When it comes to operating a business successfully, agility, efficiency, and speed are crucial elements. And to incorporate these into your business, you need to invest in the right and latest tech. Capitalizing on the modern solutions manage inventory, central database, etc., only adds to productivity, reduces overheads, and enhances planning.
How new age tech enhances better in-store operations
Incorporating technology within retail operations is changing the way the customer interacts with businesses and brands. Modern customers have become immensely savvy at getting more and more control of their purchase experiences. You can revamp your business by following the latest technology trends and understanding the expectations and demands of the customer. Here are different ways in which technology can help you here:
1. Reduced inventory costs
When it comes to retail management, a solid inventory control system is indispensable. It helps you what merchandise you have in store and on order and the number of items you have received and sold. After setting up, these systems update the database automatically when products move from one area to another or sell.
2. Simplified checkout
Hassled checkout is one of the pain that discourages a customer from going to a particular store. This forces retailers to reshuffle the processes involved in shopping, supporting well-established services like securing billing information storage, one-click ordering, etc., to build a uniform experience. Simplified checkouts offer a rich and satisfying experience to modern customers who generally have high expectations.
3. Improved customer service
In the current times, the market is competitive, and solid customer service plays a pivotal role in facilitating and validating positive business growth. Providing incomparable customer service to buyers helps businesses leverage their sales, revenue, and growth. Capitalizing on tech advancements in customer service helps businesses unfurl more space for retailers to excel in their industry.
4. Convenient payment methods
Cloud-based Point of Sale systems and mobile POS has facilitated a huge wave of transformation in the traditional payment process. Digital payment platforms and mobile wallets have immensely simplified the payment process, thanks to the flexibility they offer. Often these portals boast customer-centric remunerative deals to render the process more covetable.
5. Enhanced forecasting
With automated statistical forecasting systems, one can develop more accurate and calculated forecasting. The system has past forecasts, future orders, and sales data, which helps make more precise forecasts. Automation eases and supports scenario planning and fast projections.
Read More: SalesTechStar Interview with Greg Arnold, Vice President of Engineering for LinkedIn Sales Solutions
Top Tech Trends in Retail
Think of the most cutthroat industries, and the retail industry occupies a prominent position. Your success in the arena is determined by how strategically and firmly your company takes off the ground. Technology is changing the way business owners and managers drive results, and you must too. Here are the latest trends in technology for upgrading your retail game. Read on!
Customer Service
- CD-ROMs at the register help sales associates make special orders instantly and also offer proper sales training to sales associates.
- CRM (Customer Relationship Management) software allows better tracking of customers and at what stage they are in the sales funnel.
- Signature-capture technology is deployed at the POS terminal for transactions via credit card. The receipts generated are retained digitally.
- E-commerce technology enables shoppers and retailers to interact anywhere and anytime.
- In-store interactional kiosks furnish customers with product details.
- POS terminals/ smart registers help calculate regular buyer discounts, print reports and coupons, schedule work hours, and capture information about customer profiles.
Inventory Tracking
- EDI or Electronic Data Interchange allows a straight computer-to-computer transaction from the shop to the database of the vendor and ordering systems.
- UPC or Universal Product Code facilitates retail operations by providing a product identification system using unique numbering and bar codes.
- Automatic replenishment helps in the management of restocking of sold products.
- Virtual shelves act as intranets between vendors and retailers that streamline and expedite communication as well as on-time replenishment.
Data Warehousing
With EIS or Executive Information Systems, one can generate graphs of complex data and analytics that facilitate retail executives to make solid and growth-oriented business decisions.
Read More: Understanding the Types of Intent Data Most Used in B2B Sales and Marketing
5 Worthwhile Retail Operation Software to Up your Business
Here are the top retail operation applications that facilitate brick-and-mortar retail stores to leverage their existing data in a way that benefits their trade.
- Yoobic
- Quant
- RetailOps
- IBM Sterling Store Engagement
- Wooqer
These tools are extremely helpful in that they collect and analyze data from diverse sources, offer insight into regular retail operations, and help optimize operations utilizing data.
Just relying on the latest tech does not promise success for a retailer’s business. Rather it is just a crucial part of the whole puzzle. One needs to have proper interpersonal skills, enthusiasm, and problem-solving abilities as well in addition to technology. When implemented in the right manner, technology can help you rise to greater heights while staying in line with new customer behaviors and expectations, and market requirements.