The retail challenges for the coming years
COVID-19 and new technologies are changing the ways retailers are interacting with their customers. These are significant retail challenges for years to come.
They now have to deal with a drastic change in consumer behavior and keep up to date with a large amount of information. Accelerated innovation processes are challenging Retailers to improve their operation(s).
The first step is to understand the challenges and start planning a consistent and effective strategy for the long term.
This article will present the areas which demand more action from retailers to ensure they don’t lose their share in this very competitive market.
Meet the expectations of new consumers
The profile of the new consumer is still unknown to many Retailers. We are in a transition period where some buyers do not want to forego the traditional purchasing method, and some are moving to have all their demands catered for with just one click. Retailers need to be able to provide a solution in both scenarios. The fact is that the focus is increasingly on the online consumer. Therefore, it is worth knowing your customer profile better.
In the new profile, mobile devices gain even more relevance. In other words, retailers also need to migrate to this new environment. Websites, web stores, communication channels, and sales processes need to be more aligned with an online mobile format.
Use information strategically
Retailers used to invest in technology to improve commercial operations. The investment was focused on the payment and automation of routine tasks. This is no longer sufficient. Data analysis is now crucial to the success and growth of any retail organization and should be taken into consideration when choosing your EPOS system.
Retail is one of the greatest impacted segments by the phenomenon known as Big Data. Imagine how much information a consumer delivers when passing through the point of sale. Each item purchased is a relevant item for the store and potentially customer loyalty. It reveals the buyers’ preference, i.e., Baby food can indicate if they have a child and what age they are approximate.
Useful data is generated every day in a retail store. Undoubtedly, this is precious information for business strategies, but in general, retailers still have enormous difficulties in capitalizing from this data.
The biggest challenge is not capturing this information, but on how to analyze it. Thus, it is necessary to invest in an efficient system to facilitate this process.
Retail Solutions EPOS products offer exceptional value for money as they are designed to meet both the present and future needs of a dynamic commercial environment and are the foundation for the profitability and sustainability of your business. We support customers large and small, from individual stores to multiple locations that require total, seamless connectivity and integration.
Integrate sales and service channels
One of the significant challenges of retail is the adoption of a multichannel service. Consumers are moving between different buying channels, from the point of sale to webshop and back. Retail has to be able to provide both to ensure it doesn’t get left behind.
The service must improve the customer’s experience as they have chosen their preferred channel over another for a reason. Often, products sold in one environment are not available in another.
The consumer who accesses the page of a store on the internet and analyzes prices and brands of products intends to purchase. They may not find the same values and items if they decide to purchase at the point of sale. The opposite also occurs. This kind of situation should not happen. It is the same way with customer service, which needs to follow its standard, regardless of the purchasing channel.
To overcome this challenge, having a single supplier for all channels can avoid many headaches, save time and money by unifying the service providers.
There is no doubt that technology is continuously evolving and that change is occurring quicker and quicker. Choosing suppliers that are attentive to this evolution by developing quick solutions is the best option.
Beating all the challenges still depends on the training and qualification of the teams. Companies that provide training and support help with this transition and empowerment of everybody involved in the operations.
Information can also be an ally when facing retail challenges. Follow our blog and check our products and solutions. Our commitment is to stay tuned and connected with market trends and the needs of our customers.
About the author
Juliane Camozzato is a Marketing Executive at Retail Solutions specializing in Digital Marketing and Business Innovation. You can follow her on LinkedIn!