Retailers using technology to maximise their competitive edgeJuly 20, 2018
Only 12.9% of retail sales are actually made online. This figure demonstrates that traditional brick and mortar retail is still very much alive.
Many publications have also highlighted that even though buying online is popular and convenient, it is still traditional retailing that most shoppers prefer. Shoppers have, however, stated that they do prefer outlets over the high street, simply because of its parking availability and a greater range of shops and facilities.
Retailers who want to remain competitive must understand what the technological changes in retail are. The most common change in retail technology is POS, wireless and display technology, usually demonstrated in 3D advertisements. When ‘scan it yourself’ was made popular, people were amazed. But what about today, where detachable tablet-based POS systems are leading the way. Retailers must adopt the technological advancements to remain competitive in a forever changing retail climate.
The retailers who continue to look at different ways in which they can improve their customers’ experience are the ones who will continue to be profitable and competitive. “British retailers face £1 billion in lost sales every year due to long queues” Source: Deloitte ‘The Dawn of Mobile Influence’ (2012). It's always the case with long queues, customers simply hate them. £1 billion loss is an alarming figure and with the latest retail technology available, retailers will be looking for ways to generate revenue and improve the customer experience by adopting new technology and embracing omnichannel retailing.
Omnichannel retailing gives the customer options. These options can include “buy online and pick up in store”, or “browse in store, ship to your home”. All using technology. These options are progressive but if a retailer wants to go one further and improve the overall customer experience, then ePOS systems could be the best way of achieving this. The benefit of giving customers multiple options for purchasing is always going to be the best way of providing a better experience but nothing compares to a tablet-based POS system. A tablet-based POS system gives shop assistants the ability to take payments on the shop floor, therefore providing a direct and personal shopping experience to customers.
Another way in which retailers can ensure they are providing a better service to customers is by using in-store trafficking technology, giving them information on the number of customers in the store at one time. The benefit for the retailer is that knowing the volume of customers in your store gives you the ability to manage how many checkout staff will need to be available to support those customers.
Traffic counting technology can also give you in-depth knowledge of where the popular hotspots are. As a retailer, you have a better understanding of how many customers are viewing the popular items in-store and using this information, to manage the store more efficiently. You also have data available, informing you of your ‘busy periods’. If you want to find out how we can support you with the latest retail technology, then get in touch with us today.