Retail technology began to change, once and for all, ever since the concept of e-commerce was first introduced. Online shopping is not just about the convenience of placing an order from the smartphone or computer but there is so much more to it.
- Pricing that creates a win-win situation
Competitive pricing is one of the most effective strategies that retailers follow. With the increase in the number of online shopping sites people now have plenty of choices to explore and find the best price for each product. Retailers have thus started working on strategic pricing models that attract users while also helping them make significant profits. Websites like Couponobox make online shopping even more economical.
- The customization in the real sense
To retain customers retailers now deliver convenient customization for the users. Users can save products they like and then get recommendations based on their interests.
- Efficiently managed supply chain
The out-of-stock issue is a major bottleneck that can lead to abandoned carts. To tackle this retailers now have smart supply chain management systems, timely inventory checks and the reliance on more than one seller.
- Upselling and cross-selling
Based on the purchase history online shopping sites offer upselling and cross-selling recommendations. Customers get to view products that are similar to the ones they recently bought or products that can be used along with the products purchased. For example, they get the best deals on electronic accessories when they purchase a smartphone. Or before they place the order they might get recommendations about smartphones with similar or better features.
- Seamless experience across various devices
People like to shop either on their laptops or computers or on the smartphone. The multi-platform interface is something that retailers use to help users create an account and pick from where they left. This helps customers save time.