Each passing year brings with it more tech-forward retail marketing strategies. In retail, there are endless amounts of technology to take advantage of, from digital signage software to customer personalization. With tech, a retailer can create incredible in-store shopping experiences that positively impact the customer and your sales.
If you’re a retailer, now’s the time to think about how you want to implement technology within the context of your brand. Here is how to use technology in retail stores.
Self-Service Kiosks
With self-service kiosks, customers can conduct store investigations. They can look up products, learn more about specific products, or set them up as a point-of-sale system to cash out.
Buy Online/Pick-Up In-Store
An ideal way to optimize your retail store and maximize your sales is to reach out to shoppers who prefer to buy online and pick up in-store. This is an excellent way to make shopping with your retail brand simple and easy.
Expanded POS Systems
Self-checkouts and expanded POS systems are reducing wait times. More advanced retail point-of-sale systems are being redeveloped. Streamline transactions, track inventory on the retail management side, and enable multiple payment options.
High-Tech Payment Methods
More than half of all Canadian brick-and-mortar shoppers use some form of contactless payment. As a retailer, consider secure, high-tech payment methods depending on what’s best for your store. Mobile wallets, cryptocurrency, and biometric payments are all possibilities.
Digital Signage Solutions Are Limitless
Digital signage software can communicate in-store discounts and promotions, product announcements or store news, and product highlights on digital screens. Displays can be updated remotely to ensure timely, relevant messaging for shoppers.
Buy Now, Pay Later
Another way to accept payments in retail for big-ticket items is to offer buy-now-pay-later. This makes the customer happy while allowing you to sell more products and boost your sales.
Hyper-Personalization
Three in every four customers expect retail companies to provide some form of personalized interaction. With tech, this can be done in several ways, such as AI chatbots driven by customer analytics and similar methods.
QR Code Scanning
QR codes in retail store formats are often used to direct customers to purchase an app, play a game, earn a reward, or obtain more information about a specific product. More QR codes are showing up in retail stores every month, offering information on product specs, perks, and buying reasons.
Digital Menu Boards
If you serve food at your retail store, a digital menu board uses digital signage for promotion to make food items look their absolute best and most enticing. It is also easy to edit and adjust.
Interactive Displays
Expand your store’s capabilities with interactive displays that customers can use to take their actions. Add product demos or virtual tours. Show relevant content on products or use interactive displays for personalized recommendations.
Virtual Fitting Rooms
More fashion retailers are using smart mirrors to allow customers to try on clothing virtually. This full-body virtual try-on heightens what’s possible in fitting rooms and can slightly enhance clothing sales.
Augmented Reality
AR offers an in-store virtual experience through a customer’s smartphone. What one can do with this is try-ons, a digital in-store scavenger hunt, and a showcase for interactive product features. Studies show that retailers using augmented reality see an average increase in conversions by up to 94%.
Inventory Technology
RFID tags, inventory management software, and automation make inventory monitoring easier. For a retailer, this makes it easy to track sales, reorder products, and ensure inventory is readily available. Data analytics can also predict trends and align inventory with customer demands.
Smart Shelves
Smart shelves are IoT-enabled infrastructure that tracks which products are on the shelf and what’s been purchased. They often use digital signage and an interactive display to engage and inform customers about products and deliver personalized offers.
AI In Retail Management
AI can help with several tasks in retail stores, including scheduling, payroll, sales analytics, marketing, and optimizing costs. It can also help with matters such as staff training. AI in retail management has become a near-must.
Sustainable Retail Technology
Retailers are focusing on more eco-friendly, sustainable technology. They’re using more sustainable packaging, sourcing more sustainably, and maintaining more energy-efficient operations. According to Scout Network, there are many jobs in the sustainable retail technology sector. This industry is growing rapidly.
Subscription Services
Believe it or not, some retailers use subscription services to entice customers to pay a monthly premium in exchange for a collection of products tailored to their preferences. This model builds recurring revenue and can foster long-term brand loyalty.
Voice-Assisted Shopping
More than a quarter of shoppers use voice assistants to facilitate online purchases. In retail, this technology can be leveraged through voice-prompted app assistance. Imagine walking through your favourite store and being able to ask an app questions about where to find products in-store or to receive background information on a specific product.
