Mobility technology has enabled brick-and-mortar retailers to process transactions from anywhere in the store for more than a decade, leading many to predict the death of traditional POS.
Most luxury consumers, regardless of age, enjoy shopping across channels – digital and physical. And 50% of luxury sales are from omnichannel shopping. These are among the key findings of a recent study by the consulting firm The Boston Consulting Group (BCG).
3 omnichannel strategies that transform the retail market and help brick & mortal retailers approach customers effectively.
Much has been written about what omnichannelis and how it benefits consumers. But what does it actually mean for a retailer to embrace omnichannel in terms of the value proposition today? How can a retailer deliver an omnichannel experience to its consumers? Let’s take a closer look at proven omnichannel strategies.
Omnichannel is a critical and developing trend within retail industry at the moment, and even in the future. These are 3 ways that omnichannel turns the retail's world around.
Increased sales & customer loyalty
According to a research by Accenture, 88% of shoppers today use at least one digital channel when searching for products. So making your brand and products readily available and easily accessible in all channels is absolutely essential. Retailers have a much higher chance to increase sales and customer loyalty if they can maintain a strong presence in both physical and digital domains.
Scheduling has long been a daunting task of retail management. Optimising the scheduling process could help increase margins considering that labour is among retailers’ largest operating costs. Additionally, improved scheduling greatly contributes to better relationship between employers and employees. Morale and productivity will be higher, and customer satisfaction will be too. If you are a manager or business owner in the retail industry, you may want to consider the following best practices for retail scheduling.
Starbucks, Amazon and Zara are undoubtedly global market leaders in the retail industry. Although their products differ from one another, the success they gained in 2015 teaches us some lessons. Knowing and understanding the factors behind these successes gives us the opportunity to learn and apply them, and maybe, someday it’s time for your business to shine.
Topics: POS Retail Software
A New Report for the Changing Economy. One Step Retail Solutions previously published a widely read report titled “The 5 Biggest Challenges Facing Independent Retailers” which presented the results of extensive research into retail industry trends, the major challenges impacting retailers and how retail Point of Sale (POS) technology could be used to overcome those challenges.
With the advent of new consumer technologies, information asymmetries have been eliminated from consumers’ shopping experience. Today’s shoppers are less brand-loyal. They jump from retailer to retailer to find the best price, the best products, and the best services. However, existing customer management programmes have provided retailers the view that the top 30% of their customers account for approximately 75% of their sales (Imlay, 2006). Thus, an effective customer management programme helps retailers stand out in a highly-competitive environment with benefits such as: