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What’s in store for in-store technology?
A strong business case
Research by IHL Group and NCR Corporation states that retailers who invest in in-store technology are more likely to enjoy high sales growth of up to 100% compared to those who don’t. Couple this with the fact that 85% of consumers prefer to shop in-store rather than online (US TimeTrade, 2015) and you’ve got a pretty compelling business case for integrating the two.
With millennials valuing the tangibility of physical shopping and the convenience of online, placing the two income streams under the one roof has never been so pertinent. That’s why more and more retailers are turning to fit-out companies to install intelligent IT infrastructures and mod cons to elevate business performance and the shopping experience.
The bottom line
Investing in connectivity and in-store technology is a win-win situation for both the retailer and customer. Whilst shoppers can gain from a more streamlined, interactive experience, retailers can see drastic sales growth, with something as simple as Wi-Fi improving sales by as much as 663% (IHL Group & NCR Corporation, 2017).
Mark Benjamin, President and COO of NCR Corporation, said:
“The last few years has seen brick-and-mortar retailers fighting back against the online giants, as retailers realise that bricks-and-mortar shops can provide a unique experience that you can’t get on the web. Our research shows the enormous value that can be gained from striking the right balance of investment in technologies that create a seamless shopping experience – whether online or in store – and thus, increased customer loyalty.”
To keep up with the pace of change and meet the expectations of tech-savvy shoppers, retailers will need to continue investing in innovation to ‘future proof’ their stores and garner brand loyalty.
Watch this space.
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