“Quality in a service or product is not what you put into it. It is what the customer gets out of it.” – Peter Drucker
It’s amazing how technology is transforming how a retail business handles its operations, saves bucks, provides improved products and services, and adds to the end customers’ experience. The ‘technology’ factor has brought a major progressive change in the global retail sector.
As per 2019 study reports, the global retail market made a whopping 25 trillion U.S. dollars as profit. Now witnessing the increasing number of retail customers worldwide, this number is likely to cross 27 trillion U.S. dollars by the end of 2022. The eCommerce sector alone made a profit of 4.5 trillion USD. This illustrates the never-ending digital transformation in improving the retail sector’s growth rate.
While we see the retail world progressing, do you take the pain to think about the secret behind it? Well, it’s technology enhancing the shopping experience. Let’s explore how.
1 – Electronic Shelf Labels – The concept of electronic shelf labels is hassle-free and straightforward. Here, we are talking about the price and product detail tag pasted under every item in the store. The involvement of technology in retail businesses has replaced paper tags with SES-Imagotag Electronic labels. These are tiny passive machines displaying the product’s updated price.
This modern technology ensures that the shoppers’ shopping experience is exemplary by displaying omnichannel data. Such technology-enriched equipment at a retail store is becoming an integral part of the retail IoT cloud system.
2 – Digital rails at stores – Imagine you get to market your upcoming products while displaying the details of existing products? Sounds amazing, right? Well, that’s what a digital rail at a retail store is all about. These are sleek screens helping you enhance the in-store marketing experience while optimizing the store operations.
It gives the store staff members complete access to update the product prices while managing the different store operations. It is a secured screen suitable for advertisement and flashing offers for the in-store shoppers. This way shoppers can remain up to date with the upcoming offers, products, and so on. Plus, it keeps them entertained while they shop at your store.
3 – Predictive data analytics – This is the concept of fetching and utilizing the big data stored at the backend. For many retailers, collecting and organizing data has been one of the most significant issues.
Fortunately, the concept of predictive analytics is working in the retailers’ favor. It helps retailers evaluate the consumer’s behavior, shopping preferences, and latest trends. Later on, set up the retail inventory and shopping experience accordingly.
This helps in creating a more personalized retail store experience for end-users. One of the primary focal points is addressing the customers’ demands and expectations. All in all, predictive analytics help retailers act smart, spend less, and obtain better results.
The bottom line is that –
One of the key secrets of uplifting your retail business standards is enhancing the shopping experience. Involving technology in this process can show an impeccable result. Be it putting the products or services on display or initiating the raised invoices; you can use advanced technology at every point.
In this regard, hopefully the above-mentioned ideas will satiate your curious mind.