Advancements in technology have had some level of impact on nearly every industry in the world. As businesses continue to find ways to make their operations more efficient, the technologies required to complete daily tasks have also evolved. And the retail industry is no exception.
Technology truly has transformed the retail store experience for both retailers and consumers. The changes brought about by technology have made the experience of buying retail more convenient than ever before for shoppers, which is undoubtedly a good thing. Here’s how you can use technology to transform, and optimize, your retail operations.
E-commerce is a Necessity
E-commerce is the activity of electronically buying or selling of products on online services or over the Internet. For retailers, E-commerce is essentially offering products for purchase on your website.
The statistics are in, and they are staggering. According to research done by Outerbox Solutions, “more than half of all internet traffic shopping came from a mobile device,” which. should come as no surprise when considering how much we all use our smartphones.
Between smartphones and tablets, consumers are either ordering products online, or deciding before they go out what products they’re going to buy (and where they’re going to buy them). Maximize industry visibility and profit potential by ensuring your retail company is equipped with a solid e-commerce platform.
Invest in a Computerized POS System
POS stands for point-of-sale, and Software Advice defines a POS system as, “the place where your customer makes a payment for products or services at your store.” Every customer who buys something at your store comes in contact with your POS system in one way or another, so ensure you’re capitalizing on the opportunity with a high quality system.
Benefits of computerized POS systems include a faster checkout process, the acceptance of a wider variety of payment methods, and the ability to store and track customer information (with their permission). These benefits are just the tip of the iceberg when it comes to POS systems.
Utilize Predictive Analytics
With all the tools available to retail companies now in regards to analytics, information is as free flowing as it’s ever been for store owners. According to Forbes, predictive analytics helps retailers “successfully analyze data…and understand important information about consumer purchasing behavior, personalize the shopping experience, address a consumer’s needs based on where they are in the customer journey, improve efficiencies and reduce costs of supply chains and more.”
Using analytics tools is something not every retail organization is doing, but many of the most successful retailers are. Take advantage of all the tools afforded to you in the year 2020 by using predictive analytics.
When people think of retail, they tend to still think of the physical act of walking into a store and buying a product. While in-store purchases are still a huge part of business for retailers, technology has changed how these transactions get done. While there has been so much evolution within the retail industry, every store owner should at least be doing the three things listed in this blog.
Categorised in: Business Management, Business Transformation, wifi