From July 28th-31st, scores of retail industry leaders gathered in a conference room to discuss retail insights for the future. The theme of the conversation was “transformation”—a fitting motif that accurately describes what the retail industry is currently undergoing.
While it’s truly impossible to know exactly what the future holds, at the RetailNow 2019 conference, experts made some pretty educated guesses. Here’s what VARs and ISVs can expect moving forward:
Technology innovation has developed rapidly—it was only a few short years ago rudimentary cash registers and obtuse technology solutions were the standard—but retail insights suggest it is only expected to accelerate even further. With how fast the industry is shifting thanks to technology and consumer expectation, the pressure is on to get ahead of the curve. What’s always worked before is likely going to change. To be successful in this industry, you have to be ready to pivot and adapt as needed.
During RetailNow 2019, it was concluded that the lengthy sales cycle normally used to close traditional installs will not likely be the business model of the future. This probably won’t be the most effective use of your time and may put a damper on revenue.
The way forward is adding recurring revenue products and services to your linecard. Consider adding auxiliary services like loyalty programs, or offering your solutions on an “as-a-service” price model, like software-as-a-service (SaaS) and Platform-as-a-service (PaaS) which can include both POS hardware and software.
The labor market is becoming much more competitive. Minimum wage is changing. The burdens placed on retailers are unyielding. Retail insights suggest that business owners will need to invest more in their workforce. For VARs and ISVs, this means that you will need to be ready with solutions that help to optimize labor, like a KDS if you cater to both retailers and restaurants. It’s important to keep an ear to the ground and add solutions to your linecard that help solve problems as new pain points evolve.
While retailers may not exactly know what’s ahead of them, they know for sure that they won’t be standing still. They will look to you for retail insights and guidance, so now more than ever is the time to work with your clients and potential customers, and demonstrate your industry expertise.
It is critical to always be on the lookout and continuously research the industry so your customers can be confident that you understand current challenges, as well as future challenges, and can offer future-proof solutions that will address needs as they arise.
The retail industry is ever evolving. With the rise of experiential retail, subscription e-commerce, and record-setting shipping speeds, it’s important that you look for opportunities to save time and streamline back office efforts for your customers so they can focus on the up-and-coming.
RetailNow 2019 was only the tip of the “transformation” iceberg. So where do we go from here? It’s unclear exactly what advancements are on the horizon, but what is clear is that VARs, ISVs, and the retail industry as a whole needs to be adaptable. Change is coming quickly, and competition is tough. If your linecard and your industry expertise remain stagnant, your revenue will follow suit. The successful ones will be the ones that demonstrate flexibility and a willingness to continue learning and growing.
At Bematech, we are committed to helping transform the industry through innovative products and solutions that solve the most pressing challenges of the day. For more information on our offerings and what to expect in 2019, contact us today.