9 Retail Tools
As the world is constantly changing, it is becoming commonplace to make more and more technology decisions as part of our daily routine. This technological evolution has affected not only our lives but all industries, especially retail.
Today, data collection and analysis empower the retail company to make the right and timely decisions in their day-to-day operations. By implementing technology solutions in key procedures, retailers can optimize each solution and improve every business process. For example, merchandise management and protection can be tailored to changing needs, price management faster and more profitable, inventory management local, and customer engagement more personal and provide a positive shopping experience.
According to RIS Advanced Retail Analytics Study 54% of retailers claim that advanced analytics technologies play an important role in the success of their organization, but few implement such solutions. Mostly, this is the result of fear of following market leaders like Walmart or Amazon. Most think that a retailer is too small for such a solution or that such solutions are not for him.
However, if a retailer would like to start collecting and analyzing data, where should he start?
There is no one right answer because the benefits of each technology solution depend heavily on the specifics of the products and the customer's operations, says Mantas Budraitis, retail project manager, but most customers seek to implement the following solutions:
People counter - Real-time automated system with various sensors and software that enables two-way counting of people moving in and out. This data is consolidated from all stores and is in the form of a report. People Counter Analysis lets you know exactly when and what stores your customers are visiting. This tool can optimize discount strategies, on-screen promotional content, number of checkouts opened, and overall visitor traffic for each store.
Demographic analysis - Most commonly used in conjunction with a people counter solution because it complements the latter by identifying the gender and age of the buyers. With this kind of data, products can be targeted to specific groups of users. For example, apply increased discounts from 10 a.m. to noon every Tuesday for Category X merchandise, as the largest number of older women in the store visit at that time.
People Movement Analysis - Captures an incoming visitor and tracks their movement in the store. This collects data about the visitor's trajectory in the store, i.e. to which shelves a person stopped, how much time did he or she spend shopping. Based on this data, you can plan the layout of the goods and evaluate the relevance of the range you offer.
Electronic Price Labels - Basically automates the process of changing prices. This solution enables centralized price changes, promotions or inventory descriptions in all stores in real-time without the intervention of local staff. Syncing with your existing ERP software and online store significantly reduces the risk of improper pricing, which can lead to a negative shopping experience for your visitors. Also, this solution enables employee to check the balance of the product by reading the price tag on his phone.
Smart shelves - With the help of sensors, shelves measure the stock of goods, enabling the worker to efficiently monitor the inventory of the entire store hall and react to consuming goods before they are finished.
Cash Management System - Allows the retailer to automate cash collection, billing processes. By automating cash processes, store employees are completely out of touch with cash, eliminating the risk of theft.
Self-service - eliminates the cashier function in the store or the maintenance of the whole store if the traditional store is converted to smart vending machines. At the self-service checkout, the visitor scans the goods himself and pays for them by card or cash. An integrated cash management solution is commonly used for cash collection. Implementing self-service solutions in the store can reduce the number of cashiers and other staff. This optimizes fixed costs.
Interactive Displays - Includes both information terminals and sensory displays in the showroom. The primary purpose of these solutions is to enable the visitor to locate, discover and compare the relevant product (s) themselves.
Time and Attendance management system - Shows exactly when and at which store employees came and left the workplace. Mostly, this solution is based on scanning and identifying the employee's biometric data (fingerprint or face).
Customers are also interested in less smart solutions like security gates or CCTV systems, which are an integral part of every store these days.
Mantas Budraitis
Retail Sales Project Manager
Phone.: +370 644 55557
Email: mantas.budraitis@hansab.lt