2020 Vision - How Retail Businesses Are Adapting to Modern Tech

Modern technology has made its mark on hundreds of industries in the world. Retail which is one of the biggest industries in the world is no stranger to this concept and is forecasted to further adapt to modern tech in years to come. If you are a business owner who is looking to further immerse your empire in the wonders of modern technology, this is the article for you. Today, we have a look at how retail businesses are adapting to modern tech, so read on to find out more!

Scheduling Has Never Been Easier

Without a doubt, one of the biggest factors that contribute to running a retail business smoothly is scheduling. Scheduling is the backbone of your workforce as it ensures that you are never understaffed and that employees are kept happy, healthy and flexible with their hours. There is no better way to go about this than with the help of a timesheet app. A timesheet app can save you time by automating the scheduling process, allowing your staff to access it remotely and enabling you to ensure that you always have enough staff on hand. Automated scheduling is also a fantastic way to free up time that would otherwise be spent slaving over weekly schedules, allowing your employees to put their efforts into more important tasks such as customer service, product merchandising and advertising.

Contactless Shopping

Contactless shopping is a relatively new way of operating a retail business and has recently gained popularity in countries such as China. Instead of having to line up at the till customers can simply scan a QR code of a product they are looking to purchase and pay with their online wallet. Sensors on shelves then register the product to the customer’s unique smartphone shopping ID to prevent theft.

Whilst this concept has yet to fully catch on in other countries, many retail outlets are now introducing self-checkout options for their customers. Again, customers are left to their own devices when shopping and paying for their items, allowing them more flexibility and the freedom to pay for and bag their items on their own. This concept not only creates happy shoppers but also reduces the amount of manpower needed to run your retail business on a day to day business. Staff can spend their time on other more pressing issues instead of standing at tills and checkouts all day long.

Interactive Windows and Displays

More and more retailers around the world are now shifting their focus from static displays to interactive windows and display ads. Gone are the days of a simple poster or window display – it’s all about the digital age in 2020. Many retailers are now using flat screens that not just display multimedia ads but also emit music and sounds that captivate shopper’s attention. Take for example Neiman-Marcus which has taken interactive displays to the next level with their “Memory Mirror”.

The Memory Mirror is a camera and a screen that captures a 360-degree view of a shopper and then allows them to preview what various different outfits may look like on them, thus reducing the lines at changing rooms. Less usage of changing rooms also results in your staff not having to spend hours and hours folding or hanging clothes, allowing them to focus their full attention on customer service instead.

Say Hello To The Chatbot

Not only do most retail outlets operate their businesses at brick and mortar stores, but they also make a killing online on their retail websites. Chatbots have recently become extremely popular amongst retailers as they allow customers to book appointments, have their queries answered and provide customer service 24/7.

Simple questions about orders or products are answered with the help of automation, allowing your customers to receive the information they need in real-time, even if your retail outlet is closed for the night. Chatbots are a fantastic way of increasing your customer satisfaction levels and can save you money which would otherwise be spent on paying 24/7 customer service representatives for your business.

Advanced POS Systems

Last but not least, any business that is looking to stay ahead of the game should invest in state of the art POS systems. Most businesses already utilize a standard POS system, but it is never too late to upgrade to something that offers you more features and benefits. A good POS system can assist you in keeping track of sales, inventory, accounting and even generate reports for your business that allow you to make better decisions in the long run. Ensuring that your POS system accepts multiple payment options is also important due to the rise in usage of mobile wallets and contactless payments in 2020.

With the rise in use of technology in all industries globally, it is absolutely vital that retail businesses do as much as possible to adapt to modern tech. We hope that this article has given you some insightful ideas when it comes to implementing technology into your retail business.