Retail technology can be a powerful tool in promoting sustainability within the retail industry. By leveraging technology, retailers can optimize their operations, reduce waste, and minimize their environmental footprint.
The Importance of Sustainability in Retail
Sustainability in retail offers numerous benefits, including:
Enhanced brand reputation: Consumers are more likely to support brands that prioritize environmental responsibility.
Increased customer loyalty: Sustainable practices can foster long-term relationships with environmentally conscious customers.
Cost savings: Implementing eco-friendly measures can lead to reduced operational costs, such as energy consumption and waste management.
Regulatory compliance: Adhering to environmental regulations ensures legal compliance and avoids potential penalties.
Positive social impact: Sustainable initiatives can contribute to a healthier planet and improve local communities.
Here are some key ways retail technology can contribute to sustainability:
Inventory Management and Demand Forecasting
Reduced waste: Accurate inventory management can help prevent overstocking and understocking, reducing the need for unnecessary production and transportation.
Optimized ordering: Demand forecasting tools can help retailers anticipate customer needs more precisely, leading to more efficient ordering practices and reduced waste.
Supply Chain Optimization
Increased visibility: Retail technology solutions can provide real-time visibility into the supply chain, allowing retailers to identify inefficiencies and potential disruptions.
Reduced transportation: By optimizing routes and minimizing transportation distances, retailers can reduce their carbon emissions.
Ethical sourcing: Retail technology solutions can help track the origin of products, ensuring compliance with ethical sourcing standards and supporting sustainable practices.
Energy Management
Data-driven insights: Retail technology can collect data on energy consumption, allowing retailers to identify areas for improvement and implement energy-saving measures.
Automated controls: Smart building technology can optimize energy usage by automatically adjusting heating, cooling, and lighting systems based on occupancy and other factors.
Waste Reduction
Tracking and analysis: Retail technology can track waste generation and identify areas where waste can be reduced or recycled.
Sustainable packaging: Retailers can use software to optimize packaging materials and design, minimizing waste and promoting sustainability.
Customer Engagement and Education
Personalized communication: Retailers can use software to send targeted messages to customers about sustainable products, promotions, and initiatives.
Educational content: Retail technology can be used to create and distribute educational content about sustainability, empowering customers to make informed choices.
Carbon Footprint Measurement and Reporting
Data collection: Retail technology solutions can collect data on various aspects of a retailer’s operations, including energy consumption, transportation, and waste generation.
Carbon footprint calculation: This data can be used to calculate the retailer’s carbon footprint and identify areas for improvement.
Reporting: Retailers can use software to generate sustainability reports, demonstrating their commitment to environmental responsibility.
By leveraging the capabilities of retail technology solutions, retailers can make significant strides towards a more sustainable future. By optimizing operations, reducing waste, and promoting sustainable practices, retailers can not only benefit their businesses but also contribute to a healthier planet.
ETP Group’s Commitment to Sustainability
ETP Group digital receipts and AI-powered fraud detection systems are just a glimpse of how technology can be harnessed to reduce waste and create a more sustainable future. By embracing these solutions, retailers can not only contribute to environmental protection but also improve their operational efficiency and customer experience.
Contact ETP Group today to learn more about our unified commerce and how it can benefit your business.
Running a business is a juggling act. From marketing and sales to customer service and operations, there’s a constant flow of tasks demanding your attention. Inventory management, however, often becomes a tangled mess in this juggling act. Spreadsheets overflow, manual counts are error-prone, and stockouts lead to frustrated customers. This is where a unified inventory management system comes in-a superhero ready to swoop down and save the day.
The Struggles of Fragmented Inventory Management
Many businesses rely on a patchwork of systems to manage their inventory. Spreadsheets for basic stock counts, separate databases for warehouse locations, and manual order forms-the list goes on. This fragmented approach creates a breeding ground for chaos:
Inaccurate Data: Manual data entry across multiple systems leaves room for errors, leading to discrepancies and inaccurate stock levels.
Inefficient Processes: Time is wasted jumping between systems to track inventory, process orders, and generate reports.
Poor Visibility: Having a holistic view of stock across different locations and channels becomes nearly impossible, making it difficult to anticipate stockouts and optimise ordering.
Frustrated Customers: Stockouts lead to lost sales and unhappy customers.
Increased Costs: Inaccurate data can lead to overstocking or understocking, both of which translate to lost money.
Enter the Hero: The Unified Inventory Management System
A unified inventory management system acts as the central nervous system for your stock. It integrates all aspects of inventory control into a single platform, offering a real-time, centralised view of your stock across all locations, channels, and warehouses.
How does a unified commerce solution empower your business?
Implementing a unified inventory management system unlocks a treasure trove of benefits that empower your business to operate more efficiently and profitably:
Real-Time Inventory Visibility: Gain a bird’s eye view of your entire stock, from raw materials to finished products, across all locations. No more scrambling to find accurate stock levels!
Reduced Errors: Eliminate the human element of manual data entry and streamline processes, minimising errors and ensuring data integrity.
Improved Forecasting and Ordering: Utilise accurate data to forecast demand and automate reorder points. No more scrambling to avoid stockouts or tying up cash in unnecessary inventory.
Enhanced Warehouse Management: Manage stock movements and locations within your warehouse, optimise picking and packing processes, and ensure on-time deliveries.
Streamlined Reporting and Analytics: Generate comprehensive reports on inventory levels, sales trends, and supplier performance. Use data-driven insights to optimise your stock management strategy.
Improved Customer Satisfaction: Reduced stockouts mean happier customers who get what they need when they need it.
Cost Savings: Reduce overhead costs associated with manual processes, improve inventory turnover, and optimise storage space.
