Technology to revitalize the in-store appeal of retailers. US annual inflation newly gained 9.1%. This is his largest annual increase since November 1981 (1.3%) and shows no signs of slowing down. Not surprisingly, these price hikes have hit retailers hard.
The Business is beginning to take a hit
Business is beginning to take a hit, and more than a third of Americans have already uttered the dreaded “R” word, but brick-and-mortar stores still have time to prepare. Physical stores are still very important to consumers. Asos, the e-commerce fashion giant, proves this beautifully. It just made its brick-and-mortar debut in Nordstrom stores.
So brick-and-mortar retailers undoubtedly face many challenges, and they will inevitably continue, but the challenges come with important lessons. And those insights start with innovation.
The Physical Stores Can Adjust With Current Technologies
In-store success requires in-store innovation that allows you to focus on everything from a more engaging shopping experience to a smoother checkout process. There are several ways stores can integrate technology into their operations.
1. Amazing Ventures
Many luxury and high street fashion brands are capitalizing on the global rage for immersive experiences. They turn retail stores into entertainment centers. This trend is now known as retailtainment. This creates a more memorable in-store experience for shoppers through immersing activities, sounds, and settings.
2. Increased In-Store Shopping
Chanel recently announced a new extended retail experience project. It features high-tech fitting rooms that combine technology, in-store visits, and personal shoppers to create a more engaging shopping experience. But ultra-luxury brands aren’t the only ones using this method. Target recently doubled down on its efforts to integrate technology into its brick-and-mortar stores. This includes improvements to various technologies, including ‘MyCheckout’. Team members accept payments anywhere in the store, reducing queues and simplifying the shopping experience.
3. Mixed Models
Online shopping is very convenient, but it’s no substitute for the in-person shopping experience. In-store shopping provides the instant gratification our society craves, but it can’t offer everything that online shopping can. Another form of innovation that many stores are embracing is a hybrid shopping approach, fueled by the rise of experience technology. This insight has led many stores to combine both to increase in-store conversions and combine mobile and in-store shopping through new technologies.
4. Enriched Client Travels
Despite all this, the most successful in-store innovations are those that put the customer first. This may include augmented reality that allows customers to visualize themselves in different environments based on what they try on or more sophisticated ways of tracking customer journeys. For example, analyzing the items customers are assembling in the fitting room can help retailers better design in-store displays.
Either way, understanding your consumer is paramount. That is, the consumer’s specific needs, desires, and non-negotiables when shopping. Without this understanding, technology is inadequate and could set brick-and-mortar retail back to square one.
A robust technological backbone is essential to sustaining a thriving retail experience in today’s ever-evolving digital age. This technology can be defined by its high-quality POS system and innovative solutions that allow you to check out anytime. This kind of improvement disrupts traffic, produces dramatic results, and increases retailer and consumer satisfaction.