Adapting To Changing Consumer Demands in the Retail Tech Wave
The retail space is changing rapidly thanks to the retail tech wave. Along with this comes new consumer demands that most businesses have never encountered before. Adapting to these new requirements and needs is how your retail business can stay on top of the competition.
At Bretford, we want to dive deeper into these modern consumer technology demands and discuss the strategies to help your business adapt. With these tips and best practices, your retail company can easily navigate these changes and remain competitive. Let’s dive in.
The Current Retail Tech Wave
Technology has always been a critical part of the retail industry. Point-of-sale (POS) systems, online stores, and other retail systems play a huge part in streamlining transactions and ensuring customer satisfaction. However, things have changed at an accelerated pace.
The current retail tech wave now involves smart devices, artificial intelligence (AI), and complex data analytics. These innovations are changing the way we operate. The most profound upheaval might be in what customers demand or expect. What are these specific consumer technology changes?
How Are the Demands of Customers Changing?
As new tech speeds up transactions and customizes experiences, the following nascent customer demands are becoming more apparent.
Seamless Store Experience
Consumers want convenience now more than ever. In the online space, this means seamless use of your company’s online store or website. Those who want to shop in physical retail stores also want a frictionless experience, from getting information about a product to payment methods they intend to use.
Personalization of Experience
Contemporary consumers are used to how online platforms use algorithms and marketing messages to align with their personal tastes. This demand is also apparent in physical stores, like how a repeat client may ask for product recommendations or ask for a sales associate who understands their needs or buying patterns.
One Channel for the Entire Customer Journey
Retail customers expect a seamless omnichannel experience now that many are using online stores to make a purchase. This demand also translates to in-store experiences. Consumers want a single place or channel where they can make returns, process installation payments, and so on. In short, modern buyers want a unified shopping journey.
Key Challenges Retailers Are Facing
Based on the new demands we outlined above, retail stores may face the following challenges.
Integrating Retail Technology
The most daunting issue that retail companies currently face is integrating these new technologies into existing ones. Not only are modern systems more complicated, but stores may need new infrastructure as well as staff training. Your current IT system and team may not be able to integrate easily, leading to slower development and delays.
Interruptions in Operations Due to Mobile Device Downtime
One aspect of integrating tech is adding smart devices as part of your operations. However, smartphones and tablets have limited battery lives, leading to downtime whenever these devices need to be recharged. This disadvantage can lead to disruptions in your operations and dissatisfied customers.
Complex Omni-Channel Setup
Creating a single channel for the entire buyer journey can be complicated. Retail company owners must take into account the online and physical processes while maintaining consistency in branding, customer service, and product offerings.
Strategies to Seamlessly Adapt to New Consumer Demands
Adapting to retail technology changes takes strategic effort and resources. Plus, it won’t happen overnight. Here are a few tips and practices you can try to ensure the smooth adoption of these modern innovations to address evolving customer demands.
1. Work With Tech Partners
Most retail store companies have limited knowledge of the latest technologies and how to integrate them into store operations. If you don’t already have an IT team, consider finding a tech company that can assist with the implementation process. These experts can serve as your consultants and service providers, ensuring smooth integration for your company.
2. Leverage Data Analytics To Customize Buyer Experiences
You can take advantage of customer data to tailor the buyer journey. This information should not just be limited to their demographic but rather focus on previous interactions and buying patterns to offer customized packages, discounts, birthday rewards, and so on.
3. Prioritize Convenience and Efficiency
Even if you don’t have ways to personalize customer experiences, you can still achieve satisfaction by providing convenience and efficiency. Make sure to use tech like RFID, QR codes, mobile payments, and even self-checkout counters to create an outstanding experience.
4. Consider Using Robust Support Equipment
Adopting smart devices for use in your retail store is a given, which is why you need support equipment to help maximize these smartphones, tablets, and monitors. Portable charging stations like our PureCharge Station and PureCharge Pro Station serve as versatile charging solutions. For added security, our Cube Cart Mini features a secure locking system that protects devices from theft.
Smart monitors are also a common device used for promotions, announcements, and in-store entertainment. Our Cordless Explorer Display Cart allows you to bring your smart TVs and monitors to any part of your store.
These charging and device mobility solutions allow you to minimize downtime. You can be sure that customer-facing staff always have the tools needed to ensure smooth interactions with buyers.
Adapting to Retail Technology Changes
The evolving needs of customers are directly a result of new tech within their reach. As smart devices, AI, and other innovations proliferate, retail businesses must learn to adapt to stay ahead of the competition. Thankfully, there are many ways your company can adjust to these changes, such as integrating new tech, customizing the consumer experience, and using the right support equipment for seamless operations.
