Since the 2000s, the retail industry has undergone a significant hardware upgrade, transitioning from outdated equipment to modern payment terminals, credit card readers, receipt printers, and inventory-monitoring RFID antennas. However, this trend is now evolving, with many retailers considering leaving behind these tools.
This transformation is already underway. Tap-to-pay technology enables businesses to replace traditional payment terminals, while the increasing prevalence of NFC and Bluetooth-powered payment options, along with innovations like "buy now, pay later" (BNPL) financing, is reducing the reliance on cash and plastic credit cards, extending to physical retail settings.
As e-commerce capabilities become more integrated into stores, retailers have the opportunity to streamline operations by removing excess hardware. This shift frees up valuable space, allowing for the creation of more immersive and unique shopping experiences.
As retailers transition away from outdated hardware, the predominant mode of operation in stores will shift towards software-driven solutions. Looking ahead, there's potential for this software to integrate with augmented reality glasses, allowing store associates to assist customers hands-free, enhancing efficiency and convenience.
Presently, mobile devices serve as the central control hub for retailers. Store associates can conduct a wide array of customer-facing tasks entirely from their phones, including ordering out-of-stock items, checking inventory across multiple locations, processing returns, facilitating checkouts from any point in the store, and providing ongoing assistance even after customers have left.
Beyond customer interactions, modern retail software also streamlines backroom operations like inventory management and cycle counts. By digitizing these tasks, store associates can more effectively ensure stock accuracy, ultimately contributing to higher levels of customer satisfaction.
Mobile apps have emerged as powerful tools for brands to foster customer loyalty. Despite their potential, many established retailers have overlooked mobile apps for years—statistics from 2021 show that only 33% of retail brands had implemented apps. However, the key lies in offering features that shoppers desire, such as real-time inventory updates, exclusive promotions, and chat capabilities. By integrating these features, apps can effectively bridge the gap between in-person and digital shopping experiences, while also rewarding loyal customers with personalized interactions.
For instance, customers can scan QR codes in-store to access detailed product information and branded content online. Subsequently, they can use the app to complete their purchase, sometimes without assistance from a store associate. This seamless integration of channels helps retailers unify their in-person and e-commerce offerings within a cohesive framework.
Furthermore, apps provide benefits beyond what customers see on their screens. Retailers can leverage app data to enhance service delivery. For example, if a customer places a "buy online, pick up in-store" (BOPIS) order through the app, store associates can receive the request in real-time, prepare the order, and have it ready upon the customer's arrival. Additionally, associates can suggest related products based on the customer's purchase history, thereby enriching the shopping experience.