By: LiquidPixels | April 4, 2023 | 8 Min Read
The Great Retail Reset is a driving force for the companies that are reinventing retail.
Three years after the great shut down of 2020 and many companies are still asking, what's next?
Business owners, especially those who operate exclusively in physical retail stores, are now equipping themselves with the tools they need to succeed in a new era of retail. This gives consumers the power to shop how, when, and where they want.
The way we shop has changed dramatically over the past few years. For many businesses, reinventing the business model they have known for so long is the only way to stay afloat. And for many retail companies, they still don't see a clear path forward.
Most importantly, the Great Retail Reset has shifted considerable customer demand from brick-and-mortar to online shopping, and from traditional retailers to direct-to-consumer brands. It has caused a major shakeup in the retail industry, which is still ramping up. Consumer behavior has changed—both in obvious and subtle ways—and to survive, retailers must change perspectives and find new ways to attract and retain customers.
When reinventing retail, there is a focus on re-imagining the physical store through the use of technology, to create a more seamless and personalized shopping experience that will keep customers coming back.
The Great Retail Reset has been a time of tremendous upheaval for various industries in the face of widespread store closures and declining sales. No one was spared, from apparel retailers to jewelry, bags, shoes, and furniture businesses. The key to staying in business during this time is through an engaging and personalized shopping experience coupled with offering unique products not sold elsewhere.
Another trend in reinventing retail is the rise of resale websites and apps. These platforms enable consumers to buy and sell used goods, a great way to save money. Millennials are the main drivers of this trend, as they are more concerned with sustainability and thriftiness over other generations.
Ultimately, retailers must reconsider their business models. The current changes are likely to be permanent, and the retail industry will never be as it once was. The Great Retail Reset pushes businesses to create a new, agile, efficient, and profitable business model, providing customers with a seamless omnichannel experience. Enabling this requires embracing the right technologies.
Fortunately, many forward-thinking businesses are already doing this. Retailers can reinvent themselves for the digital age by following the lead of the trailblazers. Amazon, Alibaba, and JD.com are among the companies pioneering the retail revolution. By learning from these innovators, smaller retailers can ride the wave into a new digital age.
Dynamic imaging is one of the trailblazing technologies reinventing retail.
Visualization in retail allows store owners to quickly and easily change the look of their displays. By using cutting-edge technology to create eye-catching selections, they can grab customers’ attention and boost sales. Dynamic imaging can also create unique and customized looks for store interiors, exteriors, and product packaging.
Here are the five ways dynamic imaging opens opportunities for retailers with physical stores.
1. Create a personalized shopping experience
By using data to create images that change dynamically, retailers can tailor their offerings to their customers’ needs and preferences. Dynamic imaging can, for example, be used to create virtual fitting rooms where customers can try out clothes and apparel without trying them on physically. This experience saves time, increases customer satisfaction, and is an excellent tool for reinventing retail.
Additionally, dynamic imaging can be used to create virtual product demonstrations where customers can learn about new products, allowing them to make more informed purchase decisions. Personalized shopping experiences developed through dynamic imaging allow retailers to better compete with the convenience and variety that online shopping offers.
2. Improve product presentation and establish a substantial online presence
Retailers can better showcase their products online through visualization that allows users to zoom in and out of, rotate, or manipulate. With these features, shoppers gain a better sense of what their purchases will look like and how they can use them.
Physical retailers can also compete with their online counterparts through dynamic imaging. This technology lets businesses create and present high-quality, realistic images of products in-store, on via any digital channel. Dynamic imaging gives customers a more realistic idea of what they plan to buy, which is particularly useful for clothing and footwear retailers.
By investing in the latest tools and technologies, retailers can improve their online presence and keep their customers returning for more.
3. Reduce costs associated with traditional marketing methods
Traditional methods like print ads, direct mail, and even television commercials are becoming less effective as consumers become resistant to advertising overload. At the same time, new technology is making it possible for retailers to reach consumers in more targeted and effective ways.
Product visualizations that change based on the viewer’s location, time of day, or other factors, allow retailers to create highly targeted and relevant ads that capture the consumer’s attention. Businesses can use this targeted advertising to promote special deals, drive foot traffic to specific locations, and even increase brand awareness.
Dynamic imaging is a cost-efficient option when compared to traditional marketing methods. By targeting consumers more effectively, retailers can reduce their overall marketing spend while still achieving their desired results.
4. Reach and penetrate new markets
Dynamic imaging can be used to present realistic, 3D images of products that customers can view from any angle. It enables shoppers to see what a product looks like from all sides without ever having to set foot in a store.
In addition, it also helps retailers stand out from the competition. With so many companies selling similar products, it can be hard to build a unique brand. But if a business becomes one of the few retailers utilizing the power of visualization, it will instantly have an advantage.
Finally, dynamic imaging helps build trust in the quality of one’s products and offerings. When people see in real-time what a product looks like before they buy it, they are more likely to be satisfied with their purchase.
5. Understand customer behavior and preferences
By tracking customer interactions with images, retailers can learn what customers like and do not like, what they are willing to pay for, and how they respond to different marketing messages. Businesses can use this data to improve customer experience, optimize marketing campaigns, and make better product assortment and pricing decisions.
Dynamic imaging can also help retailers identify opportunities for cross-selling and upselling. By understanding which products are often purchased together, retailers can offer customers recommendations and special deals. Moreover, it helps improve user experience by providing insights businesses can use to create more relevant and targeted content.
Retailers also become increasingly aware of trends in customer behavior so that they can adjust their strategies accordingly. Ultimately, dynamic imaging provides retailers with an arsenal of valuable insights into the minds of their customers, driving sales and improving the bottom line.
The Great Retail Reset is an initiative for reinventing retail. It seeks to address challenges posed by the shift in consumer habits and preferences triggered by the pandemic, as well as provide new opportunities for growth and sustainability in the future.
It consists of five core initiatives through the reinvention of the following: the store experience, retail jobs, supply chains, customer engagement, and innovation. Together, these initiatives help position the industry for future success.
It has also presented retailers with a unique set of challenges. In reinventing retail, businesses must become agile and innovative to adapt to consumers’ changing needs. This means implementing new technology, developing creative customer engagement strategies, and identifying new opportunities to drive revenue. Additionally, retailers must ensure that their supply chains are resilient and able to provide consistent, reliable service in the face of increasing consumer demand. Finally, retailers must remain vigilant in monitoring regulatory changes and adapting to comply with evolving laws and regulations.
Dynamic imaging can help reinvent the retail experience to meet customer needs in a rapidly changing environment. Real-time data and analytics allow retailers to identify trends and create personalized customer experiences. Retailers can also tailor product offerings to capitalize on the latest consumer trends.
Dynamic imaging, moreover, enables virtual product demonstrations for an engaging shopping experience. By leveraging dynamic imaging capabilities, retailers can reinvent the retail experience and stay ahead of the competition during the Great Retail Reset.
To learn how to leverage dynamic imaging in the Great Retail Reset, contact LiquidPixels today.