Technology’s impact on the retail industry has been seen by some as a double-edged sword. The swift rise of e-commerce has brought about the downfall of some of the biggest retailers in the world. But it’s also evened out the playing field and presented more opportunities for up-and-coming businesses—especially those that hail from the small and medium-sized enterprise (SME) and startup sectors.
When used purposefully, new technologies like a payment gateway and an enterprise resource planning (ERP) solution can take your business to unexplored heights. To illustrate, here are seven ways that tech solutions can improve your growth prospects and set your business apart from others in the highly competitive world of retail:
1. It Can Create a More Engaging Online Presence for Your Business
In this hyper-connected society, your retail business’s online presence is of paramount importance. One of the first tech investments you should make for your business is establishing a proper e-commerce website for it. This should also come with features like the best payment gateway for small business web properties.
Financial technology companies like the Philippines’ Maya Business offer payment gateway Philippines solutions like Maya Checkout for this very purpose. This solution allows small retailers to accept a wide variety of cashless payments, including via credit card, digital wallet, or QR code payment, all without compromising customers’ sensitive information.
Don't underestimate the power of original and compelling content for your digital storefront as well.
Technologies like social media can easily integrate with your site and share your brand's story through blogs, videos, and infographics, all toward establishing a genuine connection with your audience.
2. It Can Make Your Point-of-Sale Systems More Efficient
Long checkout lines and complicated or outdated checkout experiences are definite turnoffs for customers. To heighten customer satisfaction in your brick-and-mortar stores, you can implement contactless payment solutions to expedite your transactions and make them more secure.
It would be good to invest in an updated point of sale (POS) system that accepts most digital payments and credit card transactions.
An integrated POS can make checkout less stressful, and it can also help you capitalize on each customer purchase by being able to instantly upsell or cross-sell when the opportunity presents itself.
3. It Can Engineer More Personalized Shopping Experiences
Technologies like artificial Intelligence (AI) aren't just for big corporations. Nowadays, you can utilize AI-driven recommendation engines to provide tailored product suggestions based on your customer's individual preferences and browsing histories.
This personalized touch can enhance the shopping experience and build a sense of connection and loyalty to your business. By effectively catering to individual tastes, you’ll be more likely to foster customer loyalty and repeat business.
4. It Can Achieve Seamless Omnichannel Integration
The modern customer experience spans both online and offline channels. Seamlessly integrating these experiences will create a cohesive brand identity for your business—and one that your customers regard positively.
Why not offer click-and-collect options that allow customers to order online and pick up their items in-store?
Technologies like ERPs can hybridize your retail business’s digital and physical shopping experiences, creating a new shopping model that combines the best of both worlds.
You can also implement loyalty programs that work across channels to encourage repeat purchases and strengthen your existing customer relationships.
5. It Can Improve Your Inventory Management
Running out of stock can impair your revenue potential faster than you know. Consider using modern radio frequency identification (RFID) technology to allow real-time inventory tracking for your retail stock, thus reducing your chance of stockouts and optimizing your restocking processes.
You can also explore smart shelving solutions, which use sensors to monitor shelf space and trigger restocking alerts.
Tech solutions like this one will allow you to embrace a data-driven approach to inventory management and make better decisions about your product assortment.
6. It Can Help Your Business Become More Data-Driven
Speaking of data-drivenness, data is your business's goldmine. Look into data analytics solutions that will help you extract actionable insights into customer preferences, buying patterns, and purchasing behaviors.
With this knowledge, you’ll be able to forecast demand trends with greater accuracy and adapt your inventory accordingly.
Business intelligence solutions will also allow you to price your products more strategically based on market dynamics and consumer sentiment. Indeed, data-driven strategies will give you a competitive edge and allow you to stay ahead of industry trends.
7. It Can Enhance Your Customer Engagement
Today’s customers expect instant responses and personalized retail shopping experiences. As such, you should incorporate chatbots and AI-powered assistants on your retail website to provide 24/7 customer support to them.
In addition, use marketing and customer service technologies to craft personalized email marketing campaigns that resonate with your audience, showcasing your understanding of their needs.
Takeaway
In order to both survive and thrive within an increasingly digital economy, retail businesses should welcome the technological innovations available to them. They should also be smart about their choice of tech upgrades, making sure that these serve the organization’s values and business model.
Some may bemoan the fact that AI, robotics, cashless payments and other technologies are quickly transforming the world. But in the case of entrepreneurs who have something fresh and relevant to offer to their target market, this transformation may largely be for the better.