Retaining Your Retail Footprint with Technology!

Technology... some days we love it, other days, it completely fails on us! For retailers in 2024, the technological landscape is changing dramatically.

The use of AI, Smart Shelves and RFID (Radio Frequency Identification) to name just a few(!), is set to re-shape retail operations, their relationship with supply chain, inventory management, and most importantly, customer experience.

In saying this, smaller, boutique retailers won't adopt these new age technologies straight away...

Such technology is targeted at larger, commercial, global retailers, which we hope, will reduce excess resources and waste, better track the product journey within the supply chain, and meet the ever growing demand of consumers.

However, as small, independent retailers, you equally don't want to fall behind the curve!

With "re-commerce" (retail commerce) growing at a rate we can barely keep up with, your retail footprint and what you're doing to maintain this power, has never been more important to now and in the future!

So....What technologies can small business adopt to stay current and retain retail footprint?

1. Have a website? Enhance your e-commerce platform with Omnichannel integration. Omnichannel merges your online and offline channels to provide a cohesive shopping experience across multiple touchpoints. Features like, 'click-and-collect' and 'in-store pick-up', plus synchronized inventory management! Advertise your ‘in-store pick-up’ service on your front window! Better yet, go one step further and use a QR CODE to sell your products or services from your physical shopfront window!

2. Does your website have an AI chatbox? Enhance your customer service for those who can't visit on foot (or have discovered you online, and would like to know more!!). Provide instant support and assistance to shoppers - a great alternative to email to keep online shoppers engaged!

3. Social commerce! Sell your products directly to your followers via Instagram and Facebook. Make your posts "shoppable". Tag your products (if possible) and host live shopping events and competitions to drive hype and boost sales i.e. "Giveaway", "For a limited time only", "one-of-a-kind collection landing SOON"

4. Acquire the basics, i.e. TouchPay and emailed receipts. Not only does this help increase your customer database, but it helps to reduce your carbon footprint by using less paper! It's a win-win for your business and the environment

5. Interactive displays! Create a QR Code for in-store displays featuring helpful guides on, “How to use” and “How to style”. Links could also take customers to your website, Instagram page and any other platforms featuring your brand! Use captivating, eye-level signage such as, ‘Re-imagine your space; SCAN HERE to view our NEW collection now!

6. Invest in data analytics and business intelligence tools to gain actionable insights into customer behaviour, market trends and sales performance. Use these insights to make informed decisions, optimise marketing strategies, and identify growth opportunities.

Retail on all levels can exceed both their physical and ecommerce footprint when technology, innovation and meeting the needs of community stay at the forefront of their business model. Look to implement one, if not, all of the above to continue to grow your business in 2024!