Guest Column |
By Alexandra Frith, Retail Pro International
Through the past decade, retailers have worked to create and maintain a digital, omni-channel presence. For most, that has primarily meant improving the connection among their different sales channels, i.e., online with brick-and-mortar. But today's retailer must do more than, for example, ensure a sale can start in one channel and conclude in another, or that inventory of a downtown location can be reliably checked online.
What worked in the past may not be right today or even 10 minutes from now. Small to midsize retailers often don’t have the flex or resources to react to the hills and valleys of peak season. But the $1.75 trillion ghost economy (cost of overstocks, out-of-stocks, and returns) is clear proof that every retailer needs to be prepared to pivot in real time.
Emerging payments technology and the IoT will increase security risks. Given the already difficult job of providing secure and sensitive information merchants or retailers face, these new technologies will further complicate matters.
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