One of the biggest challenges facing today's retail sector is the speed and unpredictability of market activities. Companies are considering a vast array of digital strategies to keep their brand relevant in a highly dynamic environment. The National Retail Federation (NRF) published a survey of over 300 retail businesses and technology executives, detailing their efforts to create a business ecosystem that can respond to the speed of technological innovation.

Because the internet has completely upended traditional concepts of retail, it is important to realize that the strategies that companies employ may be unique to their own set of needs and expectations. A chain superstore, for example, needs a different way to engage customers than a small business with a specific niche market.

While no two companies have identical goals and strategies, the study came up with some basic principles that define an effective retail brand in the digital age. According to surveyed respondents, a dynamic company needs to:

• Respond to consumer demands in real time

• Empower staff to engage with customers and close the sale

• Fully integrate omnichannel processing into their system

• Gather relevant metrics that will inform their future strategies

Business Expectations

One of the takeaway messages from the survey is the desire by business executives to consolidate several business processes such as POS, CRM, eCommerce, mobile, and more into a unified system. Among the respondents, "45% anticipate significant improvement in their ability to meet business demands faster and use development capacity more effectively" while, 35%, "expect significant improvements in IT efficiency"

Central to solving this challenge is finding the kind of software that fully integrates all these processes into a single product, a principle supported by further studies in the effectiveness of omnichannel retail. This type of integration is facilitated by the powerful business solutions such as Connected Business.

Connected Business brings efficiency to the table by eliminating the need to synchronize data from disparate parts of your company, creating a seamless workflow for your organization. The system also puts a premium on innovation, which is why Connected Business is fully-customizable to meet specific business needs.

To build your own business strategy that anticipates the disruptive technologies of the future, learn more about the Connected Business approach to omnichannel technology today.