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The magic of simplicity
This year’s Retail Technology Show promised to be magical, and there was plenty to inspire wonder over two action-packed days, but the real magic lies in simplicity – specifically, getting the basics right.
This year’s Retail Technology Show promised to be magical, and there was plenty to inspire wonder over two action-packed days, including close-up magicians, retail robots and revelatory insights from the leading lights of the retail industry.
But, despite the allure of the ‘new’ and the undoubtedly transformational tech on show, there was a common theme running parallel with this through the panels, talks and floor-level conversations. The real magic lies in simplicity – specifically, getting the basics right. As I explained in my last article, the power to truly transform customer experiences lies with frontline staff – give them the tools to do an excellent job and they will deliver increased sales, improved loyalty and renewed enthusiasm for their newly-elevated roles at the heart of retail strategy.
Focus on doing key tasks well
It's a sentiment that was reflected throughout the Retail Technology Show. Dex Hunter-Torricke, Google DeepMind’s Head of Global Communications and Marketing, was understandably enthusiastic about what AI can achieve in the future, but when asked what most excited him about its capabilities, he opted for inventory management. AI’s ability to process millions of data points at speed and identify purchase and stock patterns has the potential to save retailers a considerable amount of money. According to Tyco Retail Solutions, inventory distortion currently costs retailers more than $800 billion a year, or an astonishing $124 for every man, woman and child on the planet.
This acknowledgement from one of the most forward-thinking communicators in the industry - that it’s vital to focus on doing the ‘simple’ tasks really well and using AI to maximise efficiency rather than to replace human interaction - proves that there’s no substitute for getting the basics right. Before even considering adopting the latest tech innovations, retailers need to honestly assess how they’re managing the fundamentals:
- Do their store associates have the right tools to provide a truly personalised customer experience?
- Do they have access to the information they need to excel at their job, from customer profiles to previous purchases and wishlists?
- Is there a seamless path to purchase across all channels?
- Are all sales correctly attributed, ensuring store associates are properly recognised for their work?
As retail transformation expert Oliver Banks pointed out in his Tech Talk, these are key areas where retailers need to make their investment decisions – any ‘shiny new device’ simply won’t deliver the required results if the foundations aren’t stable.
When it comes to magic, it’s often the case that simple, close-up performances impress the audience more than large-scale spectaculars, and the same is true of tech transformation in retail. Equip store associates with the ability to provide a truly personalised in-store experience in a straightforward, relatable way and customers will remain engaged and loyal.
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