With 60% of shoppers stating that retail technology provides value to their shopping journey, it’s no surprise that businesses are looking for new ways to engage consumers, streamline processes and personalize offerings with IT. See how retailers can also use these same tech trends to improve employee experiences.
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When tracking consumer trends to see how your business can improve, here are some key statistics to keep in mind, according to PWC:
43% of buyers are willing to pay more for a great customer experience.
One in three consumers (32%) will walk away from a brand they love after just one bad experience.
Speed, convenience, helpful employees and friendly service matter most, hitting over 70% in importance to consumers.
82% of buyers from the United States would like to experience more seamless human interactions in the future.
Three out of five consumers feel retail technology has already improved their shopping experience.
Scenario: A consumer is in a hurry and can’t find the product she needs. She asks one of your employees for help. How might the worker quickly locate the exact item she’s searching for?
Solution: If your business effectively uses Radio Frequency Identification Scanners (RFID) and barcode technology to enter products into its system, your employee will be able to easily pull up a list of inventory to find out if the product is somewhere in the backroom.
Scenario: 61% of consumers still use coupons. Your business needs a way to get new promotions and deals out to your buyers. What’s a cost-effective and green way of doing this?
Solution: Investing in a mobile app that leverages rich data analytics coupled with the Internet of Things (IoT) can help you send timely, personalized promotions based on shopper behavior or demographic — without paper coupons.
Scenario: More than two-thirds of American consumers between 18 and 34 prefer to use self-service at quick-serve restaurants. How could a midmarket restaurant business incorporate this service into its experience?
Solution: Having a small tabletop checkout systems based off of tablets on the tables empower consumers to order, request assistance, pay and leave on their own terms. Your staff would then have more time to welcome in new guests, clean, prep and serve.
Scenarios: Imagine a consumer shopping online looking to return and item. It’s an odd hour of the night, how can you assist them?
Solution: 53% of service organizations expect to implement chatbots for customer support services. With a chatbot, your business will be able to provide an instant, automatic, online response about store return policies.
The average turnover rate for the retail industry is more than 60%.
In addition to feeling unproductive and unsupported, employees who work with outdated technology are 750% more likely to be frustrated and 450% more likely to quit.
New hires can cost a company anywhere between 1% and 2.5% of its total revenue.
How can you offset these costs?
84% of retailers will be using mobile POS systems by 2020, and 89% will offer mobile solutions to their sales associates within the next few years. Help workers:
The ability to quickly get in touch with teammates working in the backroom, walking the floor or manning the register can help streamline processes. Help workers:
Collaborative scheduling solutions:
Make more informed decisions.
Using automated traffic counters can help enhance visibility into your business’s average visitor count. Use this information to improve your advertising strategy and overall sales conversion ratios.
Protect your data.
53% of midmarket companies in 26 countries experienced a breach in 2018.
54% of these breaches caused financial damages exceeding $500,000.
Invest in software.
You can use IoT-enabled sensors to:
Anderson, C. (2019, May 21). Adopting Cutting-Edge Security Technologies to Combat Theft.
Cisco. (2018). SMB Cybersecurity Report.PWC. (2018). Experience Is Everything: Here’s How to Get It Right.
Global News Wire. (2018, April 9). Driving Loyalty Through Customer Experience Is the Future for Travel, Says Research Survey by Expedia Affiliate Network and Points.
Greene, M. (2018, Nov. 8). Self-Checkouts: Who Really Benefits From the Technology? CBC.
Nicasio, F. (2019, May 20). Why You Should Train Your Retail Employees on Technology – and How to Do It Right.
PR News Wire. (2018, June 26). The New Digital Workplace Divide: U.S. Workers Whose Employer Provide Outdated Technology Feel Less Productive.
Society for Human Resource Management. (2017). Human Capital Benchmarking Report.
Sweezey, M. (2019, Aug. 4). Key Chatbot Statistics to Know in 2019. Salesforce.