To have a successful retail business in today’s market, you need to invest in an inventory control system, database, point of sale system, and automated forecasting system. With these systems in place, your business will be able to run more efficiently and meet the expectations of modern consumers.
Investing in these tools can reduce costs, improve your organization, and give you an edge over the competition.
Here are a few ways technology can improve your retail business.
- Digital Signage
Signage is a tech-based physical retail experience that creates holistic engagement and has been proven to be more effective than static signage, with digital signs receiving 400% more views.
In addition to making life more convenient for customers, digital signs can also help improve the customer experience. For example, they can be used to share product information or to reply in real-time to changes in demand. Digital window displays, for instance, can be changed based on the weather forecast, or stores can use them to direct foot traffic.
- Barcode scanners
Workflow systems in retail establishments need to be user-friendly and cheap to be effective. The retail business adopted barcodes because they helped increase productivity. In addition to being used at point-of-sale terminals, a barcode scanner can display customer reviews, offer digital product demonstrations, and verify product pricing, stock status, and shipping options. In addition, scanning an item’s barcode at each stop along its route provides valuable information on its location and movement within the warehouse.
- Automated Checkout
Automated checkout systems are becoming increasingly popular in retail stores. These systems allow customers to scan their items and pay for them without waiting in line. Automated checkout systems are efficient and convenient, and they can help reduce the time customers spend in the store.
Amazon is already using this technology in its Amazon Go stores, and they use computer vision, sensors, and deep learning algorithms to automate the checkout process. This system tracks what customers take off the shelves and charges them automatically when they leave the store.
- Facial Recognition
Facial recognition technology can help store owners track demographics and understand how customers interact with the store. For instance, it can track customer movement and which displays are most compelling to them.
It can also boost customer service by identifying shoppers as they enter the store and greeting them by name. Additionally, it can be used for loss prevention by detecting known shoplifters and flagging them for security.
- Interactive Retail Displays
Interactive retail displays help store owners look for ways to engage with customers. And it can help for various purposes, such as product demonstrations, customer education, and brand awareness.
Some interactive retail displays even allow customers to purchase products directly from the display. For instance, Coca-Cola has installed interactive vending machines that allow customers to customize their drinks and pay for them with a credit card.
- Smart Shelving
Smart shelving is a technology that allows retailers to track inventory, prices, and stock levels in real-time. Smart shelves are connected to the internet and can track inventory, pricing, and customer behavior.
This technology can help store owners better understand their customers and decide what products to stock. Additionally, smart shelves can provide customers with information about products, such as reviews and ratings.
- In-Store Navigation
In-store navigation technology gives shoppers direction and helps them locate desired items while in the store. This technology can give customers directions to products, help them find sales and specials, and even provide information about product availability.
This system can be used to improve customer experience and increase sales. For instance, Macy’s has implemented an in-store navigation system that helps shoppers find products and sales. The system has been successful in helping Macy’s increase sales by 9%.
This technology is expanding rapidly and becoming more common as retailers improve customer experience and sales.
NFTs, or non-fungible tokens, are digital assets that cannot be duplicated. NFTs are unique and can be used to represent things like digital art, collectibles, and gaming items.
NFTs are stored on the blockchain, a distributed ledger that records all transactions. NFTs are becoming increasingly popular in retail as a way to track the ownership and provenance of products.
NFTs help retail businesses in the metaverse and allow for new experiences; for instance, the Meta Company launched an NFT-based retail store called The Metaverse Gallery. The store allows customers to purchase digital art stored on the blockchain.
- Endless Aisle Solutions
This technology allows retailers to offer customers access to a more extensive selection of products. It is often used in stores with limited space, such as grocery stores.
This solution can allow customers to order products that are not in stock at the store. For instance, Walmart has implemented a solution that allows customers to order products from its website and pick them up in-store.
Retail offers opportunities for those willing to invest in the latest technologies. By doing so, retailers can create a Shopping experience that is convenient and personalized for each customer. The nine technologies we’ve listed above are just the beginning; there will continue to be more and more opportunities for retailers to adopt new technologies as they become available. So, It’s time to start your journey toward creating a tech-savvy retail business!