Technology To Redefine
Of Retail Stores
by Ella Nwagbo
At a click of a button, clothes are delivered right to the doorsteps of consumers. This brings us to the question: Are the brick-and-mortar stores still relevant? The truth is that physical stores still drive the majority of revenue in the retail industry. By 2020, total global retail sales are projected to reach $28 trillion. With other physical stores and e-commerce businesses, that’s huge competition. Although the global share of e-commerce accounts for only 10% of total retail sales, this number will continue to grow. Time is a commodity and consumers will opt for convenience. Instead of viewing this as a threat, retailers should see this as an opportunity to thrive.
Brands are now tasked with re-thinking how their physical store should operate. To keep up with this rapid speed of transformation, brands have to be remembered by consumers. Consumers still long to feel the tangibility of products beneath their fingertips. They want to be involved and feel especially catered to.
A great in-store experience should leave them not solely with the physical goods but eyes full of excitement and a heart warmed by a wonderful, unforgettable experience.
Innovation is the key to in-store customer retention. What is needed is a renewal of retail stores operating philosophies. According to global research and advisory firm Gartner, retail innovation is projected to increase by $3.6 billion to $203 billion by the end of 2019.
It is therefore imperative for brands to embrace retail technology. Compared to long-established legacy brands, this may be simpler transition for new and emerging brands that could integrate the technology concept right from the from the outset.
The fact is that retail space is not and should not be stocktaking alone. Human cost is, and rightly so, expensive. In the ever-evolving retail industry today, it should not be wasted on menial tasks that would inevitably be automated, given the rate of technological advances. To build an immersive environment with the highest level of unmatched customer service, retailers should therefore adopt innovative technology. After all, the physical component is what distinguishes e-commerce and retail stores.
Digital innovations bring new solutions to the retail market. It further enhances and strengthens the relationship between retailer and consumer. To stay relevant to today’s consumer, innovative technology must be an essential part of a brand’s strategy. From those working the sales floor to the higher-ups behind a desk, retail technology should be welcomed and understood. Be it for experimental purposes, to appeal to new clientele or accommodate existing consumers, increase convenience for shoppers — technology can be anything in your retail endeavour — it all adds to a great in-store experience.
Retailers tend to stand out from their rivals by integrating innovation into the in-store strategies. By providing a unique and innovative experience to their customers, they gain enormous top of mind. VISORE LAB provides brands and venues with an innovative solution to achieve a high level of customer experience Providing 360 degree experiences including a personal digital concierge, fascinating editorials that encourage consumers to purchase, ease of shopping, brands stay up-to-date with the latest technological developments that leads to high customer retention. Most importantly, consumers will walk out of your stores with a smile on their face and a bag in their hand.