Retail is undergoing a major sea change as retailers reshape the shopping experience. As consumers become more demanding thanks to the conveniences of online shopping, savvy retailers are making strides to replicate – or even surpass that experience – at physical locations. Retailers who make customer-centric decisions, investing in stores, technology, fulfillment and customer service teams will stand to profit.
With the beginning of 2019, we have witnessed many interesting technologies that are going to shape the methodology systems are designed in this year.
Here are the top three trends happening in retail this year and our predictions for what’s going to be big next year.
Coach has recently announced that the company will no longer be selling fur products for ethical reasons. The decision came after similar announcements from other fashion retail competitors such as Gucci, DKNY, Versace, Burberry and Columbia Sportswear. The decision to drop fur, or any other category/sub-category of product, isn’t an easy one for retailers, especially those in high-end fashion retailing. It means asking a lot of questions to understand what would happen and what the implications could mean for the business. Questions that involve the kind of data that people can’t process without the right tools and solutions. Generally speaking, we know that there are two main routes dropping fur could go for a fashion retailer:
Online shopping can actually be quite stressful but leveraging a chatbot with strong functionalities can relieve shoppers of these stresses and make shopping productive, timely, and enjoyable once more.
Modern retailers understand the core benefits of leveraging the power of Predictive Analytics and Artificial Intelligence. Predictive Analytics accounts for all of your company’s relevant data at a micro-level, identifies your business’ trends, opportunities, and influencing factors. It makes recommendations to retailers that will help them increase forecast accuracy, reduce inventory costs, increase in sales, and maintain high customer satisfaction levels.
Mobile point of sale (mPOS) systems are experiencing explosive growth in the retail sector. For smaller retailers, mPOS represents an opportunity to expand the flexibility of their POS options, and to reconfigure customer interactions and fundamental store design concepts. Learn how mPOS may eliminate the need for a traditional cash wrap, while improve the entire in-store experience for customers.
Retailers of any size can now use image and vision technology to improve the shopping experience and profitability. This first article in a five-part series covers automation of the retail supply chain, including improving bar code accuracy and reliability, shipping efficiency, and ensuring label compliance.
The in-store shopping experience must improve to keep customers coming back. Find out how image and vision technology can help create an effortless in-store experience.
The key to retail customer experience is accurate inventory. Learn the benefits of accurate inventory and how imaging technology can improve inventory accuracy through your enterprise.
The increase in online shopping is creating chaos with returns. Learn how vision and imaging technology can improve reverse logistics for any size retailer today.
Self-checkout dishonesty, cashier and shopper collusion, and inaccurate weighing are all risks to retailer profitability. Learn how vision and imaging technology can help any size retailer today.
Today, shoppers want to know exactly what they are buying, where it comes from and how it affects their well-being. According to a recent study by Label Insight, 76 percent of shoppers search online for answers when they cannot find information they are looking for on product labels. There is a desire to obtain information about the quality, the origin and the nutrition, and also the desire to support companies and products that reflect their own values and lifestyle.
Millennials are emerging as an important opportunity for retailers. This article explains what Millennials are looking for in their retail experience, and how merchants can meet the needs of this new cohort of shoppers.
At $16 billion annually in sales in the United States, Father’s Day represents retail’s sixth largest selling season. By leveraging predictive analytics, retailers can make sure they’re maximizing their return on the event. Predictive Analytics can help you forecast demand, uncover which products have uplift potential, allocate merchandise across channels and stores, and optimize your timing, pricing, and promotions. It takes the guesswork out of merchandising for you as a retailer, so you won’t fall victim to these common Father’s Day retail challenges.
Words are powerful. And in the world of sourcing, clear communication is essential. Operating across borders, time zones and cultures can create meaningful experiences and opportunities. Developing international relationships with people around the globe can lead to unique connections.
If you ask 100 retailer leaders about their biggest worries, chances are Amazon will come up once or twice. Probably some inventory management concerns and a fair number of omnichannel woes. One thing you probably won’t hear a retailer fretting about is their cost of cash. But they ought to be.
By monitoring execution and correcting identified deficiencies throughout the year, you can improve compliance, control loss, and keep both employees and customers safe.
To truly impact customer experience, view your service delivery from the customer vantage point.
Leading service organizations are succeeding by striking the perfect balance between technology, flexible processes, and sales psychology-driven behaviors.