Top technology solutions to leverage to keep your retail business competitive

A version of this article appeared in California Apparel News on Feb. 9, 2024.

In the fast-paced world of retail, technology can be a transformative force, reshaping the way businesses operate and consumers shop. Learn more about technology your retail organization can leverage to help enhance visibility into your business, decrease risks of increasing cyber-security incidents, accelerate productivity with artificial intelligence (AI), and more.

Data analytics

Being successful in the retail industry requires more than dynamic products and excellent customer service.

Companies should leverage the vast amounts of data generated across the business and through your customer interactions to make better decisions around managing the business and engaging with customers.

Customer insights and personalization

An advantage of data analytics in retail is deep insights into customer behavior. Retailers can analyze customer preferences, buying patterns, and feedback to create personalized shopping experiences.

Through data-driven personalization, retailers can court customer loyalty with:

• Targeted promotions
• Product recommendations
• Marketing campaigns

Demand forecasting and inventory management

Data analytics can help with inventory management and demand forecasting. By analyzing historical sales data, seasonal trends, and external factors such as supply chain information, retailers can make sure they have the right amount of the right products at all times.

Cybersecurity

Robust cybersecurity programs are essential for the digital technologies and online platforms used in retail.

Everything in your business including customer data and financial information are a target for cybercriminals. The threat is increasing and the risks of customer and financial impact is great.

Threat landscape