Presenting ETP Unify: Your Inventory Management Superhero
ETP Unify is a powerful cloud-native Unified Commerce Retail Solution. Built using MACH Architecture, it brings the best of retail and e-commerce functionality to the user in one, easy-to-use, beautiful interface. With all information stored in one database, it empowers retail merchants and managers to have all the information and tools at their fingertips to serve customers across channels, helping create an amazing experience for consumers.
With ETP Unify’s Unified Inventory Management module, you get to monitor inventory in real-time, ensuring the right products are available at the right place and at the right time. The UIM module provides a consolidated view of inventory across all channels and products, allowing users to customise views based on attributes like brand, product catalog, and tags. It offers the users visibility into various stock metrics along with the ability to download relevant information. Maintain a unified view of inventory of all products across all nodes, stores, and warehouses to minimise revenue losses due to stock shortages.
ETP Unify’s unified inventory management offers the following features to simplify and streamline your stock management:
Unify inventory data across multiple nodes, stores and warehouses: Unified retail commerce like ETP Unify consolidates stock data in real-time from across multiple fulfilment centres – distribution centres, warehouses, and stores. Centralised inventory management eases stock allocation and order fulfilment. With the inventory lookup function in ETP Unify, you can reduce lost sales for the stock available in the back-of-the-house storage.
Unified inventory real-time syncs across physical stores, marketplaces and webstores: Ensure your inventory data across channels is accurate and updated so that you can fulfil all orders and satisfy your customers. Especially when you are running promotions, your stock levels can be managed effectively for maximum turn. With ETP’s unified commerce and its real-time inventory sync across channels, you can ensure higher sales, a greater order fulfilment percentage, and a higher inventory turnaround.
Reduce costs for a better cash flow management: Lower your inventory obsolescence and markdowns through better inventory utilisation using FIFO. Reduce the need for more warehousing space by managing fulfilment from your store’s back office and by using them as regional warehouses.
The Takeaway
In today’s competitive business landscape, efficient inventory management is no longer an option; it’s a necessity. By replacing your disparate systems with a unified inventory management system like ETP Unify, you gain a centralised platform to manage all your stock effectively. This translates to increased efficiency, reduced errors, improved customer satisfaction, and ultimately, a healthier bottom line. Stop juggling your inventory management; let ETP Unify be your superhero, saving the day with real-time data, streamlined processes, and empowered inventory control.
Ready to experience the power of ETP Unify’s unified inventory management system? Contact us today!
The fashion retail landscape is undergoing a seismic shift. Gone are the days of passive consumers simply browsing racks and accepting whatever a brand offers. Today’s savvy shoppers are bombarded with choices, empowered by technology, and fiercely loyal to brands that prioritize them. This “Fashionably Loyal” article explores the transformative customer landscape, the high cost of customer churn, and the power of a customer-centric approach in this competitive environment. We’ll then delve into actionable strategies for creating exceptional customer experiences, building long-lasting relationships, and ultimately, winning hearts (and wallets) in the cutthroat world of fashion retail.
1. The Modern Transformative Shift in the Consumer Landscape
The rise of e-commerce, social media, and mobile technology has fundamentally reshaped how consumers discover, research, and purchase fashion items. Today’s shoppers are digitally-savvy researchers, often armed with smartphones and a wealth of information at their fingertips. They expect a seamless omnichannel experience, transitioning effortlessly between online and offline touchpoints (think browsing online reviews before stepping into a physical store). Social media influencers heavily influence purchase decisions, and customer expectations for personalized recommendations and loyalty programs have skyrocketed.
This shift in consumer behaviour demands a response from fashion retailers. Those clinging to traditional, siloed approaches risk losing ground in the ever-evolving landscape. ETP Group’s Unified Commerce Solutions bridge the gap between online and offline operations, providing retailers with a single, holistic view of their customer data. This empowers retailers to deliver consistent messaging and a seamless shopping journey across all touchpoints.
2. The High Cost of Customer Churn
Losing a customer isn’t just a missed sale; it’s a missed opportunity for future purchases, brand advocacy, and referrals. Studies by Bain & Company show that a mere 5% improvement in customer retention can lead to a profit increase of 75%. The cost of acquiring new customers can be five times greater than retaining existing ones.
Customer churn is a serious threat to a fashion retailer’s bottom line. It’s crucial to understand why customers leave and implement strategies to win them back. ETP Group’s Omni-channel Retail Solutions offer powerful analytics tools that help retailers gain insights into customer behaviour and identify potential churn factors. By proactively addressing customer concerns and creating personalized experiences, retailers can turn disengaged shoppers into loyal brand advocates.
3. Customer-centricity, a Competitive Advantage
In an environment of fierce competition, customer-centricity is no longer a luxury; it’s a necessity. Shifting the focus from selling products to building long-lasting customer relationships unlocks a multitude of benefits:
Customer Loyalty: By prioritizing customer needs and exceeding expectations, retailers foster trust and loyalty. Loyal customers are more likely to make repeat purchases, even at premium prices.
Referrals: Loyal customers become brand ambassadors, enthusiastically recommending the brand to friends and family. This organic word-of-mouth marketing is invaluable and cost-effective.
Resilience to Market Fluctuations: Loyal customers are less likely to be swayed by competitors’ promotions. They understand and appreciate the value proposition of their preferred brand, providing a buffer during economic downturns.
Building a customer-centric culture requires a strategic shift in thinking. It involves understanding your customers, their needs, and their preferences. It’s about creating personalized experiences that make them feel valued and appreciated.
