Retailers are moving from intuition to data analytics to better sense, adapt, and respond to customer behavior in-store. In fact, 60% of them plan to increase their store investments by more than 5% this year, according to an AT&T study conducted by Incisiv. In this 2019 Store Renaissance, there are five areas where retailers are investing and gaining intelligence.
With online shopping at an all-time high, 68% of retailers are investing in things like single views of inventory, mobile inventory lookups, and RFID technology to help improve their inventory management, as well as their omnichannel customer experience.
Omnichannel strategies are also affecting the way retailers approach in-store layouts, with 45% of businesses making improvements in the year. From smart dressing rooms and customer Wi-Fi to digital kiosks, retailers are catering their store experiences to meet the demands of their shoppers.
Over the past 24 months, new in-store marketing technologies have allowed retailers to interact with their customers in new ways. For 53% of retailers, that means improving the store experience through technologies like clienteling and endless aisle, digital signage, and proximity-based marketing.
This coming year, retailers are turning to customer insights to guide their investment decisions. 52% of them plan to enhance these insights through things like cross-channel sentiment analysis, video traffic counting, and dwell time analytics.
As the role of the store changes and becomes more complex, new operational processes need to be put into place. 51% of retailers plan to do just that, implementing things like contactless payment options, smart shelves, electronic shelf labels (ESLs), and SD-WAN enabled networks.
As retailers continue to enhance their in-store experiences, understanding emerging tech is crucial. 70% of retailers plan to spend on IoT applications this year, and 40% will spend on AR/VR applications — the greatest investment in emerging tech to date. And, it’s an investment that retailers hope will place them well ahead of their competition.
Despite healthy 2019 investment plans, retailers are still lagging behind shopper expectations.
And so, the question remains: Why aren’t retailer investments matching shopper demands? Part of the challenge lies within budgetary constraints and a lack of personnel, but what continues to be a disappointment is the ongoing resistance to change.
To succeed, retailers must internally align and collaborate to execute a successful digital transformation plan.
Challenges aside, it’s things like finding the right technology partners that will enable success for retailers in 2019 and beyond. For more tips on starting your own store renaissance, and to discover how the biggest names in retail are planning for theirs, download our full report.
Sense and adapt to change like never before with edge-to-edge technologies from AT&T.
Visit att.com/retail to learn more.
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