Why you need to invest in retail store technology
No matter what type of retail business you are running, taking advantage of new platforms can keep your business ahead of the competition.
Technology is a continuously growing phenomenon that affects our day-to-day lives. We use technology for communication, entertainment and educational purposes. Naturally, it has also changed how small businesses in the retail industry are able to reach their customer base. Retail store technology has been introduced into stores around the world, which in-turn has increased growth and revenue for many of these businesses.
With over 2 million apps available in the Apple App Store, companies are able inform their customers about sales, new products, and important information. Companies with apps have the advantage of keeping their customers interested in their products through their easily accessible smartphones. Mobile apps are extremely popular because they can be used just about anywhere, whether it’s at the gym, or while commuting to work. These apps are very beneficial for rising companies and brands, wanting to engage customers and convince them to visit their stores.
In addition to mobile apps, technology can be used to streamline shoppers’ in-store experience. Companies must think creatively, logistically and strategically about how to integrate retail store technology. For example, Target allows shoppers to scan bar-codes on products with their mobile devices. This enables the shopper to buy the product and arrange free shipping, even if it’s sold out in-store. Rebecca Minkoff’s New York City flagship store features interactive screens in the dressing rooms, where customers can see the products they’ve brought into the room, styled in different ways. While these big-budget ideas might be too ambitious for your business right now, it is likely that there are smaller-scale ways that you can use retail store technology.
Bringing technology to the store allows for customers to find items in a quicker and easier way, while it is beneficial for the business because it can help attract more customers. This is why technology can improve retail customer service. If you own a retail business, consider incorporating a CRM system, where you can keep track of customer requests and complaints. This will help you build strong relationships with your customers, and ensure that you’re meeting their needs.
Another way to incorporate technological updates into your retail store is to start accepting progressive payment services, like Apple Pay, or allow customers to use mobile coupons. Using technology to give your customers more options when it is time for them to pay can ensure they have a more convenient shopping experience. Customers may prefer different payment methods, so consider this when investing in retail store technology.
At Fora Financial, we supply retail businesses with alternative financing. Many of these businesses use this working capital to upgrade the technology they incorporate in-store. By using technology in retail stores, business owners can keep up with industry trends, while optimizing customer service. What kinds of technology would you like to integrate into your retail store? Let us know in the comment section below.
Editor’s Note: This post was updated for accuracy and comprehensiveness in November 2016.