Retailers know that their industry is constantly changing – whether it's new technology trends, shifting sector demands or moving into additional markets, merchants are always adapting to new elements. Consumers are frequently changing as well, meaning that retailers need to be ready to accommodate shoppers' new needs and wants.

According to The Street, retail customers, both in stores and online, are no longer looking for a good price on the products they want – they are also searching for an engaging experience when shopping with their favorite brands. The source highlighted Staples, which has incorporated interactive kiosks and digital signage in its stores to give patrons a more streamlined experience to help them find merchandise. 

The source also suggested that retailers engage consumers by collecting and analyzing data that can be used to craft personalized marketing messages. This can help with merchants' retention efforts and customer loyalty campaigns.

In addition, consumers need a way to resolve their problems and get answers to their questions, and technology is not always the only solution to this issue, the source explained. Training retail employees and giving them the tools they need to answer shopper inquiries and effectively find solutions to consumers' problems is another step that brands can take to accommodate shoppers' changing needs.

Smartphones and tablets are used for a variety of everyday purposes, and retailers are leveraging the technology to perform a variety of functions. As consumers increasingly turn to mobile devices for shopping, merchants are learning how to accommodate these patrons through streamlined point of sale processes and effective loyalty programs.

Point of Sale News reported that mobile loyalty initiatives are garnering more attention within the retail industry from both consumers and brands. The source cited a study by EPiServer which found that a majority of retailers that attended the Internet Retailer Conference and Exhibition stated they believe mobile technology can best be used for developing successful customer loyalty programs.

Although price competition is a concern of many brands, survey respondents felt that by offering a new and engaging experience through a mobile app or optimized website, they would be able to increase retention, the source explained. It's all about convenience, the news provider noted, as consumers who are comfortable and familiar with using a brand's mobile app are more likely to purchase from that specific merchant through their mobile device.

To help oversee all mobile processes and POS transactions, companies can use retail management software to keep track of loyalty programs, financial information and a variety of related elements.

When social networks like Facebook and Twitter first came on the scene, people used them to stay in touch with family and friends, upload pictures and share status updates. Now, however, the role of these platforms has significantly changed. While users still log onto these sites to talk with others, they are also taking advantage of these channels to reach out to their favorite brands.

This in turn has given retailers a new tool for marketing and promoting their products and services. And while many brands may think that they can only reach out to younger generations through social media, the fact is that consumers of all ages are accessing the websites. Internet Retailer reported that, according to a study by Pew Research Center, almost three-quarters (72 percent) of U.S. adults use social sites like Facebook, Twitter, LinkedIn and Pinterest. This is up from the 67 percent who said the same in late 2012.

The source explained that although younger consumers are more likely to interact with brands through social networks, older generations are catching on to how these platforms can put them in touch not only with family and friends, but their favorite retailers as well.

To effectively oversee all marketing and promotional campaigns on social networks and ensure they are generating brand awareness, companies can use retail management software to create initiatives, offer discounts and develop customer loyalty programs.

When developing customer loyalty programs, retailers know they can't take a one-size-fits-all approach to initiatives. They instead need to look at the different types of consumers who frequent their stores and websites, and one group that is getting more focus from merchants is millennials, or individuals born between 1980 and 2000.

Citing a study by Hanover Research, Business 2 Community reported that there are several millennial purchasing habits that brands will want to be aware of in order to tailor both their marketing and customer loyalty programs around this group's wants and needs. For instance, the source pointed out that more than half of millennials (52 percent) are more likely to make impulse purchases than non-millennials. In addition, 50 percent of the millennials surveyed by Hanover use either smartphones or tablets to research, compare and purchase retail items.

When it comes to repeatedly doing business with a brand, the source revealed that 78 percent of millennials are more likely to shop with a merchant that offers a loyalty program than with a company that doesn't have one.

To draw in this valuable consumer group, retailers can focus on developing mobile initiatives, such as point of sale solutions, that offer coupons and discounts for millennials based on past purchases in order to see the best results.

Offering the best products at competitive prices is just one strategy that retailers use to bring in new customers and keep their existing ones coming back. However, this method may not be sustainable if brands aren't providing memorable experiences with personalized interactions. Having some of the most sought after merchandise can only last for a certain amount of time, as changing consumer demands and market conditions create shifts in product preferences. To retain their most valuable consumers, brands should also focus on creating excellent experiences for shoppers both in-stores and online. And one way to accomplish this is to use retail management software solutions to collect, store and analyze essential data points pertaining to patrons.

