WHAT TECHNOLOGY SHOULD YOU INVEST IN TO GROW YOUR RETAIL BUSINESS?
If you own a retail business, you know how important it is to keep track of a wide variety of data and processes. The use of technology can certainly help in this endeavor since data on inventory, customers, and sales trends are vital to helping make important decisions regarding the business in the future. Data analytics on customer product preferences, buying trends, and seasonal trends are essential in retail when it comes time to consider new inventory and marketing strategies. Here, we look at several technologies for retail business owners that will help grow their businesses.
1. DATA ANALYTICS
Customer Insights
The path a customer takes when searching for a particular product or service says a lot about that user's information searching patterns and buying habits. Google Trends is a popular platform to help retailers analyze the product search patterns of their target customer demographic. Google Trends uses comparative keyword analysis, which assists retailers in tailoring their product messaging accordingly.
Inventory Management
Managing inventory in the fast-paced world of retail is essential, and technology plays a crucial role in automating and speeding up this process. Automating certain processes eliminates human error and improves reporting accuracy. Technology also aids in real-time tracking and reporting of inventory availability. The data gathered from reports run on past inventory trends assists with forecasting demand for particular products, reducing costs.
2. CUSTOMER ENGAGEMENT
Interactive Displays
There are many ways in which customers can engage with and interact with the company. Using digital signage and interactive displays, customers can give their feedback in real-time on their experiences with products or services.
Digital Signs
Digital signs rotating with an ever-changing message of deals and promotional services lure in customers, while interactive displays aid in determining how customers use products. Digital signs can also include information about various products and upcoming events. All of these can incentivize customers to come to the business.
3. USER EXPERIENCE
Self-checkout kiosks
Consumers are increasingly using self-checkout kiosks in various settings due to their perceived convenience and efficiency. They are particularly used in grocery stores and when a customer only needs a few items. Libraries are starting to use self-checkout kiosks for simple borrowing, and restaurants allow for payment at the table via a self-checkout tablet. This ease of access and quick processing of payments create a better experience for customers.
Company applications
Nearly everything has a mobile application these days, primarily because many people conduct daily activities on their phones and find apps easier and quicker to use. Some of these apps include banking, library loan management, medical records, communication with doctors, and even restaurants and dining. Many conventions use specialized apps to help customers plan out sessions to attend and participate in virtual activities. Mobile apps allow customers to engage with the company and its services from nearly any location.
4. CYBERSECURITY
For retailers making use of online and mobile application services, cybersecurity is a cornerstone of success. Customers seek assurances that their online payments are secure and that their user data is protected. Current encryption programs help protect online shoppers and their data. For in-person payments, many retailers use payment services like Paypal or CashApp for cards, as well as a bill acceptor like the Platinum Bill Acceptor for secure payment acceptance.
5. CUSTOMER SERVICE
Technology has the potential to enhance customer service in many ways. Social media has quickly become the preferred way for businesses to interact with customers and gain customer feedback. Chatbots help streamline answering customer questions and redirect them to human representatives who can answer more complex questions. Chatbots can have built-in artificial intelligence tailor assistance and suggestions to the customer's needs, thereby enhancing the customer experience.
CONCLUSION
Technology is rapidly evolving every day in nearly every aspect of human society. In the retail world, technology is a valuable tool for staying ahead of competitors, enhancing the experience of customers, and ensuring repeat business. In the retail industry, technology can assist with inventory tracking, the customer experience, and improving online sales. Technology also assists retailers with in-person payments, such as bill acceptors, card payments, and many other secure payment options. If your business is in need of a technological boost, research your options and make the best choice for you.
By: Katherine Robinson, a writer for MicroTouch