Why smart retail solutions are the future of retail
Smart retail solutions hold the key to the future of retail. This new technology is paramount in paving the way forward in improving the retail experience for customer and brand alike.
Throughout history, technology has always been the leading cause of retail evolution. From the invention of the cash register in 1883 that made customer checkout a much easier process to the possibility of online shopping in the 1990s, retail has utilised new emerging technology to enhance the retail experience. Smart retail solutions are simply the next evolutionary advancement in the future of retail.
What is smart retail?
Simply put, smart retail allows retailers to deliver for the best shopping experience possible. By integrating technology that orchestrates and harmonises data across all areas into retail processes, businesses with physical stores can enhance traditional shopping for both their customers and store associates as well as amalgamate their online and brick & mortar sales, while retaining correct attribution for where the sales originated.
What are the 3 main benefits of smart retail solutions?
With smart retail solutions, retailers can:
Provide a faster, more streamlined purchase journey
Patience is not a virtue that retailers can rely on. In a world where we have a fountain of information at any time in our pockets, customers have come to expect instant gratification from stores both online & physical. They are more than willing to look elsewhere if they see a long queue in-store which will ultimately affect sales as well as customer loyalty and brand reputation. Smart technologies like frictionless payments and anytime self-checkout allow retailers to remove this obstacle and make shopping a pleasant and stress-free experience.
We found that our retail tech helped Furniture Village reduce a 20-30 minute transaction time to only 5 minutes.
Create a truly personalised experience
A major benefit of smart retail is that it gives retailers the clienteling tools to provide bespoke experiences for their customers. The best retail tech solutions go further than simply empowering your store associates with product recommendations based on customer past purchases and browsing history. Associates can also create personal connections with customers using smart retail solutions that allow for personalised communications and push notifications based on customer insights to preferred channels such as their smart device. This allows for customers to be catered to no matter where they are situated without the need to rely on memory or an online presence.
We found that our clients tended to see an average of 35% increase in secondary purchases after implementing our clienteling tech
Improve omnichannel sales
Since the creation of ecommerce, there has always been a disconnect between online & physical stores. People used to browse online before buying in store, however with the introduction of major ecommerce sites owning a larger market share of ecommerce sales, shoppers have started browsing in store before buying elsewhere online. Smart retail has begun to merge stores with an omnichannel solution. Shoppers can add products to wishlists and their baskets to browse or purchase later, wherever they want. Furthermore, store associates can book virtual consultations for shoppers to participate in at home which, in turn, can add products for customers to consider next time they’re in store or to buy after the consultation.
Discover how Red Ant’s smart retail tech helped Charlotte Tilbury create a unique customer experience with virtual consultations
What to expect from the future of retail
Smart retail solutions will continue to develop as customer expectations continue to change. We saw a big jump in retail tech most recently because of the necessity to counter shopping barriers created by the global pandemic. Businesses were forced to adapt to the changing climate or find themselves struggling to compete. Smart retail solutions are integral to ensuring retailers remain in a position to support new shopping habits as well as combat their competition.
It is likely that as the world of retail continues to evolve so too will the tech solutions that will be required to remain afloat within the retail landscape. It is unlikely that we will ever see physical stores disappear entirely - however, how these stores will run and what role they will play in the wider concept of retail remains to be seen. What is evident though is that they will remain integral to creating the highly tailored experiences that consumers desire.
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