Over the past few years, the retail industry is in a constant state of transformation. And, in order to flourish in this highly dynamic environment, retailers must monitor the sector for upcoming opportunities and introduce relevant strategies to tackle the same. The rise in E-commerce sales has made it difficult for traditional retailers to attract new customers. From convenient and low-cost product offerings to time-saving shopping experiences, E-commerce firms are rapidly acquiring a larger market share. As a result, Brick and Mortar retailers must invest in innovative strategies to increase in-store traffic and promote high conversion rates.
Investing in Technological Advancements
Advancements such as Machine Learning, Artificial Intelligence and Data Analytics have played a significant role in improving current business practices. They enable firms in gathering, storing and processing accurate and real-time store data. As a result, businesses can launch strategies to attract and retain their target audience successfully. These advancements also improve in-store profitability by more than 40 percent and promote optimal utilization of resources. Therefore, industry experts predict that investments in these advancements will continue to rise in the upcoming years.
A concept that has been gaining immense popularity over the past few years is Digital Signages. According to a recent market study, over 35 percent of shoppers prefer stores with digital signages as they are more informative and interactive in nature. These signages can be personalized according to current marketing trends and are expected to improve customer satisfaction and retention in-store. Therefore, industry experts consider digital signages as a vital strategy in promoting customer engagement in brick and mortar outlets.
People Counting Solutions
When it comes to evaluating key performance indicators (KPI’s), monitoring store footfalls is imperative. People Counting Solutions enable companies to monitor traffic, popular zones in-store and overall time spent by visitors. As a result, retailers can gain valuable insights on which areas can be improved and launch strategies to gain an advantage over their competition. People counting solutions also enable businesses to optimally manage crowds in-store and allocate staff according to traffic to avoid wastage of corporate resources. Therefore, store owners can reduce lost sales opportunities by 25 percent.
Retail stores are diminishing. The business environment has become very competitive and unpredictable in nature. As a result, brick and mortar firms must launch various strategies to ensure continued growth and survival in the retail sector. Furthermore, these businesses must also continually monitor the environment for industry trends and customer preferences to generate better shopping experiences and promote repeat purchases.
Written By: Ranjeewa Dias
Business Technology Manager