Opening a store is not new. But what’s new about opening a store?
Walk into any new retail store today and you’ll soon realize this isn’t your mother’s yarn shop.
Bulky cash registers have gone the way of carbon copy receipts. You’ll see sales associates darting around the store with tablets they’re using for purchases and inventory checks, personalizing and cross-selling. What you don’t see is just as innovative: the transactions that happen online, the customer details that are uploaded to an offsite server in the cloud, and the high quality real-time data reports that are generated.
The benefit of all this innovation? While all of these gadgets may seem complicated to the newcomer, modern retail technology ultimately makes every aspect of retail easier, from purchases to sales, inventory and staffing. It helps you keep costs low and revenues high. And it’s commoditized: faster operations, better insight and more effective marketing are now within reach of even the smallest businesses.
With established stores switching over and new stores starting fresh, your competition is taking full advantage of online transactions, digital communications, automation and analytics. So whether you’re opening a market stall or starting a multi-store franchise, here are the 8 retail innovations you need to keep an eye on if you want to thrive in a crowded marketplace…