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Unleashing the power of in-store solutions In the fast-paced world of retail, staying ahead of the competition requires strategic investments and innovative approaches to enhance the customer experience and generate revenues. Technology has emerged as a driving force behind this transformation, enabling retailers to unlock new opportunities, maximise their return on investment, and even save on overheads.
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hat are the critical considerations for retail investments in H2 2023, and what is the potential for in-store solutions to elevate the customer experience, generate sales and save on costs?
Unravelling the key retail investment questions To succeed, retailers must address crucial questions when making investment decisions. The first question is on the impact of the customer journey. Retailers should carefully consider how new technologies and solutions can simplify and optimise in-store processes, personalise shopper interactions, and ensure a seamless omnichannel experience by connecting the store with other channels, such as e-commerce. To effectively prioritise where they focus their attention, retailers should ask themselves not only how much an in-store solution will take to deploy but also
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August - October 2023 · Retail Technology Innovation Hub
how soon they will experience an increase in sales, cost savings, or better customer experience for in-store shoppers. Additionally, it’s important to consider how confident they are in delivering these returns presented at the beginning of the project. To ensure the success, you need to ask your vendor how they help to mitigate the risk. While this presents difficulties for certain projects like ERP for example, store associate enablement and self-service projects for the store can be quick win projects, such as assisted selling or next gen PoS, where pilots can be deployed in a matter of weeks.
Choosing the right technology and vendor To ensure success in the near-term, retailers should scrutinise the following: • Will (or can) your vendor work with you to pilot their offering in a few stores and effectively measure the impact on sales compared to other similar “control stores” in your estate?