Why Retail Businesses Must Embrace Technology

In the midst of this digital revolution at the midpoint of the second decade of the 21^st century, channel integration is more important than ever. Retail companies will either take advantage of the new automated software tools to market their products or be left behind to fall into the digital divide. This will require the utilization and integration of several software tools working together to automate marketing, publishing, distribution of media, social media, customer engagement, e-commerce, mobile and analytics. Without an integrated marketing and sales strategy, it's nearly impossible to compete online with companies already deploying automated technology.

As we rapidly move from old media to the new media of the internet, retailers must shift to also take advantage of the digital economy where their customers are now shopping. This digital transformation is the greatest opportunity in the history of trade and commerce. For the first time, the internet creates a digital democracy of marketing and advertising because few retailers can afford consistent advertising, while the internet makes multimedia affordable and creates a revenue center.

However, to exploit online retailing takes knowledge and this is where the great digital divide occurs since technology can be complex, confusing and cost prohibitive. With so many fragmented software tools available, it's difficult to navigate all the technology cost effectively. Third-party software tools that are complex need outside consultants to effectively implement, which add to cost. Enterprise-level software is too expensive for most small and midsized businesses. The solution is to integrate your automation to cost effectively engage with customers online.

The convergence of multimedia publishing strategies, social media and analytics combined with commerce is rarely accomplished with a simple static website and e-commerce functionality. Customer engagement that creates conversations all starts with content marketing and transparency, enabling consumers to find you online through search engines and click into your site. The trust that leads to a transaction relies on the quality of the user experience on your site.

Earning trust is what relationship marketing is all about and leads to customer loyalty. This relationship evolves into the "sharing economy" where customers review businesses and share their experiences through social media channels. Transparency and trust that develops into relationships are invaluable as "word of web" has much wider connections than traditional word-of-mouth experiences that are shared. These connections are what are referred to as the "connecting economy." As the number of connections increase, a network begins to grow and expand. Now what happens is the magic of a "networked economy" effect.

Marketing in today's networked digital economy with smartphones or any computer device is the revolution of the 21st century. Retail marketing must adjust to this incredible opportunity or totally miss the entire digital revolution.

In summary, every retail business today must embrace technology. Publishing or content marketing online is the only way to be found. Content must be search engine-worthy to be highly indexed in response to a Google, Yahoo or Bing query. Consumers online today have more power and information to make informed decisions than ever before. To be successful online today means understanding how to engage consumers, using data and analytics to inform you how effective your marketing and email campaigns are.

Without this comprehensive and integrated online strategy in place, your retail business will suffer in the coming years, or even perish. Integrated software solutions that are easy to use, time efficient to execute and cost effective for any size retail business is the solution necessary to win in the new economy.

Richard Hollis is the CEO of Holonis, a new modernized marketplace that is media, data and customer driven.