Innovative Retail Technologies

MAY-JUN 2017

Innovative Retail Technologies (formerly Integrated Solutions For Retailers) is the premier source for innovative yet pragmatic technology solutions in the retail industry.

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T raditional brick-and-mortar retailers have a massive trump card in their physical locations — one that can be a substantial competitive advantage if retailers can deliver the desired retail experience. However, with foot traffic in U.S. retail stores dropping by more than 9 percent annually over the past several years, the challenge for retailers is in creating meaningful in- store retail experiences that translate to higher customer conversion rates, no matter the channel. In fact, depending on the product category, most consumers still prefer a direct or physical interaction with a product. Even for product categories like electronics, computers, and appliances that are typically researched online, many on today 's retail associates. According to shoppers, one of the leading contributions to a more engaging in- store experience begins by interacting with sales associates with comprehensive product knowledge and the ability to access accurate inventory information in real time. Equipping retail associates with modern mobile solutions represents a critical investment for retailers driving innovation around in-store experiences. With innovative brands like Apple setting the bar on customer service and retail in- store customer engagement, the focus towards capabilities like personalized services, postsale engagement, and in- depth product knowledge is directly contributing to customer satisfaction and sales. customers prefer to purchase these items in physical retail stores. The challenge for retailers today — amidst slowing traffic — is to create a store environment that facilitates customer conversion. Retailers are experimenting today with strategies like format conversion and creating more engaging shopping experiences. However, what fundamentally drives a shopper 's retailer selection is still predictably tied to price, product in- stock availability, and services such as return policies. What is also clear is that these factors cannot be viewed in isolation and are often intricately connected. With the changes to the "role" of the retail store and changing customer expectations, there is a growing premium being placed REIMAGINING RETAIL, BRICK BY CLICK With the ever-increasing impact of digital channels on consumer behavior, retailers need better tools and approaches to remain competitive. By David Krebs, EVP, Enterprise Mobility and Connected Devices, VDC Research Group Mobility 2017 16 TOTAL RESPONDENTS Yes, currently offer 46% Yes, plan to offer 31% No 23% Does your organization currently offer or plan to support BUY ONLINE PICKUP IN STORE (BOPIS) services?

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