Retail: long term investment and new experiences needed for customers and employees
Every year, the retail challenge for the survival of physical stores becomes increasingly complex. In view of the increase in consumer expectations and sales growth in eCommerce, retailers who fail to adapt quickly to a digital world will have great difficulties. The time has come for the retail sector to adopt technology, making long-term investments in the workplace to achieve the essential objectives of a better customer experience and a stronger bottom line.
It’s important to highlights five key trends:
- Delays in technology for the workplace: retail has implemented technology in its workplace more slowly than in other industries.
- Employees must be provided with technology: in order to be successful, the physical retailer of the near future must equip its staff with digital tools that allow them to provide each customer with more personalized services.
- The need for more in-depth insight on stock and assortment: customers expect retailers to offer them the items they want, when they want them and where they want them. Only by improving their data systems – and potentially by better exploiting RFID reading technology and electronic labels – retailers can solve the old problem of knowing exactly the status of the assortment and its location at any time.
- The old silos must be demolished: the combination of physical and digital will require the demolition of the divisions and structures that currently exist in retail organizations so that the internal systems can merge in a transparent way and work together to provide the personalized experiences that theirs todays customer expect.
- An opportunity for long-term thinking: retailers must accept the need to make major investments in both systems and people, and find new ways to measure success and enhance both short-term and long-term results.
TC Group Solutions specializes in technologies for Retail Intelligence and for processing customer behavior data. We offer solutions to collect, store, process and analyze store data with our TC Analytics software.