4. Strategies for Delivering Exceptional Customer Experiences
Fashion retail success hinges on delivering exceptional customer experiences across all touchpoints. Here are a few key strategies:
Personalized greetings and recommendations: Train staff to greet customers by name and offer personalized recommendations based on past purchases and browsing history.
Streamlined checkout processes: Implement frictionless checkout options like self-service kiosks and mobile wallets to minimize wait times.
Engaging online experiences: Create a user-friendly website with high-quality product images, detailed descriptions, and easy-to-use navigation.
Omnichannel rewards programs: Offer a unified rewards program that allows customers to earn and redeem points across all channels, online and offline. ETP Group’s solutions facilitate the seamless integration of such programs, fostering a more rewarding customer journey.
By focusing on these strategies, fashion retailers can create an exceptional customer experience that fosters loyalty and drives revenue growth.
Stay tuned for Part 2 of “Fashionably Loyal,” where we’ll delve into the essential building blocks of customer-centricity – comprehensive customer understanding, data-driven personalization, and seamless omnichannel experiences.
The retail landscape is constantly evolving, with online shopping becoming increasingly popular. However, brick-and-mortar stores still hold immense value. They offer a tangible shopping experience, build brand loyalty, and provide a platform for human connection. But how do you ensure your store thrives in this competitive environment? The answer lies in mastering a delicate balance – the art and science of retail.
This article delves into five key pillars that contribute to creating a profitable store, each requiring a blend of creativity and data-driven strategies. By implementing these elements, you can transform your store into a destination that attracts customers, drives sales, and ensures long-term sustainability.
Managing Store Profitability: A Numbers Game with a Human Touch
Profitability is the cornerstone of any successful business. In the context of retail, it boils down to maximizing revenue while keeping costs under control. Here are some key aspects to consider:
Understanding Key Metrics: Track essential metrics like sales by product category, gross margins, inventory turnover, conversion rates, and customer acquisition costs. Analyze these metrics regularly to identify areas for improvement.
Pricing Strategy: Develop a pricing strategy that balances profitability with customer value perception. Consider factors like competitor pricing, product cost, and market demand.
Cost Control: Implement strategies to minimize expenses. This includes negotiating with suppliers, optimizing staffing levels, and managing energy consumption.
Promoting High-Margin Products: Focus on promoting products with higher profit margins while ensuring a well-rounded product selection.
Pro Tip: Utilize technology to automate tasks like inventory management and sales reporting. This frees up time to focus on strategic initiatives and customer interactions.
Diagram Suggestion: A simple pie chart could be used to visually represent the breakdown of revenue and expenses, highlighting the profit margin.
In-Store Visual Merchandising: The Silent Salesperson
Visual merchandising plays a crucial role in attracting customers, influencing purchasing decisions, and creating a memorable brand experience. It’s about showcasing your products in a way that is aesthetically pleasing, informative, and encourages engagement.
Store Layout and Design: Create a clear and intuitive store layout that guides customers through the shopping journey. Utilize fixtures and displays to curate product collections and promote specific items.
Signage and Product Labeling: Ensure clear and concise signage that provides product information and guides customers.
Lighting and Color Psychology: Utilize different lighting techniques to highlight products and create a desired atmosphere. Leverage color psychology to evoke emotions and influence buying behavior.
Seasonal and Event Displays: Create engaging displays that reflect seasonal trends and special occasions. This injects freshness and excitement into the store environment.
Pro Tip: Regularly update your visual merchandising to keep the store environment fresh and engaging for returning customers.
Local Store Marketing and Area Analysis: Understanding Your Community
Marketing your local store effectively requires a deep understanding of your target audience and the surrounding community. By tailoring your approach, you can build a strong local presence and cultivate loyal customers.
Conduct Market Research: Analyze your local demographics, including age groups, income levels, shopping habits, and competitor landscape. Identify your ideal customer profile to inform your marketing strategies.
Leverage Local Marketing Channels: Utilize local advertising platforms such as newspapers, radio stations, and community events. Develop partnerships with local businesses for cross-promotion opportunities.
Embrace Social Media: Build a strong presence on social media platforms like Facebook and Instagram. Share local store news, promotions, and customer testimonials. Engage with your local community through social media contests and interactive campaigns.
Pro Tip: Encourage customer reviews and testimonials online and in-store. Positive customer feedback builds trust and attracts new potential customers.
Intricacies of Buying, Merchandising, and Inventory Management: A Delicate Balancing Act
Effective buying, merchandising, and inventory management are essential for maintaining store profitability and ensuring customer satisfaction. Striking the right balance between having enough stock to meet demand and avoiding overstocking requires meticulous planning.
Buying Strategies: Develop buying strategies based on sales data, seasonality, and customer preferences. Negotiate competitive prices with suppliers and establish vendor relationships.
Merchandising Decisions: Decide on the quantity and variety of products to stock, considering factors like demand, profitability, and shelf space limitations.
Inventory Management Systems: Implement an inventory management system to track stock levels, prevent stockouts, and optimize reorder points.
Data Analytics: Leverage data analytics to analyze sales trends and identify slow-moving inventory. Implement strategies like promotions or discounts to move excess stock.
Pro Tip: Encourage collaboration between buyers, merchandisers, and sales staff to ensure informed buying decisions and effective product placement based on real-time customer demand.
The Journey to Creating Amazing Customer Experiences at the Store
In today’s competitive retail landscape, a simple transaction is no longer enough. Customers crave experiences that resonate with them on an emotional level and build lasting brand loyalty. This requires a commitment to creating a seamless and personalized journey throughout the in-store experience.
Crafting a Memorable First Impression:
Warm and Welcoming Staff: Train your staff to be knowledgeable, friendly, and approachable. Empower them to go beyond basic sales interactions and genuinely connect with customers.
