Retailers are having to deal with a lot. Changing consumer habits, economic uncertainty and increased competition both on and offline. To stay ahead, it’s important to be innovative. 8RC is a creative retail consultancy with more than 30 years of experience. In this blog post, we break down how today’s retailers are using technology to give themselves the edge.
Meeting consumer needs
Around 94% of UK adults own a mobile device. 43% of us pick our phones up within the first few minutes of waking up, and rely on it for everything from checking the weather to contacting friends. This behaviour extends to the shopping experience.
Online retailers like Amazon, ASOS and eBay present an ongoing challenge to bricks and mortar stores. Whereas independent brands are operating in a competitive market driven by social media. Those that are continuing to thrive are doing so by leveraging modern technology. Additionally, they’re increasing the ease of purchase through cashless payments and digital customer experiences.
Successful innovation in the retail sector
Brick and mortar retailers need to adopt a modern, forward-thinking strategy to get results and remain competitive. But what can they do to innovate using technology?
One of the biggest advantages of online shopping is its immediacy. Customers have all the information at their fingertips. Meaning they don’t need to ask questions and engage with shop assistants determined to upsell products.
Bringing this experience in-store creates a fresh and more efficient customer experience. With QR codes, customers can use their smartphone installed with the retailers app to easily scan items to find the information they want. In clothing retail, this may include stock levels, material and size guides. Combine the ease of QR codes with the in-store benefit of being able to try on garments.
There are no queues or time wasted with online shopping. Customers choosing to go in-store for their purchases want, and expect, a similar deal. Stores like Nike and Tesco are leading mobile checkout innovation, reducing the time customers spend waiting and increasing the ease of the shopping experience.
Shoppers can scan their own products using handheld devices or smartphone apps. Once they’re done, they can pay via their phone. This is just as quick as if they shopped online.
Interactive visual merchandise
One of the main struggles for highstreet retailers is getting customers through the door. With interactive visual displays, like those at selected Ted Baker stores, passers-by can play games to win rewards, like money off in-store and cash prizes.
This increases brand awareness, interaction levels, social media presence and most importantly, gets customers into the store and making purchases.
Find out more about strategies for retail innovation
If you would like to know more about how businesses operating in the retail sector can innovate to not just survive but prosper, then get in touch with 8RC today.