Start ups disrupting Brick and Mortar Retail
Brick and Mortar Retail stores need to embrace the technology and use it to leverage their strategic planning because start-ups are competing with them with AI (artificial intelligence) and other types of technology such as shelf-stocking robots, payment systems and AR (augmented reality) displays. Here is a list of technology options that should be adopted:
- Payment Technology: point-of-sale operating systems and terminals, gift card programs and smart payment terminals are essential platforms that can help manage and process payments more efficiently and quickly.
- Automated Checkout: most startups plan to sell this technology which would allow for camera vision and shelf-sensor technology to democratize automated checkout technology for small and large food stores.
- Smart Receipts: digital add-ons to receipts such as personalized offers and incentives, can attract return visits and encourage long-term clientele.
- Smart Shopping Carts: shopping carts are meant to be outfitted with digital features such as computer tablets to display digital ads to consumers as well as machine vision to monitor shelves as carts are moved from isle to isle.
- Guest Wifi: this is now an essential occurrence in many stores, but little do consumers know that this technology can actually be used to track customer purchases and provide relevant customer analytics.
- Digital Displays: this is meant to attract and appeal to consumers to advertised products and provide product information, but it can also be used to adjust pricing of products in real-time.
- Inventory Management: cloud-based software can be used to track inventory supplies while implementing AI to provide to optimize supply with the use of predicting merchandising analytics.
- Shelf-Monitoring: in-store cameras, AI features and crowdsourced intelligence can track the results of in-store promotions, visual displays and monitor products and brands on store shelves.
- Loyalty Rewards: this platform offers rewards to consumers, thus encouraging future sales by introducing cash back on purchases.
- Smart Dressing Room: this technology is placed in the dressing room mirror so that consumers can receive personalised recommendations, request items in different sizes and colors and call for assistance.
- Chatbots and Bots: this is the use of actual robotic technology to provide assistance to consumers in-store.
- Workforce Tools: the implementation of technology for staff to communicate internally, can increase productivity and efficiency.
These are just some of the technologies that start-ups are creating to encourage consumers to stay with Brick-and-Mortar Retail as opposed to online shopping. More and more consumers are heavily dependent on online shopping for convenience and less hassle. But Brick-and-Mortar stores need to keep existing clientele and encourage new clientele by appealing to consumer experience.