The common challenges modern retailers face and how to overcome them
The rapid growth of technology and the availability of various shopping options for customers has expedited the power wielded by consumers.
Not only have the retail options expanded, but also customers’ access to information has grown in tandem. Customers nowadays spend a significant amount of time researching before making a purchase.
With the right technology, retailers can be innovative and cope with any challenge while driving store footfall.
With digital advancements and many online platforms now available, many customers utilise online shopping in one way or another. However, whilst this is on the rise, traditional brick-and-mortar shopping has not become obsolete. In other words, while almost everyone is shopping online, they are still making more purchases in-store.
Modern customers want to move seamlessly between online and offline channels, and they favour retailers who can best facilitate these transitions. The practice of researching products in-store and making purchases online is now more common than ever.
The right omnichannel POS can offer a next-level omnichannel customer experience that allows consumers to interact whenever, wherever and however they wish on any device they use by capturing their digital footprints and providing real-time information.
Customers nowadays are unlikely to stick to a single brand. They frequently favour brands that can provide the best option at any given time. While many customers are brand switchers, small obstacles in the customer journey can be the most significant factor in waning a customer’s likelihood of making a repeat visit.
Offering personalised experiences is the most powerful trigger brands can use to increase loyalty and basket sizes. Personalisation is simple for retailers who have flexible store solutions that can provide dynamic and customised experiences to segments based on consumers, stores, or regions.
Inventory management is critical for a retail business as it ensures that there is enough inventory on hand to capture every possible sale while preventing overstocking and shortages. Without a proper track of your inventory, not only will your business’s revenue suffer, but also customer satisfaction becomes at risk.
As we know, customers now interact over a mix of digital and physical channels. Click & collect, curbside pickup and ship-from-store are on the rise. With a proper omnichannel OMS, retailers can get a single platform that supports any customer ordering journey allowing them to provide a seamless customer experience. Also, the OMS should enable customers to order products that are currently out of stock either from another store or online and get these items delivered to their doorsteps or to another store.
Overcoming the challenges
As a large retailer, you may have to face numerous challenges to stand out from the clutter. You should be able to reap the benefits of all the advantages that technological innovation and digitalisation have to offer. That’s why successful retailers are armed with a next-generation store system platform to help them overcome any challenges today and in the future.