Growing Your Business by Expanding your Retail Technology Tools
September 10, 2018 | by StoreAdvise
At StoreAdvise, one of our goals is to connect retailers to their customers, through our technology, and help everyone better understand how our technology works. To do this we have decided to share with our readers the insights from our team of professionals. We hope these interviews help bridge the gap between technology and retail and helps our community learn something new while helping us build better products.
As retail changes, so does technology and the ways the two can be incorporated. There are so many tools on the market for retailers to choose from, so sometimes it may be difficult choosing the best tools to help advance your business. We spoke to our resident Vice President, Customer Engagement, Dan Natale, to learn more about the tools retailers should be using. With over 22 years in the industry and 15 years in retail metrics, we knew Natale would have invaluable insight.
Q. Why is incorporating technology into retail important?
Technology provides the KPIs and metrics that a retailer can respond to whether it’s traffic, inventory and in our case, fitting room activity. Tech allows the retailer to refine their ecosystem (all the pieces from POS, foot traffic data etc;).
Q. What are some problems in retail, that you have seen first hand, that you think can be solved with the right technology?
Proper labor allocation, especially during peak periods on Saturdays and Sundays, is one of the problems that I think every retailer faces. With the proper technology, retailers can better understand how to properly position labor. This is based on traffic conversion ratios and fitting room activity. This is the biggest problem I have encountered in the industry.
Q. How and why do you think Vision Retail can expand a retail company’s business?
The components of Vision Retail allows retailers to understand not only consumer behaviors but also the importance of accurate inventory. In doing so, they can improve their customer experience.
Q. In your years in the field, what has happened to stores that did not incorporate technology into their business field vs those who did?
Early adopters have benefited from being on the leading edge because they have improved top-line revenue, improved conversion ratios and it has also allowed them to expand quickly into other technologies that are interdependent.
We have seen recent failures of major corporations, for those retailers who haven’t adapted, to the changing retail landscape.
Q. What are some technology tool trends you have seen in retail that are working and/or not working?
What’s working: Traffic data, workforce management, mobile POS, and the smart fitting room have become essential to a retailer’s decision making process.
What’s not working: There’s a lot of activity with beacon technology and the sample rates continue to be a challenge as they average at 2-3%.
Q. Besides incorporating new tools into your store, what are other things retailers should do to grow and expand their business?
Retailers should align themselves with willing technology partners, like a RetailNext, StoreAdvise, etc; as our objective at StoreAdvise is to serve as a trusted advisor for our clients.
If you are ready to try out a new innovative technology that can help your business grow, you can contact us directly!