopping…