10 Ways Technology Improves Your Retail Business
Do you know what shoppers and customers expect from your retail business? When they enter your store, they want to quickly find the item they are looking for, but they still need many options. They want to get their item, pay for it as quickly as possible, and get on with their lives. In short, they are after speed, resourcefulness, and efficiency.
To achieve that, retailers must invest in technologies that lead to greater customer satisfaction, but also make all business processes easier to handle.
According to the U.S. Retail Sales Report 2019, the industry is undergoing two major shifts. The first one results from the changes in consumer behavior, which is an ongoing cause of evolution. The second one is technological. Stores that understand consumer behavior and adapt to it through the use of technology will thrive.
How Technology Improves Your Retail Business
1 - It Improves Production Facilities
Fast fashion and affordable products are cool. The prices enable shoppers to get what they want whenever they want it. The quality is acceptable for the price, and they always get to look fashionable. However, consumers are increasingly worried about the working conditions in manufacturing facilities.
Thanks to technology that gives real-time information about the conditions in work facilities, manufacturers can invest in constant improvement of labor standards. This is something that consumers care about, but it's also the right thing to do.
2 - Social Media Makes Marketing Easy
It's not as easy as sharing a post and expecting an avalanche of customers in your store. Social media marketing requires careful planning. You'll need to share high-quality content that sets your business apart from the competition. But thanks to the best essay writing service on the web, you can get that part covered without any effort.
Through social media, you can share promo codes, information about special events, and great photographs that will draw people towards your business.
3 - You Can Go Paperless
Many consumers prefer to get a digital receipt instead of a printed one. They care about the environment and they will support any eco-friendly choice you make. If your business goes paperless, you'll save money and you'll organize your files much more effectively.
4 - Technology Makes Your Store Energy Efficient
Smart thermostats, sensors, and LED lights require a significant investment. However, they will also save you hundreds of dollars on a monthly basis. A report by McKinsey & Company showed that utilities consume around 10 percent of the total operating costs for retail stores. That's a significant expense you can reduce thanks to technology.
5 - Virtual Reality Shopping Is the Future
Maybe this is not something that the majority of retail stores can afford, but VR is definitely making progress in the industry. Shoppers are always looking for new, more unique ways to shop. Trying on items virtually saves them time and makes the experience more fun.
6 - You Can Offer Mobile Coupons While People Shop
The Target App is a nice example of how this works. Loyal customers are often unaware of all promos and sales a brand offers. If they have an app that informs them about special offers while they are in the store, they will be aware of the best deals. Target customers can use their app to scan a code on an endcap; then, the account code is shown at the checkout and they get their discounts.
7 - Technology Makes Forecasting Possible
Retail businesses can't work well without proper forecasting. You have to figure out what your shoppers want and what the future trends will be. That's how you'll effectively plan the supply chain.
Forecasting systems analyze big data for you and deliver a readable report. If you only get big data and you don't have time to analyze it, you can get a business report from UK-Dissertation.com. Either way, technology and online services facilitate the forecasting and supplying processes.
8 - Tablet Enclosures Are Great for Getting Direct Feedback
If you feature tablet enclosures at the exit, it will be easy for you to collect feedback from real shoppers. It's great to catch them right after their shopping experience. If you save the feedback request for email, most customers won't even open the message. Even so, most of the ones who open it won't bother answering the questions.
iPad and other tablet enclosures make it easy for people to tap an answer on the exit. You'll collect plenty of comparable data, so you can evaluate and improve the performance of your business.
9 - Omnichannel Shopping Boosts Your Sales
Does your business have retail, wholesale and manufacturing operations? If that's the case, an online platform that gives access to all products will be highly beneficial. A single store doesn't have all the products in every single size. You can offer shoppers pick up in store or ship to home options online, and they will get the purchases the same or next day.
10 - Technology Speeds Up the Shopping Experience
You can also offer "shop and collect" options, buy online pick up in store (BOPIS) and buy online ship to store (BOSS), to your shoppers. They can go through your website, choose and reserve their items. You'll prepare them, and the package will be waiting at the store when they come to collect it.
Some shoppers don't like waiting for delivery services. They would rather pick up the package, since they are more confident they will safely transport it. Maybe they are never at home, so the delivery cannot be arranged. If they can come by your store on their way home and collect the package, they will be grateful for the convenient service.
You Have to Move Your Business Forward
Online shopping is a huge trend that's not going anywhere, but retail stores are still important for most consumers. However, they mustn't stay frozen back in time. Your business has a lot to benefit from technology.
The above-listed points are just the beginning. When you start introducing more technology in the way you offer products, you'll reveal advantages you didn't expect.
About the writer: Becky Holton is a journalist and a blogger at Australian Writings. She is interested in education technologies, assignment help australia and is always ready to support informative speaking at resume writing services. Follow her on Twitter.
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