5 Reasons to Incorporate Technology in Retail Stores
There are more than 1,000,000 retail stores in the United States alone with the industry constantly continuing to grow. Though online stores and shopping have grown considerably, roughly 80 percent of all shopping is still done in stores. Knowing that it’s easy to see why technology in retail stores is also continuing to grow.
Retail technology helps improve the customer experience and makes things easier for the business. If you’ve been looking into adding new store technology, we’re here to help. Here are the five major benefits of adding technology in retail stores.
1. Improve Customer Service
One of the most important features of adding technology to your store is how it improves the customer experience. There are countless ways that you can install new business tech in a way that makes things easier and more engaging for your customer.
Many stores have begun using kiosks that allow customers to check themselves out rather than relying on a clerk. Doing so can improve the speed of checkout, open more lanes, and help make it easier for customers that may not want to interact with others.
Better point-of-sale technology can also help improve checkout times. By storing customer information, you can also better serve them by remembering data and browsing habits. Cloud migration tech can help you manage your data easier when it comes time to transfer to a new database.
2. Superior Inventory Organization
Behind the scenes, adding in better store technology can help to improve how things run without the customers noticing. The right technology can help drastically improve your inventory organization.
Employees can use wireless and hand-held inventory units to help keep track of everything in your storage. When taking inventory, this data can be shared amongst other devices to make sure that everything is being properly logged. Doing so will help make products easier to do in tandem with other employees and more accurately keep track of your stock.
Poor inventory organization can lead to a drop in profits as things are lost between messy ledgers. You may accidentally end up overordering something you thought you were out of due to incorrect inventories.
Improving your organization with technology will stop your shelves from running dry. You’ll have a much easier time keeping an organized storage section with technology helping you take inventory.
3. Handle Ordering Easier
Taking stock of your inventory is only half of the job. Once you know what you have, it’s time to handle what you don’t. Using the right store technology can help you get your ordering done easier.
Automatic replenishment is one of the more popular options that many retailers use. Doing so will reorder an item that you keep in stock when your inventory marks it as low. It makes keeping your shelves stocked an automatic process while still being something you can overrule if it’s ordering too fast or slowly.
Virtual shelves are also popular to help improve communication between retailers and vendors. These “shelves” can help both sides see when stock is running low to help orders come through on time. Using this style of tech improves the entire process by improving communication and transparency with your vendors
There are countless ways that technology can help you with ordering, from automation to better inventorying. Using such tech helps you keep track of your entire retail ecosystem to make your store run more efficiently. You can detect issues in real-time and keep your metrics easy to read with the right innovative business tech.
4. Better Price Tracking
Along with better ordering and inventory, technology will aid you in keeping better tracking of your price. By increasing communication with your vendors, you can see when their prices have changed.
Electronic data interchange – EDI for short – can help with computer-to-computer transactions. The data goes from the store to the database for your vendors and ordering systems. Not only will this improve your stocking, but it also helps make sure that your prices are remaining constant by keeping a reliable log.
It’s easier to assume that prices remain the same and send the same inventory list you usually send. Doing so without knowing the price can lead to severely overspending on a product you didn’t know had changed.
Many retail technology options can send a notification if a vendor has changed prices. Such knowledge is vital for setting your own prices to make sure you aren’t missing out on your profits. It also can help you figure out when you can safely offer a discount to get more customers into the door.
5. Added Security
One of the most useful applications of technology in stores is for added security. There are dozens of threats that technology can help you stay safe from.
EMV chip-embedded cards are great for added security in transactions. Not only is this often more convenient for the customer, but it also adds another level of verification. That extra verification can help you avoid having to cover for products that were fraudulently purchased.
Contactless purchasing solutions like self-scanners and facial recognition are also useful for security. Facial recognition can help in case a need to find someone arises as well as building your database of customers. Customer services are often digitized now, making life easier for your average visitor.
Technology can help alert you of any issues that need your attention. These issues may arise during ordering stock, a transaction, and many other situations. Keep your security at its peak by using the right business tech.
Adding Technology In Retail Stores
Putting technology in retail stores is a great way to improve the customer experience and keep guests leaving happy. You’ll also improve your inventory and communication with your vendors. Your store will be safer, more efficient, and easier for you and your employees to operate.
For more information on retail technology solutions, feel free to contact us. You can also browse our website to learn more.