The digital age has brought us some great advancements but also a number of new challenges that would have never been foreseen a mere twenty years ago. A modern retailer now needs to be everywhere, both online and offline, adapting to the needs of the connected shopper.
This omnichannel environment is by far and away the biggest challenge retailers currently face. Shoppers are now expecting seamless interactions from retailers both online and in store and retailers need to be ready. The answer is a classic case where technology battles technology to offer a solution. That solution is the implementation of a true omnichannel IT solution such as iVend Retail from CitiXsys.
Maintaining visibility across all channels is the second major challenge that retailers are facing.
With tight margins and high competition in the retail sector, ensuring the right level of stock is on hand is critical. This involves having excellent visibility of stock movements across your entire sales channels.
Tracking inventory involves ensuring you have excellent and accurate sales data which can help you determine what stock to keep on hand and at which location, as well as ensuring all goods received or transferred between locations are tracked effectively. Traditional POS solutions have enabled this to happen for many years but the often-cumbersome processes due to plugged together systems have created errors or incorrect use.
The solution to this problem is having a single view of inventory. Having one database that all sales channels access offers the simplicity to keep all sales channels connected and inventory movement visible.
The next issue that many retailers may not be aware of but studies have shown is something to consider is Mobile POS. According to studies by Global research and advisory firm, IHL Group, as much as a 24% ROI on investments in mobile POS technology is being experienced by those who already invested in the technology. As a result, 78% of retailers are planning to make a new mobile POS decision by mid-2016.
Mobile POS solution offer more than the ability to process payments. It allows staff to provide better product or promotion information as well as allow for better customer service through greater visibility of customer transactions.
A technology led solution is a must for modern retailers that want to capitalise on the opportunity that this new retailing environment offers. Yes, there are challenges but there are also solutions.
To find out more about possible solutions to the challenges faced by today’s retailers, take a look at our latest e-book , “What’s next for retail. Navigating your business from now into the future”.