10
Future of Retail — In-Store Technology
issue 06
“You can’t just wait for people to come into the store and try on your jackets. You must provide entertainment. It’s not about turnover by square foot anymore. It’s about surprise by square foot, or newness.”
Daniel Grieder, chief executive of Tommy Hilfiger
4. Consumers are tech savvy and time poor – consider tech that helps consumers achieve a frictionless positive experience in-store. In a recent survey carried out by Opinium Research for Barclaycard, retailers risk losing sales as 63% of busy Brits admit to abandoning a clothing purchase due to frustrations with the in-store experience. The biggest irritations of time-pressed shoppers include crowded shops (45%), queues at the checkout (42%) and long waits for fitting rooms (29%). Out-of-stocks are undoubtedly the most
frustrating element of the shopping journey for customers in physical stores. Visual technology combined with intelligent robotics is set to play a major role in addressing this issue, which continues to plague retailers. Machine learning, artificial intelligence and even image recognition technologies built into smart software are examples of how retailers can take advantage of customer shifts in interest and better promote the right products at the right time.
5. Retailers secret weapon – their employees The role of store staff is changing. With bricks-and-mortar stores at the centre of the omnichannel universe, staff are doing far more than simply stocking shelves and manning the tills. They are also taking on the role of the digitally-connected personal shopper, fulfilment specialists, and customer service agents. This is due, in part, to the fact that connected consumers are looking for the online experience in-store. They want the best of both worlds—the selection and convenience associated with online shopping, along with
the enhanced service, personalised touch, and instant gratification they get from shopping in-store. For all the convenience of online
shopping, there’s no disputing its impersonality. Tremendous potential is embedded in front-line staff — provided they are engaged. Despite the proliferation of technological options, almost 50% of UK consumers are more likely to purchase something after engaging with a knowledgeable store associate. To get the most out of each and every store, front-line staff need to be viewed by retailers as a strategic asset, rather than a large expense on the balance sheet. What many brands don’t realise is that
implementing technology-led innovation is not automatic. Sound instore investments must not only be considered from the consumer perspective but ask yourself - will the investment support you to acquire more customers, increase footfall and prompt higher spending? Keeping ahead of the tech curve can
be demanding. The myriad of innovations available today make it critical for retailers, when implementing new technology, to work with a partner that understands their needs and helps to identify the approach that will best support their business objectives. Equally it is important to work with a partner that knows how to integrate the latest technology with industry best practice, to produce optimised processes that reduce effort and maximise output – now and into the future.
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