What is a retail platform?
Retail platforms play an important role in online shopping. Many companies are using retail platforms to carry out online direct sales, gather product information, and get reviews from customers to drive traffic and increase brand credibility.
What is a retail platform? A retail platform is a retail solution that can help businesses create a seamless shopping experience for customers across tightly connected channels. A retail platform enables retailers to use customer data to improve in-store customer experiences, provide better service, and increase sales.
Having access to customer information can help merchants provide their customers with personalized journeys to enhance their overall shopping experiences. By leveraging customer data, retailers can obtain a comprehensive understanding of their target demographics, ensure that products on demand are always in stock, and make better pricing decisions.
To collect customer data more efficiently, it is essential to pick a marketing automation software that will enable you to generate meaningful customer insights. As a leading customer data and experience platform, Lexer makes use of software tools and human data to boost engagement between retailers and their customers. By analyzing data from many sources and turning it into insightful knowledge Lexer can assist businesses in giving clients a consistent experience throughout their lifecycle stages.
An omnichannel retail platform, meaning a business model in which customer information, product inventories, and sales orders are updated in real time across multiple channels, allows merchants to provide customers with a consistent and coordinated shopping experience. Some retail platforms have customizable built-in templates for creating websites with ecommerce capabilities. Other retail platforms have analytics and real-time reporting capabilities to help merchants make informed decisions about their store operations.
When choosing a retail platform, it is essential to pick one with security capabilities to protect your online business and customer data. For instance, while an open-source platform may be free to use and download, it may have security and compliance issues. Choosing an open-source platform means that you also need to guarantee your own website security and adhere to card industry requirements.
When purchasing a software-as-a-service, or SaaS, platform, your SaaS provider will be in charge of product security, updates, PCI compliance, and other data security best practices. Although an open-source platform might give you more customization options, a SaaS platform typically includes pre-designed themes that do not require users to have coding or website expertise.
Retail Platform Software
A retail platform software uses applications, including in-store personalized experiences, point-of-sale systems, inventory management, and order fulfillment, among others, to assist merchants in getting up to speed with their business. Businesses can get comprehensive software tools and solutions from retail store software to manage their retail stores, inventory, stock levels, customer expectations, and many other things with ease. Retail platforms come in a variety of formats, including a retail platform for PC, a retail platform for iOS, and a retail platform for Android-powered devices.
Lexer's retail platform software for Windows can assist retailers in increasing in-store conversions and putting customers front and center of their business. The retail solution from Lexer can be utilized on any web-enabled device, including iOS and Android platforms.
Generally speaking, a retail software platform can support and streamline important key retail operations such as order and inventory management, product personalization, pricing and advertising, back-office performance, and customer engagement. It would be advantageous to choose a retail management software platform with an easy-to-use interface that can link with your existing systems and e-commerce website.
Additionally, retail software should be able to provide sales reports and data analytics so you can evaluate the competitiveness of your salespeople and spot opportunities to close more sales. You can use sales reports to pinpoint areas for development, duplicate sales achievements, and gain an understanding of consumer behavior and purchase patterns. A good sales report should ideally include information that is simple to understand and can help you maximize your profits. Retail data analytics, on the other hand, includes customer information that can help you compete more successfully, draw in the most profitable leads, and provide better service to your existing customers.
Retail Platform Companies
Retail platform companies help businesses sell both physical and digital products both online and in-person. Typically, retail platform companies provide reports and other helpful features to help merchants understand how their online stores are performing. Some e-commerce platforms also offer retailers a real-time view of their website visitors and the products they are interested in.
Retail platform companies can help you set up an online shop to sell your goods to a wider audience and expand your market reach. Most retail platforms are subscription-based, but there are also free e-commerce platforms with limited functionality that may be more beneficial for small businesses and startups still developing their initial products. For more established brands with omnichannel marketing strategies, investing in retail platforms with more robust features and a wide range of customizable themes might be more beneficial.
Before deciding on an e-commerce platform, it is a good idea to look at the different retail platform examples to see which one best fits your specific requirements. Retail platform companies differ in terms of features and pricing, so it is critical to select a platform that has the necessary design tools to help you run your e-commerce business more efficiently. Ideally, the best retail platforms should align with your business goals as well as your customers' needs and expectations.
Lexer's Customer Data Platform (CDP) enables you to export data into any system seamlessly and securely. This allows you to evaluate, store, sync, or activate customer data on any platform. In addition, you can easily import your contacts as enriched profiles by linking your e-commerce platform with Lexer's CDP.
Retail Platform Benefits
Artificial intelligence (AI) is transforming the future of the retail landscape. For instance, retail platform analysis is made possible with AI and machine learning. An AI-enabled retail store can capture shoppers’ movements, items selected, and other sensitive customer information. AI can also be used in consumer behavior analysis, which allows companies to forecast customer values so they can offer more specialized marketing and shopping experiences.
Using a CDP platform such as Lexer enables you to utilize AI predictive analytics and surveys to obtain actionable insights for your brand and customers. With Lexer's flexible data capture forms, you can gather information on your customers from in-person interactions to better understand their shopping behavior and engage with them both online and offline.
In addition, using retail platform tools can help you streamline your e-commerce business, increase sales, and improve customer satisfaction. Some retail platform tools allow you to create an e-commerce website, including mobile-friendly versions, without having to write a single line of code by utilizing pre-designed customizable templates. Other retail platform tools have drag-and-drop functionality for ease of use.
There are also retail platform tools that can offer traffic analytics and research tools to analyze your website against your top competitors, which will help you deliver more qualified traffic to your ecommerce store. Lastly, investing in keyword research tools can help you optimize your website to match search demand. By using the right keywords, your target customers can easily find your e-commerce store when they perform an online search, and it can help you attract more qualified traffic to your product page.
Retail And Consumer Goods Industry
The retail and consumer goods industry is continuously changing to keep up with the evolving needs of consumers. Traditionally, retailers were more focused on brand marketing, and customers would enter brick-and-mortar stores with little knowledge of the products they wanted to purchase. In the past, salespeople had a strong influence on the consumers' purchasing decisions based on the information they provide regarding pricing and other product details.
In the new retail environment, customers expect seamless and personalized shopping experiences across multiple channels, including physical stores, online stores, and social media platforms. The future of in-store retail is about leveraging new technologies to attract customers and enhance their overall shopping experience at every step of their journey. Putting customers at the front and center of your business and embracing digital transformation can provide you with a competitive edge and make sure that your customers are happy and stay loyal to your brand.
Lexer's Customer Data Platform can help break down siloed databases by unifying data from disparate sources to provide you with a holistic view of your customer information. Lexer can help you gain a deeper understanding of your customers so you can create tailored shopping experiences that cater to their preferences.
Future Retail Strategy
Investing in a modern retail platform can help you grow your business and prioritize customer experiences at multiple touchpoints of their purchasing journey. Whether you are an online retailer that is just getting started or a more established brand with several retail premises, choosing the right retail platform is important to help you scale your business with ease and offer greater value to your customers.
The new retail platform enables retailers to create immersive and seamless digital shopping experiences across various channels and devices. Retailers should consider embracing digital platforms to expand their market reach and respond more efficiently to shifting consumer preferences and expectations.