Top Three Key Trends Driving Retail Innovation
December 7, 2017
This is one of the most exciting time to be in the retail business since the advent of the cash register. With incredible new innovative technologies helping shape personalized experiences for consumers both in-store and online, there’s no better time to be in retail. The retail landscape is drastically and quickly evolving in ways that were unimaginable just a couple years ago. And, perhaps even more exciting, there’s no end to the innovative possibilities! Technology will only expand its influence in the buying decisions of consumers as retailers everywhere progressively turn to new technologies and products to bridge the gap between physical retail environments and digital. With a primary focus on creating positive, engaging, and unique shopping experience for consumers, it’s critical that they understand the importance of big data and in-store analytics as well. Retailers need to adopt cloud-based solutions that unify commerce. With the process of digital transformation continually growing, the following are three of the top trends in POS that both retailers to understand in this rapidly changing retail environment.1. Big data analytics usage will increase Big data and in-store analytics are just the thing that retailers need to determine exactly what is going on inside their stores. This year, we will continue to see them as they apply to every stage of the retail process by defining retail trends, forecasting where the demand will be for products, enhancing pricing for a competitive edge and classifying the consumers who are most likely to be interested in buying those products.Yet, perhaps most powerful of all, big data analytics are being utilized most regarding location. Understanding where customers are in-store enables retailers to take quick action when it comes to making decisions on tracking, stocking, and re-stocking products on a regular basis. By tracking products from shelf to the shopping car enables retailers to map trends in the market.Furthermore, analytics continue to change the retail industry by providing distinguishability across all engagement channels to help retailers / businesses further gain insight about consumer purchasing behaviors and patterns. Those connecting multiple channels in real-time are the ones who will lead the industry. Yet, in order to do so, retailers must take advantage of technology architecture that allows for easy integration of unified commerce, allowing for web and brick-and-mortar stores to become one. Leveraging big data and in-store analytics hinge a retailer’s ability to accumulate data as well as understand insights that profit the business’ bottom line.2. Personalized in-store customer experience Retailers are discovering they need to provide a more personalized experience for each individual shopper. Personalized technology solutions, particularly with mobile, will allow for a more interactive customer experience. Through the emergence of new mobile POS technology, retailers can give customers broader choices to accommodate their shopping habits. Additionally, customers will be able to personally modify or complete transactions anywhere in the store, which means a faster and better customer experience.Mobile POS systems are on the rise, which means an increasing integration of unified commerce. Because of this retailers can ensure that a seamless view of the customer touchpoint is available from all platforms from web to in-store. Mobile technologies are empowering retailers to gain data that is integrated into the retail ecosystem. Marketers and customer service teams are in contact with shoppers at every point along their purchasing experience. Because of this, consumers can expect quick payment processes, improved customer service, and greater access to deals and personalized offers.3.Cloud adoption will create new opportunities for future proofing Outdated technology is hampering large retailers when it comes to staying up-to-date and current. More than ever, retailers are looking for solutions that are easily upgradable while offering a design that allows for seamless upgrades in the future. This year, we will see an increase in the number of small- and medium-sized retailers adopting cloud-based solutions. Cloud-based solutions allow retailers a host of POS solutions. The ability to upgrade their systems, while also having access to software across all stores. Leveraging the cloud makes it easier for consumers and retailers to access the latest technology and keep their systems updated. POS systems are being integrated through the cloud not only with peripherals but also backend solutions and payment card solutions. The expansion of POS systems to the cloud will reshape the POS technology sector entirely.Is your business ready for the year ahead? Is your POS system up-to-date? Give us a call and we can help you find the perfect POS solutions for your business.