Customers want to feel valued
To retain consumers, either existing or new, merchants know that their interactions with shoppers are crucial. Conversations with customers need to be personal and engaging, as this is one key factor in what keeps them coming back for future purchases. Fortunately, brands can use information about their patrons to develop tailored loyalty programs as well as personalized interactions to help these individuals feel more appreciated.

Tech Republic reported that merchants will need to put time and effort into creating a strategy that best leverages the data they have about their customers to craft programs and content that can be used to boost sales and foster loyalty. To start, brands may want to determine which individuals are their "best customers," or those patrons who are the most satisfied at the lowest cost, the source explained. Next, analyzing information about this group can identify certain trends and patterns that companies can then use to develop initiatives that cater to these wants and needs.

By following this step, brands can then study other customer groups through big data analysis to find out which methods and approaches will best work for retention.

Other uses for big data
Customer relationship management is not the only retail task that big data can help with. Practical Ecommerce noted that the technology can also give merchants more insight into their inventory processes by analyzing items in stock, popular products and changes in pricing. Additionally, managing fraud is another factor that big data can provide to retailers. The source explained that chargebacks and other related information can be collected and studied to pinpoint areas where fraud is or can occur, giving merchants the chance to prevent these kinds of issues.

Offering the best products at competitive prices is just one strategy that retailers use to bring in new customers and keep their existing ones coming back. However, this method may not be sustainable if brands aren't providing memorable experiences with personalized interactions. Having some of the most sought after merchandise can only last for a certain amount of time, as changing consumer demands and market conditions create shifts in product preferences. To retain their most valuable consumers, brands should also focus on creating excellent experiences for shoppers both in-stores and online. And one way to accomplish this is to use retail management software solutions to collect, store and analyze essential data points pertaining to patrons.

Customers want to feel valued
To retain consumers, either existing or new, merchants know that their interactions with shoppers are crucial. Conversations with customers need to be personal and engaging, as this is one key factor in what keeps them coming back for future purchases. Fortunately, brands can use information about their patrons to develop tailored loyalty programs as well as personalized interactions to help these individuals feel more appreciated.

Tech Republic reported that merchants will need to put time and effort into creating a strategy that best leverages the data they have about their customers to craft programs and content that can be used to boost sales and foster loyalty. To start, brands may want to determine which individuals are their "best customers," or those patrons who are the most satisfied at the lowest cost, the source explained. Next, analyzing information about this group can identify certain trends and patterns that companies can then use to develop initiatives that cater to these wants and needs.

By following this step, brands can then study other customer groups through big data analysis to find out which methods and approaches will best work for retention.

Other uses for big data
Customer relationship management is not the only retail task that big data can help with. Practical Ecommerce noted that the technology can also give merchants more insight into their inventory processes by analyzing items in stock, popular products and changes in pricing. Additionally, managing fraud is another factor that big data can provide to retailers. The source explained that chargebacks and other related information can be collected and studied to pinpoint areas where fraud is or can occur, giving merchants the chance to prevent these kinds of issues.

Retailers often put a lot of time, effort and money into drawing in new customers. But what do brands do when these shoppers are in their doors or on their websites, and have purchased items? This is when the focus needs to move to establishing loyalty, as without giving attention to retention, merchants risk losing out on repeat sales.

There are many strategies that retailers can follow when boosting their loyalty rates, but the best way to accomplish this is by determining what works for specific patrons and what they need in order to stay loyal. Forbes recommended that brands focus on developing a "satisfactory customer experience" which covers a few basic elements: innovative products, on-time delivery that meets expectations and an effective method for fixing problems. The source noted that these factors, along with others that are in line with shoppers' wants and needs, are the first steps toward creating a seamless foundation for building loyalty. All it takes is hard work and dedication, but the results will pay off.

Developing loyalty programs is another strategy that can help merchants retain patrons. Business 2 Community highlighted some best practices of effective loyalty incentives, and one aspect that brands should consider including is simplicity. Keeping initiatives easy to use will increase participation. Additionally, the source noted giving customers the ability to quickly redeem any prizes or discounts can create successful loyalty incentives.

