How Retail Stores Are Adapting for 2019
With the world finally entering 2019, we face a truly dynamic era, where the digital world has transformed all aspects of life – including retail businesses.
In fact, the retail world saw a lot of transformations in 2018, none of them being easy. Some businesses flourished, while others perished. It was quite easily the survival of the fittest: a game where only the more adaptive, flexible businesses won; businesses that went with the technological tide instead of fighting it.
We had glanced at the prospects of future retail trends in a previous blog. But now, retailers stare at a new, ever-changing landscape. How will they adapt to 2019?
A Memorable Customer Experience
Customers are becoming steadily more aware of the impact they have on businesses, and hence expect a good buying experience in return. Admittedly, the meaning differs from one demographic to the next. According to research, baby boomers prefer in-person interactions with employees, while the millennial generation prefer enjoying the comforts of full automation.
What retailers are looking forward to is to give customers the best of both worlds: automation, and active interaction. Things like tablet-based POS systems, virtual reality experiences, cognitive intelligence and augmented reality have helped make simple customer journeys more exciting (and of course, automated!). On the other hand, personalised marketing helps retailers reach the hearts of consumers.
Considering the current situation of the general public, operating a simple cell phone or the internet is now almost second nature. Retailers must take advantage of this easy access, and set up their brand’s presence in e-commerce.
Now, we don’t mean simply shut down your store! In fact, experts have implied that the merging of brick-and-mortar with e-commerce happens to be the best solution for survival in modern times. You can launch a store with lesser investment, allowing you to better handle both your online and physical presences. Not only does this show a sense of modernity in the business world, it also offers more channels for customers. Increased customer interactions will ultimately lead to profits.
This is where a retail store’s true strength comes into play – how easily can they change to cater to multiple needs at once? The fact of the matter is simple: people have different preferences, and they want them to be known by retailers as soon as they step into their stores.
Consequently, retailers have found many ways to offer flexibility. Allowing customers to customise the kind of advertisements they receive, or allowing their advice and criticism to influence business functions through customer surveys are just some of the more creative ways customers’ voices can be made more prominent and meaningful.
Retailers have also gone as far as to offer multiple payment methods so that the checkout line never gets stuck. Modern Point Of Sale (POS) terminals have allowed this change to happen swiftly so that customers get a range of choice from the get-go.
The ideas to make a stand in 2019 have been borne by many retailers – the next step is execution.
To do so, owners have begun investing in POS that take their business on a whole other level. A good POS system like Oscar offers many management systems integrated within one platform – we’re talking about inventory, reporting, accounting, customer relationship management, and many more. Such software help retailers enjoy a blend of automated work functions, smart customer interactions, and accurate insights for the future.
If you are a retailer, then you have every right to be excited – before you, there’s an interesting new year filled with new opportunities to achieve success.