Technology is driving decisions across all sectors. Period.
We are living in a world which is full of conveniences, and we have technology to thank!
From self-driving car-concept with LiDAR sensors to shopping in our PJs from the comfort of our home, wherever we look, impressive technological innovations surround us!
Technology is adding the highest degree of convenience in our lives, and the things happening around us today were only looked upon as miracles a few decades ago.
However, everything has a price. Or is that just a misconception?
On one hand, where technology is bestowing us with peace of mind and allowing us to relax, it is creating havoc in the brick-and-mortar retail stores. The ever-increasing online shopping scene around the globe is seen as a threat to brick-and-mortar retail stores. According to reports by analysts, half of the UK retail sales will switch online in ten years.
Does that mean it’s the end of the physical retail stores? Well, not really!
A Threat Turning into a Blessing
Some physical retail store owners have been eyeing technology with furious looks. However, by analysing the current situation of retailers around the world, technology is actually helping the retail market survive!
Some notable brands who are embracing technology, creating an omnichannel eco-system and incorporating innovations are boosting the in-store customer experience.
Technology that we see crushing the physical retail store-market is aiding its growth. Customers love online shopping, equally they enjoy
shopping in brick-and-mortar stores that are powered by technology.
The question is, “how is technology redefining the in-store shopping experience for its customers?”
A Perfectly Personalised Experience
What drives customer satisfaction in the retail market? Personalisation.
The more personalised services a store offers to its customers, the higher are the customer satisfaction levels, which ultimately leads to high revenue generation. Technology, such as heat mapping (along with facial recognition which we will cover in an upcoming blog), is a smart approach to understand what a customer likes or dislikes.
The retailers not only get a chance to understand exactly what the customer likes but also helps in increasing the engagement levels. When you know what your customer likes, you can provide them with assistance based on their likeness.
When a customer realises that a retailer understands exactly what they want, it will eventually instil a sense of satisfaction and persuade them to make a purchase.
A win-win situation for the retailers!
Seamless Inventory Management
There is no doubt that the worst-case scenario for a shopper is their favourite item running out of stock. A shopper feels frustrated and annoyed at the same time when an item they like is out-of-stock or not available in the size they want.
As a retailer, you need to take action to manage your inventory in a way that it minimises the frequency of “out-of-stock” cases. Integrating a seamless inventory management system ensures that all your items are well-stocked, and you will never have to return a customer with a broken heart!
Ease in Navigation around Stores
Navigation around brick-and-mortar stores can get very tiresome, especially those of the size of the football field. It is not a joke, as there are stores such as Home Depot that are about 100,000 square feet, even bigger than a football field!
Retailers are integrating smart navigation solutions which minimises the overall shopping time, effort, and adds convenience to the overall customer experience.
Extended shopping hours and the search for the perfect item are the two crucial factors that attract a shopper towards the digital shopping world. With technology, things are taking a turn in favour of brick-and-mortar store retailers as they are addressing these two critical factors and bestowing their precious customers with an enhanced in-store shopping experience.
So, is it the end of brick-and-mortar retail stores? Well, we don’t think so!