While big-name retail brands such as Wal-Mart, Macy's and Target are known throughout the world, smaller merchants shouldn't worry about how they can compete with their larger counterparts. Lesser-known retailers contribute their fair share to their local economies, and now thanks to a push to shop local, more developing brands are bringing in new business.

There are a few strategies that small merchants can keep in mind when promoting their products and services, and these methods can go a long way in remaining competitive not only with regional companies but more established brands well. The Financial Post recommended that retailers take a look at their rival businesses and then determine how they can do things differently. Keeping an eye out for details that can make smaller merchants stand out is one way to attract new patrons.

When it comes to selling products, the source suggested that retailers keep in mind that training employees and giving them knowledge about products and services is the best way to close a sale. In addition, letting customers know about a brand's return policy is effective at boosting customer satisfaction and can even lead to repeat sales, the source stated.

Big data is a term that is everywhere these days – it has permeated a variety of sectors, and the retail industry is no exception. Other organizations may deal with various data points pertaining to their individual operations, and retailers must focus on the information that is pertinent to their processes. This includes data about inventory, revenues, market changes, and, perhaps most important, customers. Information about shoppers is one of the most vital elements for merchants, as it gives them a better view into what kinds of consumers are interested in their products and services. The other data points are beneficial as well, because without them retailers would not know which aspects of their operations are performing optimally and which ones need improvement.

Retailers shouldn't be scared of big data
When merchants hear the word 'big data,' some may think the process of collecting, storing and analyzing the information is overwhelming and time-consuming. However, with the right solutions such as retail management software, businesses can gather a plethora of valuable details from all of their procedures, including point of sale, inventory processing and marketing strategies, to name a few.

ZDNet explored several myths that surround big data within retail, and the source found that any concerns over the term can be dispelled with some understanding. The source explained that one element that companies may be worried about is the 'big' part of big data – mainly how only larger organizations should deal with this aspect. However, the provider noted that the size is not the issue, and instead merchants should focus on gathering and analyzing the information they have at hand and ignore the 'big' factor.

Additionally, many companies look at big data and business intelligence and the correlation between the two. The source asserted that although the two are not significantly related now, they will be in the near future and merchants should prepare for that reality. This means that retailers' abilities to collect and study their data points will soon have an impact on their business intelligence.

Ecommerce relies on big data
Besides providing more insight into operations, big data also gives retailers the opportunity to improve their sales processes, both in stores and online. For example, Experian QAS wrote that many merchants have made significant enhancements to their ecommerce methods through the use of big data. This has been done through increased personalization, better mobile strategies and even fraud detection, the source noted.

Before the Internet became commonplace in all areas of daily life, retailers had only a few options to generate awareness about their products and services as well as build customer loyalty. Magazine advertisements, paper coupons and other outdated methods were widely used by businesses to draw in consumers. However, that has all changed now thanks to the Web.

Shoppers are increasingly going online to search for, compare and buy the merchandise they want. And retailers, for the most part, are adapting to this shift by implementing solutions and platforms that cater to patrons' ecommerce needs, whether they are using their home computers or mobile devices. Besides offering more Web-based options for consumers, retailers should also focus on updating their customer loyalty programs so that shoppers can take advantage of discounts and deals both inside and outside of stores.

Mobile means loyalty on-the-go
Now that people are utilizing the Internet on a daily basis, mobile devices have given them the tools they need to not only stay connected at all times, but also interact with retail brands whenever they want. For this reason, smartphones and gadgets have become strong focuses for merchants as they determine how to use the technology to boost loyalty.

In fact, research from EpiServer revealed that 61 percent of brands surveyed stated they currently have mobile strategies in place. The study also found that these initiatives are resulting more in increased customer loyalty rather than a higher number of transactions completed through devices, CMA Wire reported. For merchants, this means that smartphones and tablets play a vital role in generating awareness about their offerings and helps draw in customers.

Another benefit of mobile uncovered by EpiServer is that mobile technology can be used to create more personalized messages for patrons. This is another elements that lends itself to better brand loyalty, as shoppers want to feel that their business is valued and appreciated. Retailers that gather data about their customers and then use that information to craft relevant and engaging content for consumers are sure to see higher retention and loyalty rates, the source asserted.

It's all about reimagining loyalty
Retail-Digital wrote that merchants must look at their needs and goals to determine which mobile strategies best benefit their operations. Consumer demands will continue to change frequently, and brands must revisit their loyalty methods to ensure that all aspects are meeting customers' desires.