Omnichannel retail<\/strong><\/p>\n\n\n\nKeylock describes omnichannel retail as a key strategy for growth and competitiveness in the retail industry. <\/p>\n\n\n\n
This approach involves providing a consistent shopping experience across all channels \u2013 online, in-store, and via apps \u2013 making it easy for customers to switch between them seamlessly. <\/p>\n\n\n\n
The retail service manager at Nedbank emphasises that customer preference is driving the shift towards omnichannel retail, with Salesforce reporting that 71% of customers express a desire for such experiences.<\/p>\n\n\n\n
Omnichannel retail also offers benefits for businesses. <\/p>\n\n\n\n
According to Salesforce, companies that adopt omnichannel customer engagement strategies retain 89% of their customers and experience higher customer loyalty, with 83% of shoppers expressing greater loyalty to these companies.<\/p>\n\n\n\n
While in-person shopping remains popular, mobile devices are becoming increasingly dominant in online shopping, accounting for 34% of shopping in South Africa. <\/p>\n\n\n\n
“Social commerce continues to gain global traction,” with 78% of South Africans having made purchases through social commerce platforms. said Nedbank.<\/p>\n\n\n\n
The reach and immediacy of social commerce position it as a crucial element for consumer brands and thus Keylock underscores the need for retailers to adapt to these evolving customer preferences and integrate mobile and social commerce into their omnichannel strategies.<\/p>\n\n\n\n
Systems to support AI and omnichannel<\/strong><\/p>\n\n\n\nFinally, modernising existing systems is necessary to fully support AI and omnichannel strategies, ensuring data accuracy and enhanced customer trust. <\/p>\n\n\n\n
Even if existing systems are functioning adequately, Nedbank cautions that retailers may struggle to exploit the full potential of these technologies without modernisation.<\/p>\n\n\n\n
Point-of-sale (POS) systems are particularly valuable in this context. <\/p>\n\n\n\n
They serve as a primary source of the rich customer data needed for AI analysis, personalisation, demand forecasting, and inventory management. However, their efficacy hinges on interconnectivity, enabling seamless omnichannel experiences and real-time data accuracy. <\/p>\n\n\n\n
This is crucial not only for operational efficiency but also for building customer trust. <\/p>\n\n\n\n
“If you provide stock and pricing information for products online, accurate and real-time data contributes toward customer confidence in your brand,” said Keylock . <\/p>\n\n\n\n
This data can also be used to enhance customer engagement through upselling and personalised promotions.<\/p>\n\n\n\n
App modernisation is similarly important, extending beyond merely keeping pace with technological trends.<\/p>\n\n\n\n
It is about “enhancing security, increasing flexibility, and improving the performance of your business, ” said Keylock.<\/p>\n\n\n\n
\n\n\n\nRead: Great news for interest rates in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"An expert from Nedbank Commercial Banking has shared three trends that should be on retailers’ to-do list for 2025 if they want their business to prosper.<\/p>\n","protected":false},"author":101,"featured_media":804333,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,1799,21251,1210,853,19125],"class_list":["post-804330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-nedbank","tag-nedbank-commercial-banking","tag-retail","tag-south-africa","tag-south-african-retail"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/804330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/101"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=804330"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/804330\/revisions"}],"predecessor-version":[{"id":805667,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/804330\/revisions\/805667"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/804333"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=804330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=804330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=804330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/02\/How-artificial-intelligence-influences-technological-innovation_2500x1667.png\")
<\/a><\/figure>\n\n\n\n