With the holiday season just around the corner, retailers challenged to use tech as a competitive advantage to command a greater share of the surge in business. This year, eMarketer forecasts a tremendous $885 billion in U.S retail sales in November and December.
More specifically, retailers face the difficulty of keeping up with new technology, and learning new ways to engage their customers through their devices (i.e. smartphones, tablets).
Here are some steps to take to help you gain a competitive edge on your competitors this holiday season:
- Focus on Building a Foundation
- Ensure Security
- Consistently Analyze Trends
- Be Adaptable
Focus on Building a Foundation
By focusing on your infrastructure, and making sure you know how to fully operate and utilize your technology, you can capitalize on earning opportunities. Fully understanding IT would help reduce costs and help increase your budget for other sectors. Building and leasing cloud storage for data will ensure you are ready to make the most out of the holiday rush.
With the recent high-profile retail hacks from Target in 2014, and Home Depot in 2015, security remains a top priority. In an effort to ensure security, many companies are migrating to EMV chip technology, which can help secure against fraud. Enforcing security can start by switching over to cloud and its virtual private data centers.
Consistently Analyze Trends
Analyzing past and current trends is an essential way to manage costs and increase revenue. Analytics are a useful tool in better understanding consumer shopping habits, and targeting them with specific information so they receive better offers. Analyzing data trends may also prove to be very useful in reaching an equilibrium for supply and demand.
Be Resilient and Adaptable
During the holiday months, it’s never too late to implement a new strategy, and tailor promotions to current changes in demand. Flexibility can help boost technology capabilities. Each retailer should learn how to properly position their products to generate the most revenue. It’s never too late to examine current trends, and invest in your infrastructure.
For more information about you can make your migration into the cloud, check out our Cloud for Retail page.