Store technology continues to rapidly change and while many transitions are minor, occasionally there is a significant leap that retailers must adapt to or risk being left behind. One such transition was contactless transactions. Cards, phones, and watches began to make payments remarkably easy for customers in all places except within those retail stores that failed to upgrade their technology. For customers, the preference of simplicity and efficiency was simple and retailers were forced to keep up.
Some retailers, however, remain stubborn in the face of technology, often believing that if something isn’t broke, it doesn’t need to be fixed. While this maxim certainly rings true, there are a huge number of benefits to upgrading your retail technology, more so than simply the satisfaction of customers (something which should ideally be important anyway).
Security
Following the transition to contactless payments and the popularity of its function, some businesses chose to eliminate cash altogether. While this might alienate customers who are set upon using cash for their transactions, the majority are happy to use cards and devices. By removing cash from a store’s operation, retailers are able to benefit in a number of ways, notably security.
Keeping cash on-site has a number of security factors, namely the risk of theft. This can occur on a small level, with cash being stolen in small amounts or it can happen when large sums of money are kept on site. Since card transactions are done online, stores can eliminate a significant part of their store’s potential loss of takings quickly and easily.
Space
Shop shelving and retail furniture have long been designed to support essential retail points. The checkout area, for example, has been large enough that it supports till systems and computers. However, as retail technology becomes distilled into a single smart pad device, the need for such large pieces of furniture is called into question.
Shop fittings can then be redesigned or altogether replaced as stores celebrate a new amount of space within their store. This comes at an important time, following the pandemic, since customers are generally happier to browse stores that offer a more comfortable room within which to shop.
E-Commerce
By incorporating modern software and hardware into your retail experience, you will both be able to better meet the needs of customers and to integrate your digital store too. For example, many retailers also have online stores and are able to direct their customers to order online where necessary. This integration enables retailers to stock only the most popular and essential items in their retail space but also a way for different designs and experiential events.
Other high street retailers are using this digital-physical integration as a way to improve their store’s value in local areas. Smaller, more affordable retail spaces can be occupied by those who can split their stock between e-commerce and physical stores, while others benefit from transforming their space into a ‘click and collect’ outlet, refining their store to its most essential function.