How technology is causing a ruckus in retail
Technology now extends beyond simple connectivity to anticipatory decision making. We’ll highlight some of the ways technology is causing a ruckus in retail including AI, cloud WiFI, omnichannel and more…
It’s all wireless. Even in 2017, IDC identified, “Retail engagement simply requires that multiple devices — smartphones, laptops, tablets, interactive digital signs, shelf signs — connect employees, customers, and partners to rich bodies of information.” And that’s only become more immersive. It now extends beyond simple connectivity to anticipatory decision making. We’ll highlight some of the ways technology is causing a ruckus in retail including AI, cloud WiFI, omnichannel and more.
Harness machine learning for inventory
Human managers are only so good at providing accurate forecasts. By tapping into AI, retail operations are improving their satisfaction rates and making more accurate demand predictions. And that belief has fueled big innovations in asset tracking and beyond. Feeding in data on your customer’s buying habits allows machine learning to account for a wide range of buying factors including weather, seasonality, demographics, local events and more.
Data-driven decision making
From store layout to shift patterns, data will fuel all key decisions in retail ops from now on. The shift from reporting to analytics means providing insights by connecting the dots between disparate business areas. Analytical tech is making decision making easier and more intuitive by eliminating anecdotal feedback and focussing on metrics.
Connected payment and shopping apps will allow consumers to skip the checkout queues. By enabling frictionless payments, retail organisations can focus headcount on service areas, not transactional needs. This shift improves the quality of interaction between store employees and customers; creating a stronger brick & mortar value proposition.
Failing to provide internet access just isn’t an option anymore. From guest expectations to IoT connectivity, WiFi is essential. Opt for a solution like Rukus that can be managed remotely from a single interface; even across multiple sites, using the cloud. Now it’s possible to connect tills, guest devices, displays and more into one ecosystem for better business intelligence and decision-making.
Connecting with your customer at every stage of the buying journey is key. According to SiLabs, “As part of this experience, the customer is offered consistent pricing, promotional offers, [personalised] communications, all-channel inventory access, and other [customised] services.” Omnichannel brings what you know about your customer into every interaction to increase conversions and brand loyalty through interconnected online and offline touchpoints.
“Deliveroo” for retail
Last-mile delivery turns into last meter delivery as technology enables consumers to order retail goods to non-postal addresses through GPS in real-time. Starting to look like rain and need an umbrella? Order one to the park where you’re having a stroll. Need formal shoes for a last-minute event? Get them sent to the office in minutes. Near-instant fulfilment whenever and wherever is the wave of the future.
Arm your store team
Customers want answers now. With handheld connected retail experiences, enable your store attendants to check stock, place orders, advise customers and provide alternatives in seconds. Or provide self-service product interactions to alleviate demand on staff resources. Learn from all those interactions to inform strategic business decisions through subtle data capture.
COVID-safe try on
Virtual fitting rooms are nothing new, but they’re expected to become more popular in our post-pandemic landscape. Conversions with AR-assisted (augmented reality) dressing rooms increased by 90%, during COVID. Many retailers used virtual try on to enable consumers to shop for goods like makeup and jewellery where physical sampling during COVID became impossible. And it looks like the trend is here to stay.
Keen to learn how you can leverage clever tech like Ruckus to boost your retail takings? Talk to our helpful team today.