Strip malls across the country are littered with empty husks of failed businesses. Have you ever wondered what caused these retail companies to go belly-up? Simple answer: They failed to innovate and change with the times.
Technology is moving at a breakneck pace, and it shows no signs of slowing down. Will you jump on the automation train or get left in the dust?
To keep up with the evolving labor shortage, boost profits, and enhance customer experience, get a ticket to the future with these automated retail technologies that are changing the world of retail business for the better.
1. Retail kiosks enhance customer experience
The days of walking into a store and being greeted by a helpful yet overly zealous retail employee asking a chipper, “Is there anything I can help you find today?” are on the way out. Customers want to browse in peace, maintain social distancing, and access information with the click of a button. Or rather, the swipe of a screen.
Retail kiosks make that desire a reality. These multi-purpose, easily customizable electronic information hubs fit a wide variety of needs. They provide quick answers for customers, allow for contactless checkout, advertise important notices and sales, and reduce wait times.
Kiosks not only improve the customer experience, but they can also help increase profit. Consumers, on average, spend 20% more when shopping through a self-service kiosk. Kiosks save valuable resources as well, allowing employees to dedicate time to more essential tasks.
2. Cash management solutions for retailers are critical
Cashless payments may be the new way of life, with electronic wallets, cash apps, and credit cards making up the vast majority of transactions in a post-pandemic world.
However, cash is still king — it isn’t going anywhere soon. Retail cash management systems can eliminate human error, prevent profit loss, and streamline cash storage, dispensing, and recycling. These smart-deposit solutions allow you to focus on customer experience, business growth, and efficiency by automating the cash-handling process.
3. Retail POS technology drives sales
Implementing a seamless, user-friendly, lightning-fast point-of-sale (POS) system throughout your business will create customer loyalty. The world of retail technology is changing fast, and getting ahead of the curve will ensure an incredible shopping experience for customers and help keep your business streamlined and organized.
An effective POS system is the beating heart of your company. It drives sales, tracks inventory and revenue, and monitors buying patterns. The best POS system for retail will handle loyalty programs, accommodate a wide range of shopping preferences, and make checkout a breeze.
Mobile POS systems reduce wait time by allowing on-the-floor employees to ring up items straight from a smartphone or tablet.
4. Credit card processors: the wizard behind the curtain
Just like the Wizard in the Wizard of Oz, credit card processors work behind-the-scenes magic. They turn the swipe of a credit card into actual profit for your business. Retail credit card processing is an essential aspect of the payment process, and choosing the right processing system with low fees and rates is crucial for success.
5. CCTV and access controls deter theft
Unfortunately, crime deterrents are essential in the retail industry. According to a 2018 National Retail Federation Survey, American retailers lose almost $50 billion annually to theft. People with ill intentions who plan to shoplift or break in after hours will likely think twice if you have a prominently displayed, updated CCTV setup.
CCTV and access controls are a great way to protect valuable property, deter internal theft, and could help you improve store layout based on customer shopping patterns.
6. Attractive digital signage improves brand identity
When a customer enters your store, the color scheme, layout, displayed products, and signage should work together to reaffirm your brand identity. What better way to do that than by increasing the prevalence of digital signage?
With well-placed, well-designed digital signs, you can advertise and upsell featured products, improve customer experience, and create a cohesive voice between your brick-and mortar stores and online or social media presence. Digital signs can even function as artwork to make your store more aesthetically pleasing.
Digital signage is certainly important once the customer has entered the store, however, colorful, enticing window display screens can also drive foot traffic in from the street.
7. WiFi helps customers stay connected
Free, public access WiFi is no longer just for cafés, libraries, and hotels. In fact, most customers expect to have access to a free wireless network while shopping. WiFi is quickly becoming one of the most important technologies for the future of retail.
While shopping, customers can use a high-speed in-store WiFi connection to look up product reviews, compare prices, and sign up for loyalty programs. Offering a secure, reliable wireless network helps your business stay relevant and improves customer satisfaction.
Future-proof your business
The experts at Staley Technologies can catapult your business into the future with an array of services, products, and tools customized to help you stay on the cutting edge of retail technologies. For more information, contact Staley Technologies at (800) 280-9675 or get in touch with us online to speak with an expert.