Making technology a bigger part of your brick-and-mortar store is a scary prospect for many store owners, but the benefits may be worth the risk.
Fremont, CA: Experts predict that 72 percent of retail sales in the United States will still take place in physical locations by 2024. That isn't to imply the retail industry will remain unchanged. Malls are redefining themselves to stay relevant as a result of COVID-19's impact on in-store commerce, as well as other trends. In the meantime, the globe is undergoing a digital change. Shoppers are growing more tech-savvy and less hands-on. While a store doesn't have to go as far as JD.com's robotic storefronts, putting money into retail technology can pay off. Customer satisfaction rises, and the retail crew spends more time on higher-impact duties. There is no better moment than now to begin investing in retail technology.
Why is technology important in retail?
The benefits of technology in retail are incredible, which is why more and more retailers are investing in technology today. Here’s why technology is so important in retail:
Streamline store operations
The more time shops have to focus on higher-impact activities, the faster they can finish routine jobs. Self-checkout, for example, gives store staff additional time to interact with customers who have pre-purchase queries. Cost reductions are a natural outcome of this efficiency, in addition to freeing up time. According to surveys, 10 percent of retailers who use automation in the buy online, pick up in-store (BOPIS) process save money because orders are delivered faster. Another 8 percent saved money by deploying technology that prevented stockouts.
Gather valuable data
Data is what drives technology. It allows you to collect information about your customer base, which is difficult for merchants to do when three-quarters of consumers are concerned about their privacy. For example, QR codes are an easy approach to collecting information about customers. Customers are directed immediately to the retailer's newsletter signup page when they scan a coupon QR code with their smartphone. They receive their email address, and the consumer receives an in-store voucher. It's a win-win situation for all parties involved.
Connect with customers
Consumers are growing increasingly wary, whether it's due to privacy concerns or the pandemic's lingering effects. Some people prefer technology that does not require personal contact.