On 12 September 2017, Google HK announced the publication of ‘Hong Kong: Smarter Digital City’, a study conducted in partnership with Nielsen to investigate the phenomenon of digital transformation in Hong Kong.
The study focused on the four key business which drive Hong Kong economy: finance, real estate, tourism, and retail.
SEE ALSO : Hong Kong: smarter digital city
From the whitepaper, we have extracted the key takeaways for a smarter retail:
1) Search dominates: building the elements for conversion
Consumers search in every environment, online, offline, in-store, from all their devices.
It is the function upon which all online retail activities are built. The key to converting shoppers into buyers goes beyond just selling, necessitating a better understanding of what it takes to build trust and build relationships beyond a simple transaction.
2) Delivering value to consumers at their critical “time of need”
Leveraging emerging technology to gather, analyze, and distill knowledge of consumer behavior, marketers can drill through personal behaviors and intentions to develop the personalized incentives to respond to consumers in their time of need, when decisions are made and purchasing is likely to happen.
Individualizing the digital experience is how online retailers will remain top-of-mind and relevant.
3) Beyond Selling: building trust and relationships
Matching the digital experience to the shopper’s level of integration is essential.
Understanding their patterns, intentions, and behaviors guides personalized offers, and with a better understanding of how to respond to consumers, retailers will build trust and extend client relationships beyond selling.
Building trust translates to loyalty which is perhaps the most important currency in the digital age filled with countless options and a bombardment of information.
4) Innovation Model for the future: proactive boldness over reacting to demands
Be bold! Be daring!
While everyone else reacts to consumer demand, successful retailers create demand.
Whether through new selling paradigms, smarter incentives, more personalizations, or a user interface that engages in new and more exciting ways, think big and let your creativity drive innovation.
Download the whitepaper: ‘Hong Kong: Smarter Digital City’