The pandemic has accelerated the digitalization of society and has particularly changed retail. As stores and brands had to adapt to lockdowns and public safety measures, consumers discovered they liked innovations like omnichannel. Now businesses can see that the stores that survive and thrive are the ones embracing Retail 4.0. Here are some examples of trending retail technologies stores can leverage to stay competitive in the new normal.
Point of Sale Systems and e-Commerce
Stores that harnessed omnichannel capabilities like buy online, pick up in-store (BOPIS), same-day delivery, online shipping, and buying through social media apps have proven the most successful. The advantage of omnichannel is that it gives customers several different ways to purchase. However, the challenge then becomes developing a POS system that can accommodate all these different channels.
Since the pandemic started, nearly 60 per cent of retailers have made omnichannel their top POS priority. Other high priorities include a unified e-commerce platform and mobile POS.
Indoor Positioning Systems
Using the Internet of Things (IoT) and indoor position systems (IPS), stores can generate maps in their official app for customers that show them their location in the store and the locations of the items they’re looking for.
More than that, as IPS track a customer’s location, the app can offer them targeted suggestions and deals. Data showing customer patterns and behaviour can also provide insight into product placement.
The global indoor location market is expected to grow to almost USD 20 billion by 2026.
Phantom inventory, stockouts, and other inefficiencies cost retailers time and money. Artificial intelligence can help manage inventories more effectively. For starters, AI and machine learning algorithms can more accurately forecast demand, directing retailers on which inventory to prioritize. AI-powered demand forecasting can reduce errors in supply chain networks by as much as half.
Manual end-to-end inventory management is also inefficient. AI can provide optimized history, data correction services, and location planning strategies. Moreover, AI continues to learn and upgrade, automatically using the most appropriate forecasting method.
Some estimates project that implementing AI in inventory management can reduce costs across all operations by 32 per cent.
Drawing on our industry knowledge and expertise, SHEA has developed the ultimate retail technology solution. SMART Retail offers a ready-to-go, out-of-the-box implementation with features such as standardized system designs, test scripts, installable configuration, training assets, vendor ISV solutions, specific currency data, and documents.
It is ideal for:
- Warehouse and distributed order management (DOM)
- Replenishment planning
- Reporting and standard store KPIs
- Loyalty management
- Product numbering retrieval
- And more
If you would like to learn how you can leverage SMART Retail for your store, contact us today.