Personalized Service: Utilize technology solutions like cloud-native Unified Commerce Retail Platforms (https://www.etpgroup.com/solutions/understanding-unified-commerce/) to access customer purchase history and preferences. This allows staff to offer personalized product recommendations and cater to individual needs.
Streamlined Checkout Process: Ensure a smooth and efficient checkout process to avoid long lines and frustration. Consider implementing self-checkout options or mobile point-of-sale systems for faster transactions.
Engaging Customers Throughout Their Journey:
Interactive Product Displays: Integrate interactive elements into product displays, such as touchscreens or augmented reality experiences. This allows customers to explore products in a more engaging way and make informed purchasing decisions.
Omnichannel Integration: Create a seamless omnichannel experience by offering options like click-and-collect or in-store pickup for online purchases. Leverage unified commerce platforms to ensure consistent product information and pricing across all channels. (Consider a subtle mention of ETP Group’s solutions here: “ETP Group, a leading provider of cloud-native Unified Commerce platforms, empowers retailers to achieve seamless omnichannel integration, fostering a cohesive customer experience”).
Community Building: Host in-store events, workshops, or product demonstrations to create a sense of community and brand engagement. This fosters a positive association with your store and encourages repeat visits.
Transforming Transactions into Relationships:
Loyalty Programs: Implement a loyalty program that rewards customers for their purchases and encourages repeat business. Offer personalized rewards and exclusive promotions to incentivize engagement.
Post-Purchase Follow-Up: Send personalized follow-up emails after a purchase to thank customers for their business and offer them additional product recommendations or loyalty program updates.
Gather Customer Feedback: Encourage customer feedback through surveys or in-store feedback stations. Utilize this feedback to identify areas for improvement and enhance the overall customer experience.
By focusing on customer experience as a strategic priority, you can create a thriving retail environment that fosters customer loyalty and drives long-term success. By embracing the power of technology solutions like cloud-native Unified Commerce Retail Platforms, you can gain valuable customer insights, personalize the customer journey, and ultimately transform your store into a destination that customers love.
Remember:
Creating a profitable and thriving retail store requires a multifaceted approach. By mastering the art of visual merchandising, understanding your local community, and implementing strategic buying and inventory management practices, you can lay a strong foundation. However, in today’s experience-driven retail landscape, true success hinges on fostering remarkable customer experiences. By prioritizing personalized service, leveraging technology for omni-channel integration, and building a sense of community, you can transform your store from a mere transaction point into a cherished destination that cultivates customer loyalty and drives sustainable growth. Remember, the art and science of retail come together to create a winning formula, and with a commitment to these core principles, your store can become a beacon of success in the ever-evolving retail landscape.
Did you know the first product to be barcode scanned was a pack of Wrigley chewing gum at an Ohio supermarket in 1974? Fascinating, isn’t it? This changed the retail game forever. As revolutionary as it sounds, this transformed the way people shop. Barcodes not only help business owners track their stocks but also help in quicker checkout processes for customers.
From the invention of the cash register in 1883 to the digital age of online shopping, we have come a long way. Over the years, technologies have made business owners’ lives easy as well as hugely influenced consumer’s choices and habits. This has only encouraged businesses to keep up with the technologies. The faster the technologies, the more sophisticated the customer’s behavior.
Online shopping has taken the retail world by storm due to the conveniences and tailored shopping experiences, it offers its customers. However, shoppers still like to visit a brick-and-mortar retail store to experience the product or services closely. This has further encouraged retail stores to optimize their in-store customer experiences using smart retail technology such as Artificial Intelligence, Virtual Reality, the Internet of Things, robotics, and other latest technologies. Before diving deep into smart retail technology, let us take you through the basics. What exactly is smart retail technology?
What is smart retail?
A smart retail is nothing but a store that has integrated advanced digital technologies including smart self-checkout systems, smart inventory management, smart carts, and smart mirrors and shelves; into the traditional retail store. This next-generation technology helps deepen the interaction between customers and the shops.
How do smart retail solutions help store owners and shoppers?
Creates a customer portfolio by capturing visitors’ data more precisely
Ensures stable income and traffic by bringing back customers with easy-to-navigate and interactive stores
Enable smooth operations with advanced inventory and client management systems
Avoids task overload by automating the duties saving a great of shop owners’ time
Helps businesses stay ahead of their competitors who still using traditional retail ultimately winning the market
Smart retail technologies that will define the store of the future
Internet of Things (IoT) can collect real-time data which can be used to monitor inventory levels, consumer movement tracking and shopping patterns, etc
AI & ML can analyze the collected data to customize marketing efforts, enhance inventory management and pricing strategies
Mobile apps give customers access to offers, discounts, and recommendations
AR & VR allows immersive shopping experiences for customers
Beacon technology can be used to send offers & location-based notifications to customers’ smartphones who are in-store
Big Data Analyticsallows to analyze huge data collected from different sources to make data-driven decisions
Robotics and automationcan help shelves restock, handle warehouse inventory, and assist customers with basic inquiries
What are some applications of smart retail technology?
Smart mirrors: Acts as navigation, information & advertising board, and advanced fitting space. It can help store visitors try on clothes and accessories and will also allow them to visualize more products, and choose colour variations in different weather settings.
Virtual fitting space: Allows visitors to choose items without leaving the fitting rooms by contacting the consultants through a smart mirror in the fitting room.
Smart shelves: Help staff track the item’s availability, misplacement, and theft attempts. Moreover, it will help customers find the right product size and colour.
