Thanks to the prevalence of technology in retail, the future is bright and is only set to expand its influence as we move forward.
Admittedly, the initial focus for retailers is centred around creating a shopping experience that is not only engaging but also positive and unique for consumers too. If you are a retailer, it is absolutely vital that you comprehend the areas we will be focussing on in this article; big data, in-store analytics, and cloud-based solutions integration.
The time of a digital overhaul in the retail sector is truly upon us, and it’s important that businesses stay on top of the points we’ve included. Here’s what you need to know…
The increase of big data analytics
As an effective way to fight the dominance of ecommerce, retailers are progressively turning to big data and in-store analytics to get a better understanding of what’s going on inside stores. During 2017, and into 2018, retailers will definitely see a strong increase in big data and in-store analytics being applied to every stage of the retail process. Chiefly, this will help to determine retail trends, predicting where the demand will be for products, as well as optimising pricing to give retailers a competitive edge. Additionally, big data analytics provide insight for identifying the consumers that will most likely be interested in purchasing those products.
Location is considered to be arguably the most influential use of big data analytics. Knowing where customers are when they are in-store gives retailers the ability to take quick action when it comes to making decisions on tracking, stocking and replenishing products on a regular basis.
The shift towards big data will be led by those retailers of unified commerce who are connecting multiple channels in real-time. If retailers want to stay ahead of the curve, they need to make use of technology solutions that allow easy integration of unified commerce, where store, mobile, and web all roll into one.
The increase of personalising the customer in-store experience
Retailers are now at the stage where they need to provide a personalised experience that can single out an individual shopper. We’re set to see a continuation of more retailers adopting personalised technology solutions such as mobile, which will allow for an interactive consumer experience. The rise of new mobile POS technology has given retailers an avenue to offer customers increased levels of choices when it comes to accommodating their shopping habits. This is achieved by letting them begin, modify or complete transactions anywhere in the store, not just at a conventional checkout.
With the amount of data that’s being obtained from these mobile technologies, both retailers and consumers can look forward to a better-informed customer service, as well as swifter payment processes and, of course, improved real-time personalisation.
What’s more, with the introduction of artificial intelligence (AI) in its early stages, designed to guide in-store experiences, the future really is stimulating those in the retail sector!
The increase of cloud-based tech to change the customer experience
Retailers and consumers alike are now seeking solutions that are easily upgradable, have a future-proof design and continually meet their needs as technology requirements advance, in order to overcome old and outdated-solutions.
Experts have supported the idea that we’ll see an increase in the number of small and medium-sized retailers implementing cloud-based solutions. Since businesses of this size are typically more flexible and aren’t usually tied down to large, complex legacy systems, it puts them in a great position to switch to unified commerce technologies, further endorsing the fact that cloud-based tech is increasing in the retail industry.
For more information on the vital role that cloud-based EPOS plays in customer retention, follow the link to a previous article we published.
So, these are three POS trends that are set to feature in terms of the leading themes in the retail, now and in the near future. If you are looking to introduce new technology to your business, and are looking for EPOS training, then why not get in touch with us here at 3R Telecom?