Keeping customers engaged can be difficult for retailers. While quality products, logical CPG Platform store layouts and efficient checkouts are key for customer satisfaction and repeat business, other factors are just as important, including a frictionless path to purchase.

Smart retail solutions are making the process faster, easier and more personalized for customers. In-store analytics, AI, AR/VR and IoT are just some of the technologies reorienting retail for the future.
In-store analytics

In-store analytics is a valuable tool for retail businesses looking to optimize store performance in various ways. This includes improving customer experience and engagement, enhancing operations and productivity, and driving sales and revenue. It can also help retailers detect emerging trends and identify areas for improvement.

The best in-store analytics solutions are those that can provide actionable insights in real time. This enables retailers to make more informed decisions that can lead to dramatic performance increases. This type of technology allows retailers to change, pivot, cut back or ramp up based on immediate and reliable business intelligence. Retailers can now become nimbler and more agile in a retail landscape that is constantly evolving, with new omnichannel requirements, far more demanding customers and a renewed emphasis on flexible and immediate merchandising strategies within physical stores.

One of the most popular in-store analytics technologies is RFID. It involves the installation of low energy electronic devices on all available shopping tools (carts, hand baskets, and wheels) that broadcast their position in real-time. This enables retailers to track shoppers’ entire journey in the shop, including when they leave or return a product, and how they interact with the products.

This information can then be used to improve merchandising, customer service, and inventory management. It can also be used to determine the right product placement in a store, which can increase conversion and sales. Additionally, retailers can use this data to identify underperforming and high performing stores, as well as better understand the customer to associate ratio. This can help them reduce staffing costs, optimize customer service, and improve productivity. Ultimately, in-store analytics can help retailers make the most of their limited resources and maximize ROI.
AI

Modern consumers traverse a complex network of physical and digital touchpoints, requiring retail businesses to be able to deliver personalized experiences that build loyalty. Smart retail solutions that flexibly connect to innovative digital technologies can help retailers meet these challenges. They provide streamlined work processes and valuable insights to improve customer experiences and drive business growth.

AI helps retailers identify and predict trends in customer needs. This allows retailers to offer personalized experiences and anticipate future purchases. AI can also be used to streamline customer interactions by automating repetitive tasks and ensuring consistent, accurate information. This reduces human error and ensures that all customers receive the best service possible.

In addition to enhancing the quality of service, AI can also improve customer experience by reducing response times and improving issue resolution. For example, AI-powered chatbots can answer customer questions, provide product recommendations, and suggest new items based on past purchases. They can also identify and track customer satisfaction issues to improve the customer journey.

Embracing technology is the key to staying competitive. Using intelligent automation solutions for point of sale and back office can help you stay ahead of the curve. TRUNO’s best-of-breed product portfolio enables you to build the perfect solution for your unique business needs. Our expert professional services team provides ongoing support, maintenance and updates to ensure your technology stays up to date.

Many tech-forward retailers have reimagined their shopping experiences by introducing digital services. These services include e-commerce, delivery, and even bitcoin ATMs. While these services are not traditional profit centers for convenience channels, they help them attract young adults and boost revenue. They can also provide a sense of security and comfort for their shoppers. Moreover, they can improve operational efficiency and enhance brand loyalty.
AR/VR

Virtual reality and augmented reality are disrupting the retail industry, transforming consumer behaviors and marketing campaigns. These technologies bridge the real and digital worlds, allowing brands to deliver unique experiences that create customer loyalty and drive business growth.

AR and VR are transforming the point of purchase (POP) experience by helping customers make better decisions. For example, fashion and beauty companies can use AR to offer virtual makeup trials and product try-ons. This can help shoppers overcome objections to purchasing a particular item, which can lead to higher conversion rates.

Additionally, AR can be used to provide a variety of other services at the POP. For example, an AR-enabled POS system can read barcodes and display detailed information about the product. This can allow employees to answer customer questions faster and improve store operations. In addition, AR can help retailers increase sales by displaying promotional offers on a store’s products.

Retailers can also use AR to offer personalized shopping experiences that cater to individual customer preferences. For example, a retailer can use AR to show customers how a new piece of furniture will look in their home or add virtual objects or filters to their photos. This type of technology is becoming increasingly accessible thanks to advances in cloud computing. As a result, smaller retailers can now benefit from the same tools that larger retailers have been using for years.

As AR and VR continue to transform the retail landscape, it is imperative that retailers focus on delivering the best possible customer experience. This can be done by providing a seamless omnichannel experience that caters to customer needs, offering personalized interaction, and making payments easy. This can be accomplished by integrating a secure, flexible, and reliable payment processing solution like Ingenico’s AXIUM POS platform.
IoT

The IoT market has been growing rapidly in the last few years. It’s estimated that the total value of IoT devices worldwide will reach $1.1 trillion by 2023. However, the market isn’t without its challenges. Security and privacy are major issues. Many consumers worry about hackers attacking IoT devices and using them to steal personal information or rob them of their money. Others are concerned that IoT sensors may be used to sell or share their data with marketers.

Despite these concerns, the advantages of IoT have outweighed the drawbacks. For example, retail companies can use IoT solutions to improve customer service and increase revenue by targeting specific customers with personalized offers. This can be done by tracking consumer behavior with IoT sensors and using predictive analytics to determine when they are likely to make a purchase. IoT can also be used to monitor inventory and optimize the supply chain. For example, retailers can use RFID tags and beacons to track inventory levels in real time. This helps to reduce waste and cut costs by ensuring that stock is always available.

IoT also helps retailers eliminate common friction points in the customer experience. For example, many physical stores have long checkout lines that discourage shoppers and require retailers to hire more staff during busy periods. Retailers can reduce these lines by installing self-checkout systems. This is an effective way to increase sales and improve the customer experience while reducing operating costs.

For instance, fashion retailer River Island uses a scanning system that allows shoppers to check out without human help. This system scans products with an RFID tag and updates the inventory database automatically. This saves time and allows employees to focus on other tasks. The technology can even be used in fitting rooms to allow customers to request a different size or color of apparel from staff on a smart screen.
Mobile payment

Whether shopping at a physical point of sale (POS), via ecommerce, or on the go, shoppers expect a uniform experience. Payment technology that syncs mobile ordering apps, POS terminals and ecommerce platforms with in-store checkouts makes it easier than ever to deliver a truly seamless omnichannel sales experience.

Mobile payments give customers the freedom to shop anywhere, anytime — and make them feel connected to your brand as they do so. Whether a business uses a mobile card reader to explore new markets with a pop-up store, or as a way to break up lines inside the store, it helps improve the customer experience and gives your team the flexibility they need to grow.

Smart retail solutions use beacon technology to deliver location-based offers, promotions and recommendations directly to customers’ smartphones. This personalization allows retailers to create a strong connection with their customers and increase loyalty. Additionally, mobile payments enable businesses to replace paper receipts with e-mails that automatically populate the customer’s inbox. This saves time and reduces waste.

TechForward retailers are embracing the omnichannel customer experience, which combines a seamless, consistent shopping experience across multiple channels. A unified approach to in-store, online, and mobile sales enables ISVs, SaaS providers and merchants to maximize their sales potential.

CBORD’s retail solutions power full countertop POS terminals, handheld devices, self-order kiosks, and online and mobile orders for food service and campus convenience stores. With a focus on student satisfaction and data insights, our mobile retail solutions help colleges and universities meet the demands of today’s tech-savvy students with modern options and unparalleled convenience.