Interactive kiosks: Self-service kiosks where customer can order and pay for their product. Other kinds of kiosks are information and interactive kiosks where visitors can find any product or information about the shops and 3D maps of shopping locations.
Real-time inventory: Helps business owner keep track of their stock in real-time and ultimately take control of their stocks. This is a way to enhance customer experience and they hate to see their desired product go out of stock.
Smart carts: A tablet that will convert the cart into a smart cart. These carts can track products bought and tailor offers based on the data. Moreover, they also allow visitors to make payments from the cart without standing in a queue.
What does the future hold?
Retail stores are keen to adopt smart retail solutions and their interest has been increasing rapidly over the last few years. Whether it is to transform their customer shopping experience or to provide a personalized and immersive service, businesses need to keep up with the latest technologies if they want to bridge the gap between online and offline retail.
Omni-channel retailing is becoming increasingly significant in the retail business as people look for more flexible and easy purchasing methods. With the development of e-commerce, companies must make sure that buying across all channels is the same. Technology is critical to improving omnichannel commerce because it lets merchants collect and analyze data from all channels, customize the shopping experience, and provide new services to consumers.
Customer Relationship Management (CRM) System
A customer relationship management (CRM) system is one of the important ways to improve Omni channel retailing. This lets businesses keep track of how customers connect with them across all channels, such as social media, email, and visits to the shop. By doing this, businesses may learn how customers act, what they like, and what they require. This information may then be utilized to make targeted marketing campaigns, product suggestions, and customer support.
Robust Inventory Management System
A robust inventory management system is another critical technology for Omni channel retailing. This lets businesses maintain track of stock levels across all channels, preventing stockouts and ensuring consumers can find what they’re searching for. It also enables stores to provide services like “click-and-collect,” where consumers can buy things online and pick them up in-store.
AI and machine learning
In addition to these technologies, retailers are leveraging artificial intelligence (AI) and machine learning more and more to improve the omni-channel experience. For example, AI-powered chatbots may help consumers locate items and answer queries quickly, and machine-learning algorithms can look at customer data to uncover patterns and offer suggestions.
The Benefits of Enhancing Omni Channel Retailing with Technology
By using technology to improve Omni channel commerce, stores may get a lot of advantages. First, they can enhance the consumer experience by making individualized suggestions, delivering quick and accessible services, and making buying across all channels as smooth as possible. This may make customers more loyal and improve their worth in their lives.
Businesses may learn a lot about how customers act, what they like, and what they need by collecting and evaluating data from all channels. This may help them see patterns and better judge what products to sell, how much to charge, and how to advertise them.
Technology lets merchants provide new services and business models that need to be more feasible. Retailers may offer subscription services, virtual try-on, and mobile payments in-store, among other things.
The Future of Omni Channel Retailing
As technology improves, we expect to see even more creative ways to improve the Omni channel experience and help the retail business expand. For instance, augmented reality (AR) and virtual reality (VR) technology might create immersive in-store experiences that blur the barrier between online and offline buying.
In addition, using block chain technology might clarify the supply chain and cut down on fraud in the retail sector. Merchants can ensure everyone can access the same information by keeping track of transactions in a shared ledger. This can cut down on disagreements and delays in the supply chain.
Technology has changed Omni channel retailing, allowing stores to provide consumers with a seamless and customized experience across all channels. By using technologies like CRM systems, inventory management systems, AI, machine learning, and mobile technology, retailers may enhance the customer experience, obtain necessary information, and provide new services and business models. We should expect to see much more as technology keeps getting better.
Today’s retail environment requires mobility to succeed. Retailers must fulfil the expectations of their customers, who want the freedom to buy whenever and however they like. Retailers may empower their staff members and enhance customer experience using mobile POS software.
The Following Are Some Advantages Of Utilising Mobile Pos Software:
Increased sales:
By enabling staff to accept payments anywhere in the business, mobile POS software can aid companies in boosting sales. This can free up cashiers at the front of the business to concentrate on serving customers. Retailers who want to track sales data in real time and make educated decisions regarding inventory and promotions can benefit from mobile POS software.
Improved customer experience:
Mobile POS software can help retailers improve the customer experience by providing a more personalised shopping experience. Employees can use mobile POS software to look up product information, recommend products, and process payments. This can help customers feel more valued and appreciated.
Reduced costs:
Mobile POS software can help retailers lower costs by eliminating the need for traditional cash registers. Mobile POS software can also help retailers save money on labor costs by allowing employees to work from anywhere in the store.
Mobile POS software is a great option if you’re looking for a way to empower your employees and improve the customer experience. Many different mobile POS software solutions are available, so you can find one that fulfils your specific needs.
Choosing the Best Mobile POS Software to Use
A mobile point of sale (POS) software solution is crucial for businesses trying to optimise their operations and improve the customer experience in today’s hectic retail climate. With so many options available, it’s crucial for shops to carefully evaluate a few things before choosing the best mobile POS software for their unique requirements. The following are important things to bear in mind:
Store Size and Layout:
The kind of mobile POS software you should select depends a lot on the size and layout of your store. Consider whether you operate a tiny boutique, a sizable retail space, or a pop-up store. In order to accommodate the necessary checkout points and meet the layout of your store, a mobile POS software system should be scaleable and adaptable.
Product Types:
Different companies offer a range of goods, from groceries and electronics to apparel and accessories. Make sure the mobile POS software you use can handle the exact products you offer. It should manage variants like sizes and colours and various pricing structures and effectively track inventories.
Integration Capabilities:
It’s critical to pick a simple mobile POS software solution to link with other retail systems to streamline operations and get a comprehensive view of your organisation. Real-time inventory tracking and automatic product replenishment are made possible by integration with inventory management software. You may track consumer information and deliver individualised experiences by integrating with customer relationship management (CRM) software.
