The age of the consumer

Society has come a long way since the time wherein the traditional buying process demanded that the vendors and the customer be present at the same place. Until recently, business transactions were limited to on-the-spot cash exchange and delivery. The retail industry today though, has evolved into a technologically enabled domain that can be remotely maneuvered and which makes an immense contribution to the economy.

PictographTechnology has made it easier for retailers to provide their services and for consumers to receive them, while both parties keep up with the fast-paced world and tend to their other needs. Retailers are continuously trying to find innovative ways to consistently engage and excite their consumers in this context. This approach has recently taken off and it is largely being sought after by retailers to provide their consumers with a personalized experience – with each retailer having individually defined what personalization means to them. Consumers today have access to vast amounts of information that enable them to readily compare products across price ranges and brands without ever having to visit a store. This complexity of choice of products, interactions and engagements has increased manifold and diversified the ways in which consumers make purchases today.

According to a PwC survey, 35 percent of consumers around the globe say that their smartphones will become their main tools for purchasing goods and about 59 percent want an inviting ambience in a showroom to enhance their shopping experience. Hence, it is no longer sufficient to just provide consumers with information, rather, they must be empowered to make choices by receiving the right information and promotions, at the right time and the right place. This is one of the key factors of building personalization to deliver more consumer centric experiences.

PictographThe introduction of technology into the shopping lifecycle enables the retailer to shift the commercial advantages of retail transactions towards the consumer. With Bosch’s retail solutions, consumers get personalized, contextual messages and information that lead them on experiential journeys across the consumer shopping-cycle. Through ‘Indoor Positioning Technology’ and personalization algorithms, Bosch’s solutions work towards improving the impact on the consumer by constantly analyzing data to continuously improve their experiences.

Each consumer’s journey while exploring assorted options is unique, and technology-enabled insights are thus employed to influence the customer’s said journey by carefully designing the choices that are presented and by transforming these choices to suit their preferences. Such technologies aid in creating excitement, demand and engagement across channels, while giving retailers the benefit of reaching out to their consumers at those points of the shopping cycle that were previously unexplored.

PictographToday, it is imperative that companies provide innovative solutions and services to not just maintain a strong position as a relevant competitor in the market, but to also function as a frontrunner that contributes to the sector they work in. The diverse options available to the consumers also drive companies to consistently ideate and execute unique and purposeful advancements in retail technology that can benefit the industry on a whole, and establish a stable foundation for the future. Bosch has consistently managed to achieve this while also being able to navigate and excel in myriad domains and channels, with retail being its benchmark in the age of the consumer.

About the author

Hemanth S M

Hemanth S M

Business head and strategist in a “iero” an intrapreneurial venture in Bosch
Hemanth Sheelvant, is business head and strategist in a Bosch’s intrapreneurial venture “iero” and holds responsibility for iero driving Business development and consulting, leading to customer acquisitions and delivering end-to-end application solution.

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