Technological advancements are creating new dimensions in the retail ecosystem. Point-of-sale equipment, electronic price tags, and IoT platforms streamline business operations. They help to build a bridge between consumers and retailers. Thus, empowering retail entrepreneurs of today to expand their business operations and profit margin.
Nevertheless, it’s baffling to turn a blind eye to the fact that integrating the latest technologies is one heck of a challenge, especially for SMEs. Before finalizing their decision, they need to understand the advancements and their respective benefits.
And that’s exactly what we are here for. Continue reading to discover the retail tech trends of 2023.
Inventory Accuracy Systems
Did you know that 81% of retail shoppers search online before visiting the physical store? It allows them to learn about product availability and price.
That means retailers need to calculate and update the inventory accurately to avoid out-of-stock (OOS) situations. It goes without saying, making an estimate manually increases the chances of human error. Thereby, you can lose potential customers.
Fortunately, inventory accuracy software can help store managers successfully accomplish this task. It will assist the managers in determining the amount of stock to order and when.
Some automated programs further alert the staff about the low or non-availability of products. A few systems are programmed to automatically re-order stock when a certain mark is touched.
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Electronic Price Tags
How often does your store face product pricing issues? If it has become frequent, it is high time to start using digital or electronic price tags. Better known as Electronic Shelf Labels (ESL), they eliminate the human errors associated with pricing, improve customer experience and assist with store automation.
In a nutshell, ESL enhances price precision, responsiveness, and safety resources. Additionally, if the labels are based on IoT clouds such as SES-imagotag’s products, it will make store product promotion an easy task.
Moreover, as employees are free from the task of updating the price, they can address customer needs efficiently. Ultimately, the customer’s trust in the store will grow, and sales will accelerate.
Packing plays a critical role in drawing the customer’s attention. If it’s appealing, it encourages customers to make purchases. That’s why many companies pay special attention to product packaging.
However, with the rising customer awareness, pretty wrapping is not enough to allure customers. Instead, the focus should be on innovative packaging.
It is categorized into active and intelligent packaging.
- Active packaging means keeping product quality in check by controlling moisture and temperature.
- Intelligent packaging means to keep the consumer well informed about product changes or status.
Put simply; it will ensure that the end-user is provided with accurate product information.
A smooth check-out procedure could be a game changer for your business, especially during peak season. It will boost store management, save the consumer time and increase sales. In fact, you can find many reputed retail chains running a pilot project of going human-free by deploying self-checkout technology.
In addition, you can integrate a point-of-sale program for seamless check-out for the que. It helps improve customer experience and cater to fast shopping needs.
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Customers, irrespective of the industry, seek services that’ll save them time and address their needs. Using the above advancements, you can be in line with your target audience’s requirements, and at the same time, boost the overall operational efficiency.