Ease of Use:
A user-friendly interface is essential when choosing a mobile POS software solution. Your staff members should be able to learn the system quickly and do jobs effectively. Look for layouts that can be customised, easy-to-use functions, and intuitive navigation. The programme should have a low learning curve to reduce training time and ensure efficient operations even during peak usage.
Updates and Support:
Take into account the degree of support offered by the programme manufacturer. Do they provide technical support and troubleshooting? Do they provide frequent updates to fix any bugs or security flaws? Strong customer service guarantees that any problems may be fixed quickly, minimising inconveniences to your business.
Conclusion:
Choosing the best mobile POS software necessitates carefully taking into account variables, including the store size, product types, employee management, budget, integration capabilities, the convenience of use, and support. Increase operational effectiveness, enhance customer experiences, and spur growth in your retail business by weighing these variables and choosing a solution that matches your unique business needs.
ETP Mobile POS software is a valuable tool that can aid merchants in enhancing productivity, customer satisfaction, and sales. Retailers may empower their staff members and give consumers a smooth and convenient shopping experience.
Raise your hand if you’d like to improve your retail store’s sales.
Whether you’re looking to build on the positive momentum or trying to fix a dip in sales, you’re in the right place.
We’ve curated a list of tried-and-true things they’ve done that had a measurable impact on their sales.
Let’s dive in!
Focus on the customer service
Prioritize your customers
Turn your store into a destination
Refresh your in-store displays
Reduce wait times
Generate more online awareness
Increase in-store foot traffic
Set up a customer loyalty program
Level up your staff training
Focus on upsells and cross-sells
1. Focus on the customer experience
Your employees are your store’s front line. They’re the ones interacting with customers, creating positive connections and actually selling your products, so it makes sense to invest in them. To get your staff to effectively drive in-store sales, it’s important to:
Hire passionate people: When a sales associate is passionate for the products they sell, it seeps into how they interact with customers and makes them more likely to create positive interactions.
Focus on the customer’s needs: While sales are certainly important, actively listening to customers is even more so. By listening to what the customer says, sales associates can identify their pain points and better find a way to solve them through the products they sell.
Emphasize the importance of personalized interactions: There’s no cookie-cutter way to work in sales. Actively listening to a customer’s wants and needs helps a sales associate find the product that’s right for them.
A retail store is a great touchpoint where you can engage with your customers directly and help them solve their problems. Offering great in-store customer service that simply can’t be replicated online is the key to more lifelong retail customers (and sales).
Make your customers your top priority. Which brings us to the next point…
2. Prioritize your customers
Being customer-centric is something that every retailer should aspire to be. It really comes down to understanding what your customers want and making their needs your top priority. That doesn’t just end at having the products they want in stock. It starts by making customers feel good.
If your sales associates treat the people that walk into your store like people, you’re heading in the right direction. Nobody likes being sold to, so enough with the pressure sales tactics. Just have a conversation with the customer, find out what they need and propose a few solutions that match their price point. If they like your service (and the product), they’ll come back.
If you don’t carry the product that your customer truly needs, don’t be afraid to recommend it to them anyway and tell them where they can buy it. They’ll appreciate the help and your sales associate will establish trust with the customer. When that customer comes back to your store, they’re far more likely to trust your sales associates as a result. Think long-term relationship-building, not short-term sales!
The most successful retailers are obsessed with their customers and making them happy. Are you?
3. Turn your store into a destination
Customers crave unique, creative and memorable in-store experiences. Not only does that include approachable, knowledgeable staff (that’s a given), it also means rethinking the way your store operates. People are so accustomed to the typical store setup: there are products, salespeople and a cash register—boring. Some companies have pioneered a new store format called experiential retail.
In a nutshell, what that means is that the store’s goal is more than just to sell products; it’s to create an immersive experience that focuses on customer engagement. And they achieve that with interactive product demos and fun activities that are related to the products they sell.
For example, a visionary mattress store has provided nap pods that people can rent for a 30-minute nap. They come fully-equipped with an original mattress, sheets, and pillows, along with a bathroom to freshen up after your nap. If people enjoy their nap, their perception of the brand’s products is positive and the probability that they will make a purchase and become brand evangelists is higher.
There’s science to back this up, too. When a person touches and interacts with a product, they’re more likely to develop an affinity for that product.
In an article published by Harvard Business Review, Lawrence Williams, a marketing professor at Leeds School of Business, says “Physically holding products can create a sense of psychological ownership, driving must-have purchase decisions. This idea may underlie the push to move inventory from display cases into customers’ hands, a trend seen in many electronics outlets such as the Apple Store.” Pretty cool, huh?
Experiential retail is blowing up and there are tons of ways you can apply the concept in your store. We teamed up with Cate Trotter, Founder of Insider Trends, to cover this topic in-depth—read her piece below!
4. Refresh your in-store merchandising
Assembling persuasive in-store merchandising is part art, part data.
You use data to pinpoint which products are typically bought together, and you use your creativity to make those products look irresistible.
Good in-store merchandising will have no clutter. The only things that your eyes are drawn to are their products. Displays that are too busy will just overwhelm your customers and make your store look cluttered and unkempt. The store planogram has to be well organized. Every product has its place. It’s easy for customers to find what they’re looking for faster, which contributes to a better overall shopping experience.
Related products are grouped together. Notice that pants and shirts from matching color palettes are next to one another. (Hint: if you want to see which of your products are typically bought together using ETP Omni-channel Analytics, just check out your Products Frequently Bought Together report.
