Adapting to the Future: How Retailers Can Embrace Innovation to Stay Ahead
Physical stores are still in demand
Retailers today must continue to evolve and innovate to remain profitable. The Global Retail in 2023 Coresight Research report shows that physical stores are still in demand, with over 15,000 new stores opened in the discount sector alone during 2022. However, consumers expect the same high-quality experiences in-store that they have become accustomed to through e-commerce.
The opportunity for retailers
Brick-and-mortar retailers have an opportunity to build out their ideal front-of-store experiences through various models, including buy-online-pickup-in-store and micro-fulfillment centers for local home deliveries. Personalization of the consumer experience is also becoming increasingly popular, allowing retailers to provide targeted and highly personalized content and promotions to drive loyalty and increased basket size.
Retailers are also entering new industries, like healthcare and clinical industries, to provide primary care and be transparent with pricing. This is already happening across major brick-and-mortar stores in the U.S., like CVS, Walgreens and Walmart.
From front-of-store to behind-the-scenes
To implement modern front-of-store enhancements, retailers need new behind-the-scenes technology. This includes inventory systems, point-of-sale systems, and AI and machine learning solutions. The store associate must also be empowered to navigate these technologies to provide excellent service to customers.
Store operations must also grow alongside these innovations
Automating risk analytics, using computer vision solutions for loss prevention, and reducing data silos are some examples of the emerging ecosystem in retail. Building a single, solid, secure, and dependable technology foundation can help retailers leverage new solutions and deliver the retail ecosystem that brick-and-mortar retailers need today.
In conclusion, brick-and-mortar retailers must continue to evolve and embrace innovation to stay ahead in the industry. By implementing new technology and building a solid foundation, retailers can provide the high-quality in-store experiences that consumers expect while remaining profitable.
