Exit traditional retail , enter the era of connected commerce. Technology is pushing the boundaries of how we shop, and the physical stores are on the verge of transformation. There’s a direct link between digital connectivity and in store performance. Today, retail spaces can really resemble e-shops or be even more engaging, especially at the shelf edge. Immersion in customer experience and creation of value and trust, are key.
- With real time price automation, it’s possible to remove pricing errors completely, reduce the time spent on price tag updates, and minimize product waste.
- Dynamic pricing generates a market within market. It can be used to attract a wider circle of customers. Integrated with online, it can support an uplift in consumer engagement which transforms into increased sales. Implementation of Scan & Go adds a personal touch to the pricing. One-click payments increases loyalty – anything more than a five-minute wait in line might be too long and risk losing the customer. Payments are a critical customer experience factor and have a significant impact on conversion.
- Digital shelf promotions go with the creation of special menu, happy hours, ready steady sell-by date. The landscape is shifting from a mere information to experience that increases the likelihood of shopping in store.
What’s very important is to set very clear objectives for each technology. In store omnichannel can deliver a sales uplift of 5%, before you take into consideration precision targeted promotions and let’s say 2% extra profit. Keep in mind Google estimates the value of an omnichannel consumer is 30% more than a pure play one.
John Ryan, Stores Editor, Retail Week