Must-have, low-cost accessories are nearby. Odds are, if you’re buying stylish gym gear, you need a bag to carry it in, right? The store will therefore place their tote bags next to their gym gear for exactly that reason.
5. Reduce wait times
Long wait times to pay are a big turn-off for customers and can cripple your sales. Research shows that most customers will typically abandon a checkout line and leave a store after waiting just six to eight minutes before heading for the door. The best way to stop losing sales due to long checkout lineups? Eliminate them altogether.
Brick-and-mortar retailers need to “banish the wait in line, once and for all” to avoid losing sales. But how do you do that?
It starts with scheduling enough sales associates to serve customers quickly even during peak hours. In ETP Analytics, you can easily see when your peak business hours are in the Sales by Hour of Day report. Use that information to make sure you schedule enough workers to assure you’re promptly serving each customer.
Next, why not eliminate cash registers altogether?
Unlike traditional cash registers and in-premise point of sale (POS) systems, cloud-based POS systems and mobile POS systems enable sales associates to serve customers and ring up sales from anywhere in the store. Retail MPOS helps customers get in and out of your store as fast as possible, which is what most of them want anyway.
Ring up sales from anywhere – with ETP’s mPOS software – ETP Mobile Store, you can eliminate customer wait times and reduce lost sales, all while offering amazing service.
6. Generate more online awareness
‘Clicks and bricks’ isn’t just a catchy line; it’s literally how consumers shop now.
Last year, more than 80% of retail purchases were made by first using online search. Increasingly, people are researching what to buy and where to buy it online before ever setting foot in-store. When they get to the store, those multichannel shoppers spend an average of three times more than single-channel shoppers.
Of course, retailers should have an online presence, but that doesn’t just mean having a transactional website. Things like a Google My Business (GMB) profile, Facebook and Instagram are amazing tools to get discovered by more potential customers in your area.
With a little bit of work, you can make it easier for people to find your store online, research what products you offer and get directions. Your goal is to make it as easy as possible for customers to see that you have what they need.
Setting up a GMB profile and optimizing your Facebook and Instagram accounts for local online searches isn’t as hard as you may think.
7. Increase in-store foot traffic
What good is online awareness if nobody is actually visiting your brick-and-mortar store or buying online? It’s not worth very much.
Part of that is getting a transactional eCommerce store up and running; the other part is showing customers that your brick-and-mortar store has what customers are looking for.
There are several ways to incentivize customers who discover your store online to visit and make a purchase.
Organize in-store events. The benefit? If a customer is interested, they have to visit your store. Things like weekly clubs, workshops and hands-on events are a great way to build a community and generate more visits.
Run exclusive in-store offers. Nobody likes passing up a great deal. Try offering a free giveaway for in-store purchases, or featuring certain items available exclusively in-store.
Show inventory levels online. People are more likely to visit your store if they know you have what they’re looking for. With ETP Omni-channel Inventory Management solutions, you can show your brick-and-mortar inventory levels online in real-time at the click of a button.
Offer free in-store pickup. This option benefits both you and your customers. For them, they can avoid paying for shipping, while you save on shipping costs.
8. Set up a loyalty program
A loyalty program incentivizes customers to purchase more to unlock personalized rewards. It’s a super accessible way to increase customer lifetime value while rewarding your customer’s loyalty to your business. When customers can use their loyalty program points to discount future purchases, you can bet they’re going to take advantage.
9. Don’t treat product returns like a loss
Returns happen, and when they do, customers should get the same great service as when they bought the item. Put yourself in their shoes. The product didn’t work out; they’re disappointed, too.
Treat each return like a sale and serve them willingly and with a smile. It makes the customer feel like they’re valued for more than just their hard-earned money, which creates an emotional sense of loyalty.
If they appreciate your service, they’re more likely to make another purchase at your store. Make the process quick and painless, and most important of all: treat your customers with positive intent.
Of course, there are serial-returners out there who will try to take advantage, but a loyal customer base that consistently shops at your store because of great service more than makes up for that minority.
10. Focus on upsells and cross-sells
Upsells and cross-sales can add up; have you considered making them a part of your sales strategy? When done wrong, it can make your sales associates (and your store’s reputation) look dodgy and self-serving. But when done right, it’s just flat-out great customer service.
With upselling, you should train sales associates to use the rule of three. Take the item that the customer was initially interested in (for example, a pair of running shoes) and show the customer three different models at three different price points (entry-level, mid-level and high-end). This is the best way to upsell since it shows the customer that you understand their needs. You want to show them everything that’s available so that they can make the most informed decision possible. You’re not pressuring them; you’re informing them.
With cross-selling, you should apply a similar approach: don’t try and sell a customer something they don’t actually need. Going back to the shoe example, an illustration of an authentic cross-sell would be educating the shoe shopper on the various types of running socks: from expensive compression socks and moisture-wicking ones to the generic cotton socks. Educate them on the differences between the three and let them choose what’s best for them.
With cross-selling, another important factor is “does this purchase make sense?” For shoes, socks are pretty much a given, but sometimes it can be tricky. The best way to find out if a customer needs anything else is to simply ask, “Could I help you with anything else today?” After all, a sales associate’s job is to facilitate the customer’s needs and offer solutions. Suggestive selling is the most authentic way to do that without coming across as an overly-pushy, selfish salesperson.
Summing up, hopefully you can use the above tips and tricks to increase retail sales. Ultimately, it comes down to prioritizing your customers and understanding that you’re in the business of serving them.
From your staff to the systems you use to run your store, everything and everyone’s job should be to create more “wow” moments and earn their trust; the sales will naturally follow.
Want to create an efficient in-store experience that your customers will love? Talk to one of our retail experts today to see how ETP V5 can help!
