The latest technology has changed the way many businesses operate, and the retail industry is no different. While there are a number of hot trends like iBeacons and fitting room smart screens, these are only being used by a small handful of organizations. The tech that a majority of businesses are using is more related to core company operations.
According to a recent industry study, the top of the list and an “immediate impact” tool is inventory management software. Companies use this to track stock levels in real-time, while providing sales-data analysis. This is important because the survey found that 44 percent of retailers said finding the right inventory levels has become one of the top challenges for brick-and-mortar companies, which is higher than any other obstacle that companies face.
The benefits of these systems are immediately felt. Of the companies that have already implemented an inventory solution, 95 percent say it has helped increase sales. This is also aided by predictive analytics, which is being used by 23 percent of respondents and 96 percent of those respondents said it has helped boost revenue.
The rest of the top three technology retail solutions include mobile devices and e-commerce. Both of these have grown substantially over the last decade and are making a case to be part of the core retail software system. This points to retailers sending a clear message that they are interested in technology solutions that enhance efficiency and improve the customer experience, which helps companies make money right away. Whether this is a mobile checkout, mobile inventory tracking or an integrated e-commerce system, all of them help retailers sell smarter and create tangible benefits from the beginning.
Knowing what the top retail solutions on the market are is one thing, but successfully deploying them is another. With the help of an experienced retail solution provider, any company can start taking steps to deploy these solutions with confidence and gain a support service that can help along the way.