Ways Retailers Can Benefit from the Technology Evolution

Technological innovation and access to high-tech devices have grown steadily over the last two decades. Coupled with near ubiquitous internet access, this technological growth has changed how customers shop, influenced their needs and wants, and affected how they interact with brands.

To survive and thrive in today’s environment, tech retailers and their salespeople have had to evolve as the industry has. Let’s take a look at a few ways retail brands can embrace those changes to benefit from the evolution in technology sales.

The New Necessity

Retailers used to be able to get by selling the latest and greatest gadgets. They could rely on the novelty of the latest iteration of a device, or the status of a new phone, and so on with little effort. Not so much anymore, as today’s customers have access to smart electronics like never before.

And remaining connected to these smart devices is viewed as a necessity. According to Smart Insights, 80 percent of internet users own a smartphone. That percentage is likely to grow as more carriers are offering free or heavily discounted smartphones alongside their contracts.

While discounts are one way to encourage purchases, they’re not the only way. In fact, they can often prove detrimental for retailers. Instead, retailers should begin looking for new ways to maintain that customer desire for constant connectivity. For example, phones and laptops are broken or damaged all the time. If and when this happens, a protection plan or service agreement can prove incredibly handy. By offering a warranty program, retailers can meet that need for constant connectivity, make life easier for the customer, and introduce a new way to produce revenue.

Clamoring for Customization

In addition to wanting quick and painless electronic upgrades and protection offers, customers also want to make sure the products they use every day are a good fit. Retailers can fulfill that desire by allowing customers to tailor products to their individual lifestyles and preferences. For example, offering a variety of phone cases, computer bags, or protective skins lets consumers customize their electronics, showcasing their individual style and personality while also providing retailers yet another revenue stream.

Building the Brand

Finally, one of the best ways tech retailers can succeed in today’s market is through brand building and maintaining customer loyalty. By delivering a personalized, high-quality experience for customers time and again, you’ll keep them coming back for more—rather than see them opt for a larger online e-commerce competitor. Customer retention is much more profitable than customer acquisition. Focus on keeping your shoppers happy with excellent customer service and a consultative sales experience that includes add-ons and loyalty programs. As many retail experts know (and the Harvard Business Review proved), increasing customer retention rates by just five percentage points can boost profits by up to 95 percent.

By riding the wave of change and innovation, technology retailers can stay successful in today’s evolving sales environment.