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Technology is powerful than ever before, bringing new revenue streams for enterprises using them wisely. Real-time analytics, Big Data, the industrial Internet of Things, and Robotics, are few, transforming the way companies can open new revenue streams apart from their core businesses. Giants like Amazon, Tesla, Walmart are already achieving breakthroughs in building new retail revenue generation models using Customer Data, Artificial Intelligence (AI) and Machine Learning (ML) Models.
On the similar lines, a retail giant from Dubai is opening new revenue streams from the Customer Behavior Data. Qentelli explored the future possibilities of their Digital Transformation journey to merge physical and virtual experiences in several ways and get new revenues from them. The two ways company is adding new digital revenue dimension to its business are–
Building Experiential Retail for Consumers –
Consumerism and mass production killed the personalization of Mom and Pop Stores. But at the same time, there’s a lot of data generated and captured by the online and in-store devices to delight customers with the personalized and experiential offers. The entertainment arm of this retail conglomerate is already using Machine Learning to provide personalized movie recommendations, resulting in the increase of tickets sale. Similarly, they are using this data in collaboration with government to build smart cities.
Similarly, they are using AI/ML platform to prompt customers with the in-house retail offers and purchases based on past purchase behavior. The company also shares data with the brands for them to come up with hyper-personalized offers for customers, on the real-time basis. The real-time personalization increases the chances of sales opening new revenue streams for brands. The performance of mall increased with the data shared with mall tenants through an online analytics portal to come up with better offers and converting footfalls into sales. The retail giant can charge for premium rents from brands opening revenue streams for its malls.
Elevate and Monetize Parking Experience –
The retail giant implemented advanced parking systems to provide customers with a parking system elevating their shopping experience. The system involves advanced camera-based sensor system to help customers locate empty parking spaces and find them locate their cars. The system also allows customers to choose and book their preferred parking with robust security capabilities. The solutions made parking easy and secure and provided analytics about parking, car usage and other parameters.
Creating markets, instead of waiting for them
Experiential Shopping is reimagining the world of retail and its underpinned by Digital Transformation. But Digital Transformation is not just implementing new technologies but involved a lot of moving pieces. We talked about successful Business Transformation formula in our latest eBook – Decoding Successful Business Transformation Formula. The book talks about getting every piece right and how Digital leaders successfully transformed their businesses with digital technologies for modern customers.
The retail giant we just talked, opened new revenue streams for the mall tenants and themselves, we think there are other ways different retailers can use data captured to increase their revenue streams–
1. Omnichannel Improvements – Omnichannel improvements is one of the basic experience customers seek from the modern retail brands. The increased usage of brands, devices and other platforms across the extended digital journey requires brand to improve their presence across all the channels. While it sounds easy, brands struggle to frame a unique brand proposition across the channels. Qentelli worked with one of the premier leadership community augmenting a network of young chief executives with approximately 30,000 members across 130 countries. Qentelli re-architected whole application with the three key contributions–
Embrace Automation and DevOps
Rearchitected entire portal with focus on user membership at the core. Members can connect and collaborate faster on the new age platform.
Used modern technologies to ensure cross-browser and multi-screen compatibility across devices.
Enabled application development, security, infrastructure as code, and operations into a continuous, end-to-end, highly automated delivery cycle
Retail firms must commit to craft a smart and digital comprehensive strategy for improving their presence across all the channels. Adopting new-age technological dimensions like Automation, DevOps, technologies for Omni-platform experience, Microservices and Containers. Improving performance across all the channels increases revenue for the brands because of the no-hiccup shopping experience.
2. Automation – Automation is reshaping retail business models and the surrounding value chain of the retail industry. An assessment of automation technologies shows that they can already operate a typical retail grocery store with up to 55 to 65 percent fewer hours. Apart from operations, merchandising account for approximately 30 to 40 percent of the time of merchants, who, for example, spend about 20 percent of their time on merchandise-planning activities. Developing smarter marketing campaigns and insightful predictive analytics can be made easier with the help of Automation. Automation optimizes operational activities to eliminate unnecessary costs in managing supply chain or managing merchandise or campaigns.
Qentelli worked with retail clients to enhance retail application capabilities with Advanced Analytics, AI, Gamification & Third-party Integrations. Our Automation offerings helped a client to develop an integrated platform for automating physical flow of goods and services, automate data flow and decisions and automate end-to-end ecosystem.
3. Conversational Commerce – Conversational Commerce is the hottest Digital Transformation trend and retailers need to thoughtfully integrate Conversational Commerce across different touch points. These conversational touch points should elevate the relationship with customers. Brands looking to adopt Conversational Commerce should be hands on with Automation and AI to build capabilities around voice technologies. Qentelli’s NexGen capabilities are targeted for the companies looking to adopt future technologies and implement them to extend software intelligence in the physical retail world providing end-users with the best of the retail experience.
Qentelli can help you in explore and achieve endless possibilities of building new revenue streams in the world of retail with Data, Next-gen technologies and DevOps. Let’s talk.