Retail businesses around the world have been rocked by the initiation of the COVID-19 pandemic, just like every other industry. However, as rightly put, innovation comes forth in times of necessity, which has happened in brick-and-mortar and digital storefronts. Therefore, it is crucial to consider the latest innovations and solutions in the retail sector to remain ahead in the game.
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Significance of technology in retail
It may, without a doubt, appear an intimidating idea to incorporate technology in your brick-and-mortar storefront, despite it being crucial to its success. However, it is worth consideration and the investment. And here are some of the top reasons that may help you decide right:
1. Simplify your store process
The faster you can accomplish tedious, mundane tasks, the more time you would be able to spare for other important business operations. For instance, installing a simple, automated check-out process allows you more time to engage with your clients. Especially those who come with pre-purchase doubts. In addition, you could cut costs on various operations and enhance their efficiencies.
2. Accumulate valuable data
Today, successful businesses are those that are data-driven. Data unleashes the opportunities to comprehend your customer base and, thus, augments the chances of having fruitful engagements. And with data collection, most retailers find it a difficult undertaking. However, you can gather information about shoppers through QR codes they scan via their smartphones.
3. Connect with customers
Thanks to the pandemic, customers are becoming more distant and standoffish. However, there’s some great news. Technology does not require close contact, such as interacting with human store assistants. Nonetheless, behemoths or even smaller, successful brands meet and engage with their customers wherever they can be found. Whether in-store, via mobile devices, or online. Staff members can now install Point of Sale Systems and send indecisive shoppers email shopping carts to stimulate them to buy.
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Retain Technology Trends To Watch Now
1. Augmented Reality
This new technology has started to overtake countless operations in every sector. It prioritizes and puts graphics over our actual world scenarios. The usage of AR in retail stores is worthwhile because it has been helping them bridge the gap between standoffish shoppers and the real world.
2. RFID Technology
Regarding the retail industry, inventory management is one of the tedious yet important tasks one needs to tackle. Even after placing the most efficient employees, human errors end up disrupting things from getting in order. Now, glad tidings! RFID Technology has emerged into the scene as a savior. It helps you, to a great degree, reduce the tie you spend on your store inventory counting. All it takes is scanning RFID tags, followed by an update in the stock levels in your system.
3. Store Management
You can’t imagine setting up and successfully running a store without real humans, no matter how smart the technology in your store is. Hands are required to display the inventory, open the store, and help shoppers who still want to go for the real human touch in their experience. So, it is crucial to integrate technology with team management solutions. As per the latest Shopify report, about 39% of retailers are investing in technologies deployed by their employees and upgrading their tools for performing regular tasks like Payroll, Retail Analytics, Staff Scheduling, etc.
4. QR Codes
QR codes have been around for a long time. In layman’s terms, these are combinations of black squares similar to bar codes, and when scanned via mobile phone, they retrieve information. On the surface, you might think, “oh, well, they’re outdated.” But, social distancing rules have brought them back into vogue. Statista, however, reports that about 59% of shoppers now want and expect QR codes in their retail experience part in the future. To implement them effectively in your retail storefront, you can place QR codes on paper receipts, for instance, and direct shoppers towards survey completion or urge them to leave a review.
5. Smart Checkout
You won’t see any successful store having those outdated check-out experiences nowadays. But, those who don’t implement it have to confront lengthy queues, which are painful for about 60% of shoppers, as per Capgemini Report. Some of the smart check-out features you need to know to resolve check-out queue issues are contactless technology, ship-to-home, digital receipts, self-checkout, and so on.
Technology is transforming the way people shop in retail stores; thus, it is necessary to satisfy the expectations and demands of customers in order to stay ahead of the competition.
