Yesterday, I attended the Global Virtual MarTech Summit 2024. What I like about this summit is that the speakers, who are all very experienced, use retail marketing technology. Although these tend to be from the high end of town, they are relevant to SMB retailers regarding how modern businesses approach customer engagement and technology integration.
Balancing Technology and Personal Connection
It's ridiculous to do what some people do: buy an advanced computer to humanise their business.
Everyone agreed that although technology has advanced dramatically, it cannot yet replace the human element. Building personal connections with customers fosters trust and loyalty, essential for long-term success. Customers are more likely to return to businesses where they feel an individual bond.
Making Data Work for Your Business
Technology needs solid, integrated data. The speakers highlighted the problems with information being scattered over many different systems. A shop is better off with one integrated POS System to make technology work.
Listening to Your Customers
Everyone felt that you have to listen to your customers. They noted that most of what people say about your business doesn't come to or from you. They felt you needed Social media and Google search to fill this gap. It can provide a wealth of information about your customers' thoughts about your brands and products. Reading these conversations can offer valuable feedback and early warning signs. For instance, if you notice people on X(Twitter) saying, "I stopped buying XYZ because..." something is wrong.
Emerging Technologies for Marketing
There wasn't a clear consensus on the best marketing tools; everyone seemed to use something different. Of the free AI, Google Gemini was broadly the favourite. I was unsurprised about this, as our tests showed Google Gemini was narrowly the best for retail here.
We found that this platform combines search and performance advertising capabilities, offering businesses a powerful tool for more effectively reaching their target audiences.
Predictive Analysis for Future Insights
Predictive analysis is a hot technology in retail. Here, you use technology to help you see what is likely to happen so you can make plans.
Now, I would like to finish up on how you can use it as today, this is the buzzword. If you want to know where the action is in retail technology, I strongly urge you to work through it.
I used Google AI here to help a newsagent forecast trends and make informed strategic decisions. You'll need to create an account to use it.
Have a read of a sample conversation I made for a scenario of a newsagency in a small strip centre.
If you go through it, you will get the idea.
If I were continuing, I would do it by selecting a topic and asking questions on each topic, a sample of the continuing conversation might be:
Adapting the Business Model
Since retail-focused shops are replacing traditional news agencies, how can I embrace and develop revenue streams for gifts, toys, and stationery?
What kind of gifts should I look at to substantially grow my gift revenue?
Should I stock a few lines with more gifts in each, or should I have more lines with fewer gifts in each?
I am thinking of phone cases; what are some pitfalls here?
What extra products should I consider to add revenue to my business?
Customer Engagement and Service
How can the newsagency actively engage with greeting cards to boost sales?
Financial and Operational Efficiency
What can I do to cut costs to save money?
Location Specific
How will the presence of a Woolworths supermarket affect my business?
What opportunities exist with nearby offices and gyms?
etc. etc., I would be going for a few hours.
Getting Started with such predictive analysis
To begin integrating AI into your marketing strategy, follow these steps:
Define Clear Objectives
Identify what you want to achieve, such as more customers or profit. Do not worry; you will have plenty to think about.
Use your information
The more, the better.
Do it a few times
I always say it's not hard on your third attempt.
Conclusion and Next Steps
I hope you understand what people are looking for in technology. What is clear is that retail is evolving. With changing customer expectations, rising competition, and the need for efficiency, SMB retailers must adapt to thrive.
It is said that "Strong people can break, intelligent people can overthink, beauty in people fades, but adaptability will go forward."
