Technology has changed the customers' profile, behaviour and expectations. Customers behave differently to compare with the time when leading traditional retail business was born. Moreover, it creates considerable challenges for business leaders. Accustomed to continually switching communication channels in the process of buying decision making, the customer benchmarks his shopping experience with the examples irrelevant to a specific market or sector. To an extent, even the local shops increasingly often compete with global business leaders.
Just 10% of major e-commerce portals in Lithuania take full advantage of email marketing, reveals research conducted by NFQ Technologies, the digital innovation company. 59% of businesses running existing e-commerce platforms do not employ the newsletters, one of the main tools of email marketing at all.
If you’re buying ice cream at a store and get the sense that it’s not you that’s looking at the freezer but the freezer that’s eyeing you, don’t rush to see a doctor – it’s just artificial intelligence, a toy helping retailers understand what kind of ice cream you like, and which you intended to buy but changed your mind and put it back.
Some interesting developments have been taking place in retailing globally. For example, owners of Sears, the legendary US stores with over 100 years of history, have recently announced bankruptcy. Last year the largest number of stores in history closed down in the US. At the same time we can hear that the internet is the future and that the revenues of Jeff Bezos, founder of Amazon, are increasing.
The past two decades in the software development industry have seen many changes. Younger colleagues hardly know that for a long time programmers worked much like construction workers, except that they did not carry bricks.