Bringing Tech to Stores the Right Way

Bringing Tech to Stores the Right Way Evan Clark The tech revolution has given retailers a big new competitor in Amazon, but it has also given stores tools they're only starting to understand and use. And Anand Raghuraman, principal and Americas, leader, consumer products and retail at Ernst & Young, told executives that the new technologies bearing down on retail can be used to attract and convert shoppers into buyers at stores. Raghuraman noted that foot traffic at stores has been declining and that many big retailers, including Sears Holding Corp. and Macy's Inc., have been shutting stores while e-commerce sales are expected to double between 2015 and 2020. He described Amazon as "the elephant on the Internet," but said the online giant performs best at lower price points and has had shown weakness in certain areas, such as luxury goods and wine. "Amazon works best for those searching for specific items and not as much for general browsing," he said, noting other companies have an opportunity to compete in categories that lend themselves to browsing. Retailers need to seize opportunities to reach and interact with customers on a one-to-one basis. "Social media is an echo chamber where customer advocacy can make a brand," he said. "Consumers need to be incredibly engaged on the co-creation of products. Follow WWD on Twitter or become a fan on Facebook. Read More... Fashion 3