The Key To Retail Success? Embracing Technology
While online shopping isn’t anything brand new, retailers still put most of their efforts in their physical stores. However, with the COVID-19 pandemic, it has opened the eyes of these businesses that online shopping and other technologies may be the future of retail operations. Forbes Technology Council Member and senior vice president of Zebra Technologies Suresh Menon shares an article expressing the importance of having a forward thinking mindset to this change in order to embrace technology for its ability to simplify business operations for store managers and employees. Menon notes that retailers who can pivot and adapt to both seen and unforeseen disruptions can continue meeting and exceeding customer expectations. They should keep in mind the following:
Don’t be technologically timid. “The path to success today hinges on adapting; retailers slow to embrace technological change will be left behind. The key to successfully navigate today’s dynamic environment is to embrace technology wholeheartedly. Implementing a modern solution leads to more transparency in the business, too, and allows leadership to envision how the company’s resources and assets can seamlessly work together.”
Harness data and make it actionable. “Without the capability to react in real time to data, employees scramble to figure out what to do next. A platform capable of identifying patterns and trends and prescribing the next best action simplifies day-to-day store operations. Successfully harnessing the power of data for real-time action across the business enables retailers to make the most appropriate and informed decisions.”
Ensure internal buy-in. “To successfully adopt a technology, it’s important to achieve buy-in from internal stakeholders and to embrace a culture of innovation. A compelling way to do this is by taking a closer look at competitors, especially those reaping significant ROI from their investments that garner operational savings via automated scheduling or task execution. Highlighting how the competition is currently benefiting from technology helps convince even the most skeptical stakeholder in your organization.”
Embrace innovation and agility. “The key to retail success is to embrace a culture of innovation, one that sees technology as a lever of growth and a way to simplify work for stores rather than something to be feared. By embracing technology, retailers can position their business for success regardless of what challenges arise. Stores will achieve more accurate labor forecasts, execute tasks more consistently and empower employees to improve customer experience.”
