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How to Build Profitable Retail Business During Coronavirus

From restaurants to clothing stores, retail is undoubtedly an enormous sector in the economy; according to Statista, the global retail market was worth an estimated 25.04 trillion USD in 2019. However, with the continual rise of e-commerce giants such as Alibaba and Amazon, traditional retailers have been faced with a wave of new challenges. The ongoing COVID-19 pandemic has only dealt a heavier blow to the retail industry.


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Now more than ever, retailers are looking for ways to cut costs, increase efficiency, and stay relevant to respond to changing customer expectations and an increasingly digitalized economy. Many retailers are turning to Robotic Process Automation (RPA), software that can emulate human operations on a computer, to improve their businesses. Here at Laiye, we offer Laiye UiBot RPA, an RPA + AI product that can help retailers automate repetitive tasks and surmount the obstacles ahead.

 

Have you encountered any of the following difficulties in your retail business?

 

Traditional retailers have to hire employees to complete necessary but mundane tasks, which are tedious, error-prone, and costly. Common pain points in the retail industry include but are not limited to:

 

1.      Customer Service: Customers expect 24/7 updates on their purchases, and are unsatisfied with slow responses;

2.      Order and Return Processing: Having to check and process each customer’s orders or purchase history is time-consuming;

3.      Invoice Generation: Creating invoices and sending them to the right recipients is tedious and error-prone;

4.      Filing Taxes: Manually filing taxes is time-consuming, costly, and error-prone;

5.      Trade Promotions: Calculating and analyzing data to determine discounts or other promotional activity require manual effort;

6.      Marketing: Manually sending promotional emails to customers often results in errors, such as forgetting to send to specific groups;

7.      Logistics and Supply Chain Management: Tracking shipments, monitoring inventory levels, and performing other logistical tasks require frequent communication and close monitoring;

8.      Sales Analytics: Collecting and analyzing sales data from various sources is hectic, inconvenient, and inefficient;

9.      Tracking Consumer Behavior: Analyzing each demographic’s different preferences takes time, which creates a lag when responding to them.

 

With rising labor costs and shrinking profit margins, retailers could benefit greatly if such tasks could be automated.

 

How Laiye UiBot can help?

 

With Laiye UiBot, these tasks can all be automated, greatly improving efficiency, reducing costs, and freeing up labor to engage in more meaningful work.

 

Laiye UiBot can conduct comprehensive auditing and provide real-time insights, which helps both retailers and suppliers perform effective analysis. Specifically, RPA robots can automatically download daily sales data from the internal sales system, download each store’s revenue reports from different payment platforms, and check the data to detect errors. Doing so can help retailers manage each store’s funds more effectively, improve sales analytics, and watch consumer patterns, which can help maximize sales. While the immediate effects of implementing this technology include a lighter workload, increased accuracy, and improved efficiency, real-time data monitoring has even farther-reaching benefits. With timely and accurate information reflecting sales, retailers can quickly respond to consumer and sales patterns, allowing them to make informed adjustments to selections, pricing, and in-store planning. Increased monitoring of consumer behavior can also facilitate the process of introducing new products.


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In terms of customer service and communication, RPA can be used in sorting and filtering customer details, which can vastly improve customer service. According to an IBM report, “In a 6-minute customer service call, 75% of that time is devoted to agents doing manual research, with valued customer interaction at a dismal 25%.” With RPA and with chatbots, these inefficiencies during calls or order/return processing can be eradicated, boosting customer satisfaction. Moreover, Laiye UiBot RPA is a higher-value, more cost-efficient alternative to other email automation services, and can be used to automate emails to make sure that the correct emails reach the inboxes of every intended recipient. Doing so boosts the efficacy of marketing and updating customers.


Additionally, Laiye UiBot can also greatly streamline workflows when it comes to filling out forms, generating invoices, and processing orders. RPA robots can automatically download financial manuscripts, generate vouchers and invoices, and records accounts, which enhances invoice generation, tax filing, and other logistical operations, saving both suppliers and retailers a lot of time.

 

Now that workers are liberated from these tasks, they can engage in more productive work like complex analysis or new product innovation.

 

Improve your retail business with Laiye UiBot !

 

The benefits of implementing Laiye UiBot are immense. Considering that Laiye UiBot can process 200,000 orders automatically with near-zero error rates and save over 5000 work hours annually, it is no wonder why many retailers are turning to Laiye UiBot RPA. According to a study conducted by Zebra Technologies, a projected 60% of retailers are expected to adopt automation across all the key functions by 2021.

 

In just one or two hours, anyone can learn how to build RPA robots using Laiye UiBot with the strong training support from Laiye, which is convenient and easy to learn, especially for those without a technical background. Adopting RPA can boost a retail business’s competitive advantage, and now is the perfect time to do so.

 

About Laiye

Laiye, founded in 2015 by Ivy League Ph.D. graduates, is committed to being a leading Smart Robot platform with global influence in the era of human-robot collaboration.

Our portfolio of high-quality, secure products and services covers RPA+AI Solution,

including the Laiye UiBot (An RPA+AI product), Wulai (An enterprise chatbot platform) and Xiaolai (A companion robot). 

Join us on LinkedIn, follow us on Facebook or visit us at www.ui.bot.

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