We have previously introduced you to our 2019 retail playbook, which outlines the steps that retailers need to take today to meet customer needs with technology. However, retailers also need to have an eye on the future, especially in a forward-looking market such as retail. This is a world where Christmas is in July.
As I discussed in my first blog, there are significant challenges for retailers to meet today, but they do also need to make sure they have an eye on the future; not just the store of tomorrow, but the store of 5, 10, or even 20 years’ time.
The retail market has so many unknowns, especially
with the next generation likely to be even more digital than Generation Z. Capacity
within the network and data privacy are key topics to consider when retailers
are planning this far ahead, and the decisions taken today will impact the
store for decades to come.
Using
technology to build tomorrow’s store – the retail showroom
In the immediate future, retailers need to
begin adapting to a retail showroom environment. This environment will inform
and showcase products, but still drive sales through an easier purchasing
process.
We know that there’s a demand for this
technology – all the technologies that we put into our survey received interest
from at least one in ten younger shoppers (those under 34) and this combined
with our understanding of why shoppers go in-store (to buy and browse) creates
a compelling reason for retailers to start adapting to this trend.
Of particular note is the potential role
for the Internet of Things (IoT) in building the future store. Whether it is
offering dynamic pricing, self-scanning shopping or real-time stock
availability, the functionality most popular amongst those surveyed all relies
on the use of connected sensors and devices. As such, having the connectivity
capability to support these new functions is critical to a retailer’s future
success, which in turn means that getting your network in shape has to be a top
priority.
The playbook considers …