While discussing the disruption of technology and data in the retail sector, Kriti Aggarwal from StoreHippo and Raghunandan Saraf from Saraf Furniture share their insights and experiences.
From augmented reality and enhanced consumer experiences to increased precision and control over marketing data and inventory management, technology is benefiting the retail business in innumerable ways.
According to Kriti Aggarwal, Co-founder of StoreHippo & Mystore, it is important for any retailer to be present omnichannel.
“I don’t think anyone can be missed out because technology is something that includes Chatbots. If you are building a website, you have a Chatbot, so the initial questions that might come from the customer are answered, and when human intervention is required, we can go to the support mechanism,” Aggarwal added.
The use of data is crucial in creating personalized customer journeys, predicting demand, and comparing prices with competitors.
Raghunandan Saraf, the CEO of Saraf Furniture, believes that the ideal technology for a seller is the one that consumers are already using.
“Big data leads to micro-targeting of segments, enabling the deepest possible targeting to reach the type of customer you want, and also helps to forecast better customer retention,” Saraf said.
By Yukta Raj, Correspondent, BW Businessworld