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Build Your Ultimate Retail Tech Stack
With the right retail technology stack, you’ll boost efficiency, cut costs and drive revenue. Embrace these key areas of innovation to gain the upper hand on your competition.
Automation
Automation technology can transform your retail operations. Tools for accounting, forecasting, logistics and more can result in increased productivity, less strain on staff and an enhanced customer experience.
With advanced automation tools, you’ll:
- Streamline inventory management.
- Easily process orders and returns.
- Drive sales through personalized emails and offers.
- Better understand customers through data analysis.
- Reduce labor costs.
- Optimize operational efficiency.
The retail automation market is estimated to grow by $8.80 billion from 2021 to 2026.
eCommerce
Despite its rapid incline in recent years, many retailers are experiencing slowed eCommerce growth. What does this mean for your business? Moving forward, having an eCommerce platform isn’t enough — you need to stand out.
Take control of your eCommerce strategy with a high-tech, engaging online presence.
Modern eCommerce tools allow you to:
- Add new points of sale.
- Improve communications.
- Grow your brand’s online community.
- Keep shoppers engaged and connected.
- Refine marketing efforts.
- Stay competitive in an evolving online space.
218.8 million: the number of U.S. consumers expected to shop online in 2023
Customer Experience (CX)
Today’s shoppers expect instant customer service, personalized recommendations, tailored deals and more.
With Artificial Intelligence (AI)-powered tools, interactive kiosks, facial recognition-based payment, audience segmentation, geotargeting and mobile applications, you’ll create a multi-faceted experience that will:
- Uncover added value for your business operations.
- Enhance key aspects of the customer experience.
- Allow shoppers to virtually experience a product.
- Better forecast future customer demands.
- Enhance relationships with your suppliers.
- Improve business logistics.
96% of customers say customer service is important in their choice of loyalty to a brand.
Device management
Despite the popularity of online shopping, brick-and-mortar retail is here to stay — and it’s important to create a compelling in-store experience. Upgraded monitors and displays, smart mirrors, self-service kiosks, in-aisle scanners and more will keep customers engaged in your physical location.
High-tech devices will:
- Draw in shoppers and attract new buyers.
- Guide a shopper through your retail experience.
- Enhance speed and convenience.
- Minimize customer wait times.
- Generate lasting impressions.
- Display fresh content at all times.
Digital signage can boost your brand awareness by almost 48% and increase purchase amounts by 30%.
Choosing the right technology partner
Tech advancements are transforming the retail industry, but you don’t have to navigate this new landscape alone.
A technology partner like Insight will offer continued support, help you stay compliant and guide you through the industry’s technology evolution.
Sources:
1 Cision. (2022, May 26). Retail Automation Market Size to Grow by USD 8.80 billion | APAC to Notice Maximum Growth | Technavio.
2 Oberlo. (2022). How many people shop online in the US? (2020–2026)
3 Morgan, B. (September 2019). 50 Stats That Prove The Value Of Customer Experience. Forbes.
4 Wamaitha, L. (January 2020). Looking back at digital signage trends of 2019. Digital Signage Today.
