{"id":8194,"date":"2023-06-23T09:15:32","date_gmt":"2023-06-23T09:15:32","guid":{"rendered":"https:\/\/dev.skillnetinc.com\/?post_type=blogs&p=8194"},"modified":"2023-07-07T04:45:04","modified_gmt":"2023-07-07T04:45:04","slug":"5-technology-pillars-for-great-in-store-experiences","status":"publish","type":"blogs","link":"https:\/\/dev.skillnetinc.com\/pt\/resources\/blogs\/5-technology-pillars-for-great-in-store-experiences\/","title":{"rendered":"5 Technology Pillars for Great\u00a0In-Store Experiences"},"content":{"rendered":"

With increasing competition in the online space and evolving consumer behavior, stores must do more than just sell merchandise to compete effectively. Delivering an exceptional in-store experience has become the single most crucial factor for retailers in driving store traffic, boosting sales, and fostering repeat visits. 88% of customers now say the experience a company provides is as important as the product it sells1<\/sup> – the highest it\u2019s ever been.<\/p>\n\n\n\n

Considering that nearly three-quarters of consumers also say they\u2019ve switched brands within the past year, stores must employ proactive strategies and technology to improve the retail customer experience to grow and retain their customer base. Companies with high digital maturity are generating the highest total returns2<\/sup> to shareholders – more than three times higher than companies that are lagging.<\/p>\n\n\n\n

Here are five technology pillars retailers which help create a great in-store experience.<\/p>\n\n\n\n

1. Data & Personalization<\/strong><\/h2>\n\n\n\n

71% of consumers in a McKinsey study reported that they expect personalization3<\/sup> and 76% are frustrated when it doesn\u2019t happen. The retail industry has a long way to go to close the gap. However, that gap creates a significant opportunity for companies that get it right. McKinsey data also shows that stores that drive personalized shopping experiences can drive a 10% to 15% revenue lift.<\/p>\n\n\n\n

At the heart of improving in-store experiences is data. Data analytics in retail can identify trends and optimize operations. The right data platform can also help optimize inventory and staffing levels, anticipate customer needs, and measure the effectiveness of various in-store strategies.<\/p>\n\n\n\n

Data analysis can also measure the effectiveness of promotions and marketing campaigns to optimize performance.<\/p>\n\n\n\n

Artificial intelligence (AI) and machine learning in retail can extract details from customer purchases and preferences to help you craft better experiences. AI is also being deployed for automating inventory management, supply chains, warehousing, order fulfillment, and shipping.<\/p>\n\n\n\n

2. Automation<\/strong><\/h2>\n\n\n\n

Automation has become an indispensable retail technology solution to drive personalization and just about every other backend function. Retail automation can manage inventory in real-time, bringing together offline and online sales channels to reduce stock-outs, set automated reorder points, and manage safety stock levels. Digitization of the sales process and automation can help reduce waste and dead stock by analyzing consumer buying habits.<\/p>\n\n\n\n

Automation in the form of self-checkout kiosks can reduce labor costs and always improve the customer experience by letting shoppers skip the lines and complete purchases faster. It is growing quickly, already accounting for nearly 40% of checkout options4<\/sup> in grocery.<\/p>\n\n\n\n

By automating processes, retailers can also improve system performance and reliability, reduce errors from manual input, and free up associates to provide more individualized assistance to shoppers.<\/p>\n\n\n\n

3. Mobile<\/strong><\/h2>\n\n\n\n

Today\u2019s consumers are shopping on mobile whether they are online or in the store. Providing customers with mobile apps that can offer personalized recommendations, promotions, or in-store guidance can improve the experience. Mobile technology in retail includes:<\/p>\n\n\n\n