How to Increase Profits by Making Retail Technology a Part of Your Store Makeover

Uncategorized - May 7, 2018

background-board-bokeh-929245A store makeover is necessary for every retail business from time to time. A refresh allows you to appeal to a new generation of customers, reflect prosperity, and make changes that let you keep up with (or surpass) your competition. The next time you consider a store makeover, plan retail technology upgrades that can help with operations as well as appearance.

Keep Displays Fresh

You know merchandising and displays have a huge impact on sales. Customers tend to lose interest in displays that seem unchanged over the course of many visits to a store. Updates to displays, however, can renew interest and entice shoppers to take a closer look.

Retail technology can support merchandising and making displays attractive to customers. Beacon or other geolocation technology can provide data that shows where shoppers tend to travel or gravitate in your store. With this insight, you can position displays strategically, getting new arrivals and in-demand items in front of the most people. Beacons can also help you send messages via email or text when a shopper is standing near a display, allowing you to provide a tantalizing offer at just the right time.

There are also technology solutions that make the displays themselves more enticing, such as digital signage and electronic shelf labels that can consistently display the most current messaging and prices consistently throughout your store or locations.

Offer the Right Merchandise

Retail technology can also help you make smart purchasing decisions and help manage inventory to reduce the number of slow-moving items. A robust inventory management system can help you understand what your customers want and more accurately forecast to reduce the number of items you need to discount. A good inventory management system will also give your customers a real-time view of stock on hand so they can find what they’re looking for faster and easier, even allow you to have items shipped from another location. Your inventory management system may also alert you when an item is running low in time to make an order and have it restocked before you miss the opportunity to make a sale.

To put this information right into sales associates’ hands as they are assisting your clients in the aisles, add mobile Point of Sale (mPOS). Store associates can use mPOS to assess merchandise availability by tapping into the POS system on the spot and also placing orders for customers. They can also use mPOS for line busting by taking payments on tablets.

Heighten Interest with Variety

A refresh provides you with the opportunity to try something new. If everything is the same as it has always been, nothing will truly stand out. Retail technology gives you an array of options to try, as well as solutions that let you monitor how effective they are. Two examples are:

Kiosks. Spark sales by allowing customers to quickly find the information they need on out-of-stock items, place orders from your website, and sign up for your loyalty program without waiting for assistance from a store employee.
Augmented Reality. Retailers are experimenting with uses for augmented reality, such as how different sizes or styles of furniture might look in various arrangements at home or with virtual fitting room solutions.
With the retail industry and customer behaviors changing at a high rate, consumers always seem to be looking for what’s new. You can’t afford to let your store show signs of age. A retail store makeover can help keep your business relevant, and retail technology is the key for a makeover that provides functionality and business intelligence in addition to a new look.

For more information on how retail POS can support your business, contact Bematech.