In 2023, retail saw major shifts in customer behaviors, shopping trends, and tech advancements. Here are the top 5 blogs that break down the changing retail landscape, and how you can evolve to keep up.
Point of sale (POS) systems are the heart and lungs of the retail-consumer ecosystem, driving efficiency and effectiveness across the organization. Because of its central role, the POS needs to integrate in-store and online purchases and fulfillment options, support evolving customer preferences and strategic priorities, and capture and leverage data appropriately across the organization. But traditional POS systems are not keeping pace with new demands.
“The shot heard around the world”, the Great Resignation, millions of people around the globe voluntarily leaving their positions, driving turnover through the roof. In 2021 alone, the employee turnover rate in the retail industry was higher than it had been in the previous 5 years at 69%. For many companies, these levels of attrition can leave them drowning in a backlog of work that could cause them to sink. While employee turnover has always been and will always be unavoidable, the dramatic numbers of today are shining a spotlight on the need for a better way to manage it.
Adopting retail clienteling best practices is quickly becoming the top priority for many retailers as they work to build loyal customers. The importance of cementing strong customer relationships with those both in and outside of the physical store has become increasingly important – perhaps now more than ever. This is why clienteling should focus on empowering store associates to engage with customers proactively, intentionally, and most importantly, in a genuine way.
The landscape of retail is shifting faster than ever before. To support changing customer needs, retailers must tear down the metaphorical walls between digital and physical for a fully connected store. The model for this interconnected store needs to be based heavily on the ideal customer journey from discovery to purchase. Giving customers multiple avenues that work around their convenience ensures a streamlined, seamless experience that leaves them hungry for more.
Physical retail is all about the experience, and the value of getting the experience right. Aligning the business strategy with the idea of the in-store experience is table stakes in today’s market. Customers know that they have options in the market, and they don’t mind exploring them. To create the stand-out experiences that customers are looking for, retailers need to differentiate. Many retailers already have the right tools, but they’re not using them in the right way, which leaves potential on the table.
