Top 3 tips to increase your shop floor sales in 2023.
We’ve just stepped into a brand new year, ending yet another challenging year for retail. This year is going to be more promising than the last two years for retailers as consumer confidence returns after the pandemic, and store footfall has increased by 35% since then. The pandemic has also altered retail norms and how customers shop. So, what are the technologies retailers need to invest in to stay ahead of the curve this year? Let’s take a look.
Metaverse and AR
According to recent research findings, 86% of buyers are willing to pay more for a great customer experience. Today’s customers demand superior customer experience above everything else. As a result, 80% of businesses are now investing to provide hassle-free and consistent customer experiences.
Today customer experience is all about creating personalised experiences that can drive return visits. The metaverse provides brands with ample opportunities to do that.
Metaverse helps retailers create an attention-grabbing virtual storefront, bridging the gap between the real and virtual worlds. Although the metaverse is still in its infancy, and no one can tell what shape it will eventually take, retailers like Adidas, Nike, and Tommy Hilfiger are taking some of the first steps into metaverse retail.
The virtual reality market, according to Deloitte, is expected to produce US $7 billion in revenue globally in 2023, an increase of 50% from 2022. Innovations such as the virtual dressing room will become more prevalent during 2023.
IoT, or the “internet of things,” allows physical devices to collect and exchange data via the internet. According to the IMARC Group, IoT in retail will reach US$ 147 billion by 2028, an 18.2% growth from 2023 to 2028.
IoT is not new to the world; it has been here for decades. But the IoT in retail has seen an explosive expansion in recent years due to certain trends and customer behaviours like phygitalisation and rising automation.
Retailers can digitally transform their physical stores by adopting IoT technologies like digital signage, payment systems, smart lighting, and vending machines. Weight-sensing smart shelves can collect RFID-based data, send it to an IoT platform, and automatically check stock on shelves, in warehouses or even in transit and notify retailers when items are running low.
Beacons are another technology that enables personalised customer experiences. The global beacon technology market is predicted to reach $10.2 billion in 2024. Beacons can push notifications on offers, promotions, or in-store events to customers when they pass by your store or a particular product section to drive footfall.
IoT helps retailers bridge the physical and digital worlds, manage inventory, optimise order fulfilment, improve the omnichannel customer experience, and reduce operational costs.
Cashless and contactless
Statista projects that cashless transactions in the Asia-Pacific region will reach $493.2 billion in 2023, a staggering 250% rise from 2018. Transactions in Europe and North America will total $307.5 and $198.3 billion, respectively.
Today’s consumers are requesting a more efficient and convenient method of paying for goods and services and are opting for contactless payments, which they see as a simple and secure way to pay.
To offer fast and convenient tap-and-go payment options, retailers need to have POS systems with new-age technologies that can support PED-less payments.
Another trend that has already become an industry norm is buy-now-pay-later (BNPL), where customers can pay a small portion of the price upfront and settle the remainder at a future date.
According to Statista, global BNPL transactions will increase by over $450 billion between 2022 and 2026. They also show that eight out of the top ten global BNPL markets are in Northwestern Europe. Another study states that Sweden has the largest BNPL market share. They also say Klarna, a BNPL service provider, has almost 150 million active users.
Those new technologies you read about above will become obsolete at some point. The retail landscape is constantly evolving, and to keep up, retailers must be agile so that they can continue adopting innovative technologies into their stores. Legacy systems in place at large retailers will only impede this.
Retailers must get hold of next-generation, leading edge systems that lend the FLEXIBILITY to be compatible with any new technology that emerges in the future, as well as the CONTROL to be self-sufficient to make changes themselves rather than relying on suppliers or IT teams for minor changes.
How can Enactor help you thrive in 2023 and beyond?
Enactor is a bespoke unified commerce platform built with a unique microservices architecture that enables retailers to make rapid changes with its Toolkit.
In addition to assisting retailers with rapid change, Enactor’s microservices-built, API-driven platform gives them the flexibility to be compatible with new technologies.
Enactor helps retailers stand out from the clutter by delivering an exceptional and frictionless omnichannel customer experience with our flexible retail software.