If you ask retailers what they are most terrified of, the majority will answer: “not selling enough!” But is that all? And if it is, what is really affecting sales? And how can retailers regain their competitive advantage?
The quest was set, so we decided to dig deeper and find out what are the main frightening facts that may influence sales and buying behavior. The results are summarized in the infographic below:
So what can we learn from this?
Retailers are sometimes afraid of embracing the latest tech advancements — but the risks behind using outdated software systems are often far greater. Updated technology supports retailers by making the selling process easier and faster. Not only: integrated management systems also give retailers a much needed overview of their business processes and performance, enabling them to keep track of their sales, costs and stock at all times. This means, no more out-of-stock nightmares; and no more taking potentially disastrous decisions based purely on pure feelings.
Then we get to the customers. Shoppers today expect to be able to use the latest tech at all times. They are used to shopping online; and they certainly don’t expect a less high-tech experience in-store. New technologies – from interactive screens displaying an endless aisle of products, to mobile POS that cut queues and provide detailed product info – have become fundamental to create the kind of experience people demand. Retailers know well how a group of regular and returning shoppers can be the lifeblood of a business. Introducing a loyalty program is an effective way to reward customers and prompt them to return. No matter how you look at this, retailers need to recognize the importance of new ways to reach out and communicate with customers. To make it possible, they must allocate positions and budgets to new technologies. Their business simply depends on it!
Infographic designed by Guillermo Vázquez Bustelo, graphic designer