4 Technologies To Increase In-Store Performance
By Devin Partida, ReHack.com
Retailers face a challenging market, rising demand, and shifting consumer expectations. New retail technology, especially smart versions, may be able to help.
Retailers can often significantly increase their in-store performance by using the right solutions, driving new sales, and encouraging repeat business.
These four in-store retail technologies are some of the most important on the market right now.
1. Technology-Enabled Personalization
Experience is an increasingly important part of retail for customers. Businesses may primarily compete on product availability and price, but experiential factors like customer service, ease of use, and accessibility are becoming much more important.
Retailers can use data to personalize a retail experience to fit a customer’s needs based on information like their purchase history.
Typically, this kind of personalization is only possible online, where digital storefronts can cater to customer preferences. However, new technology is bringing personalization into brick-and-mortar stores. Smart shelving, interactive kiosks, and other in-store tools can deliver content or information based on factors like a customer’s age, gender, or mood.
These same tools also can help to extend a business’s omni-channel strategy, uniting online retail personalization with the in-store experience.
2. Buy Now, Pay Later
Installment options for large purchases are nothing new — but adoption of the payments space accelerated significantly in 2021.
Buy now, pay later (BNPL) options allow customers to pay for an item over time, typically interest-free if payments are made within a certain period. The trend is especially popular among younger consumers, who may not always have the funds for big purchases.
Retailers of all kinds are partnering with BNPL service providers — including Target, Pottery Barn, Walmart, and Bed Bath & Beyond. Some adopters of the technology only offer BNLP online, but others are extending installment options to their in-store customers.
3. SmartAIX And New Retail Analytics Tools
Many retailers have access to more information than ever before. Data from in-store sensors, online shopping platforms, and marketing tools may help retailers create better brick-and-mortar retail experiences.
However, applying this data can be a challenge due to the sheer volume of available information.
Various new retail analytics tools use novel technology like AI and Big Data to process this information effectively. In practice, they can uncover business insights that conventional analytics platforms wouldn’t be able to find.
Some retail analytics solutions leverage built-in AI and machine learning to offer a range of utilities, including inventory optimization, labor optimization, and space performance analytics.
Similar AI-powered analytics technology will likely become much more common over the next few years as retail analytics providers integrate AI into their platforms. In practice, the technology should help retailers develop a much deeper understanding of their stores, their customers, and the market.
4. Order Management Systems And Supply Chain Technology
Businesses have managed an unreliable global supply chain over the last two years. Experts believe that, while a return to pre-pandemic supply chain conditions may be on the horizon, retailers should expect shortages and delays to continue.
New supply chain management technology and strategies may be essential for keeping shelves stocked. Tools like order management systems (OMS), inventory management systems (IMS), and other products can help businesses create more efficient and resilient supply chains.
Some retailers are also investigating using technology like artificial intelligence in supply chain management. Over the next few years, AI-powered supply chain solutions may become easier to find and adopt, providing retailers with much-needed assistance in their operations.
New Technology Can Help Retailers Adapt To A Changing Market
A large portion of customers continues to shop in-store, despite the fast growth of e-commerce. Brick-and-mortar retailers can provide better shopping experiences with new technology — helping to improve their store performance.
Personalization, BNPL, retail analytics, and supply chain technology can help retailers navigate the challenges they face right now. This also can make it easier to take full advantage of the customer data they have access to.
About The Author
Devin Partida is a writer and blogger interested in retail technologies and business solutions. To read more from Devin, visit ReHack.com, where she is the Editor-in-Chief.