Consumer expectations have undergone a significant shift, with a focus on convenience, connected shopping experiences, and personalization. Discover how to leverage your stores to elevate and distinguish your customer experience.
Omni-channel retailers now regard their stores as crucial assets worthy of investment. Last year, offline sales outpaced e-commerce for the first time, with physical stores growing at 18.5 percent compared to e-commerce’s 14 percent growth. While e-commerce is projected to surpass physical stores in future growth, the spotlight remains on stores. For most omni-channel retailers, this e-commerce growth implies increased investments in physical retail. Stores play a pivotal role in creating and satisfying customer demand, even if transactions eventually occur online.
Stores enhance brands by providing a tactile, human-centric experience that is impossible to replicate online. Store staff build trusted relationships with customers through advice, service, support and sales. They are often better at acquiring customers and stimulating repeat purchases than digital channels..
Furthermore, stores support e-commerce by positioning inventory near customers—the source of demand. Practices like click and collect, ship from store, and in-store returns have become standard for fulfilling online orders. Without a store, many online orders would not happen, and would be unprofitable. Thus, store-based retail is not going away, in-fact quite the opposite – its importance in the human interaction and social sharing aspect of retail is only becoming more sacred.
For multi-store retailers, the concept of stores is evolving from mere storage to spaces of exploration. The quality of this exploration is now more critical than ever. However, many retailers struggle to meet customers’ omni-channel demands and lack the infrastructure for modern shopping journeys expected by digitally-savvy post-pandemic consumers. They rely on disjointed, siloed backend systems that are cumbersome, inefficient, and costly to integrate. While they’d implemented quick fixes during the pandemic, they now require a comprehensive, long-term solution for unified data across all channels. The pressure is mounting on them to implement change rapidly and create the new “phygital” customer experiences demanded by the business.
So, what are the new capabilities retailers need to modernize their customer experience for digital-first retailing?
Stores that Amplify the Digital Experience: The rise of live online customer experiences extends beyond social media and chat assistants to virtual shopping appointments. Retailers leverage store staff expertise to boost digital sales and service by providing in-store teams tools to connect with shoppers digitally. Unified commerce solutions automate the end-to-end process, from customer communications to seamless sales transactions and quick deliveries.
Digital Convenience in Stores: The POS used to be the epicentre of the store technology experience. But today, consumers expect unlimited access to information and functionality to inform their purchasing decisions, and demand digital convenience inside the store. Retailers empower customers by integrating digital services, enabling loyalty point lookup, exploring product information, and creating digital wishlists in stores. Digital screens for instant browsing and shopping provide ‘endless aisle’ capabilities for browsing and ordering from the entire inventory.
Self-checkout evolution into Self-service: Retailers modernize the checkout experience for customer convenience. They’re putting customers in control with fast and flexible self-guided assistance, mobile point of sale, and contactless payments anywhere in-store, out in the warehouse, or at trade shows and pop-up stores. Self-serve kiosks are practical for larger stores; grocery and convenience store retailers are taking advantage of new self-service software for touchscreen terminals, creating fast and memorable experiences.
Endless Aisle for Seamless Ordering: Consumers choose retailers based on the ease and flexibility of the end-to-end experience. Retailers focus on the entire customer journey, implementing a ‘buy anywhere, fulfill anywhere’ strategy and a central unified commerce platform. This provides real-time visibility of inventory, orders, and customer data across the business. That means customers can shop for products of their choice, whenever they feel like it, using their most convenient channel. Endless aisle access to inventory lets customers order any product and get it delivered to any address.
Flexible Omni-channel Fulfilment: With ecommerce sales returning to pre-pandemic growth levels, services such as ship-from-store, click-and-collect, endless aisle and returns anywhere are all just table stakes today. Retailers are prioritising capabilities that help them to launch and scale omni-channel experiences faster by improving store fulfilment efficiency and enhancing the store pick-up experience. They create hybrid stores supporting online sales while meeting customers’ expectations for fast pick-up and delivery. Ship-from-store capabilities not only enable ecommerce orders to be shipped from stores, but stores can also ship orders placed in other stores. And with a unified view of inventory across all stores and DCs they can quickly see where inventory is located, and choose the fastest route to fulfil orders.
Unified Channels Enhance Personalization: As buying journeys start online and store visits become more planned, customer expectations for a seamless ‘one brand’ experience rise. However, many retailers have channel silos – which means any interaction or activity that the customer had with them online is not available to the customer or staff within the store. Retailers deliver personalized experiences using AI and intelligence across online and offline channels, delivering timely and relevant communications, recommendations, offers, and rewards. This extends into other communications such as e-receipts and shipping notifications.
Unified Employee Experiences: A great customer experience depends on a great employee experience. Retailers invest in employee efficiency and enablement, equipping in-store teams with relevant customer intelligence like loyalty points, wishlists, and sales histories – to equip them to add more value to their customer interactions. AI technology offers personalized upselling recommendations during click-and-collect pickups. Localized pricing ensures up-to-date, competitive pricing, empowering teams to make informed, on-the-spot decisions.
In conclusion, there’s a colossal shift taking place right now in how multi-store retailers plan, build and deliver their in-store customer experience. The prime driver behind this upheaval is the boom in ecommerce that is creating new online shopping habits and reshaping consumers’ expectations of in-store experiences. The synergy between the online and offline embodiment of a brand, understanding the customer’s path to purchase and shopping history have all become fundamental to creating lifetime customer value.
ETP Group has a proven and reference-able track-record of success supporting multi-store retailers at the forefront of omni-channel innovation, with a robust product capability and experience, and the right people and processes to move fast.
