Innovations in retail involve four high-tech yet accessible features, from a digital checklist to an issue tracker. Here are some of the technology trends in retail that we observe in the market.
Retail businesses need to invest in the latest systems and technology if they want to compete effectively. New innovations in retail are constantly being accelerated by the pandemic. Many retail companies are quick to adopt these new innovations to improve and compete in their business.
According to a survey conducted by JABIL among 300 decision-makers in the US retail industry, the majority of them are investing in new technologies. Sixty-seven percent are exploring inventory accuracy systems, 53 percent are focusing on technologies to minimize theft, and 52 percent are investing in analytics and inventory management
With these benefits of innovations in retail, we need to know more about the most important technology. Here are four focuses on new retail innovation.
Inventory management has a significant impact on sales and customer experience. Therefore, retail companies must focus on optimizing and automating their inventory systems. New technologies play a crucial role in helping retailers effectively manage supplies, track inventory changes, and monitor input and output.
Certain software products offer an auto-replenishment feature that detects low stocks of specific items in the warehouse and automatically replenishes them.
The implementation of inventory management technology also proves effective in reducing errors that may arise from manual processes.
Looking ahead, we can expect to witness an increase in automated inventory management, supported by robotics and AI. This development underscores the growing importance of operational efficiency in the retail sector.
Retail operations encompass a wide range of activities, including quality assessment and control, which involve specific lists of tasks. Utilizing a digital checklist as a tool enables managers, inspectors, and officers to effectively execute tasks while ensuring compliance with standard operating procedures (SOPs).
Manual task lists are prone to errors and are time-consuming, often leading to slow responses and poor communication. In contrast, the use of digital checklist and scheduler technology not only enhances task execution but also provides real-time visibility to management regarding task completion rates as they occur.
By leveraging an analytics dashboard, management and supervisors gain comprehensive real-time insights into operations, supported by visually rich data. The compilation and reporting of data are streamlined, making it easily accessible to all staff members. This enables management to promptly intervene and make informed decisions when necessary.
Manual data compilation processes are prone to errors and can be time-consuming. However, the introduction of new analytical dashboard technology has brought innovation to the retail industry, enabling evaluation and improvement. In the past, data compilation and calculations were performed manually, which carried the risk of errors and miscalculations. Fortunately, with the advent of analytical dashboard technology, you can now access analytical results on a digital dashboard, leveraging the company's reporting system.
This analytical technology automates the compilation of data obtained from a digital checklist and other tasks, presenting the results in various formats such as numbers, lists, graphs, and charts. Since it is integrated into the digital ecosystem, you can instantly share the results with other officers, managers, or team leaders, fostering efficient communication and collaboration.
Innovations in retail also place emphasis on implementing quicker and more efficient problem-solving methods. Given the large number of customers and suppliers that a retail business deals with on a daily basis, it is crucial to detect faults, risks, or inconsistencies early on to prevent any negative impact on customer experiences.
In contrast to manual detection and reporting processes, issue tracker technology offers the advantage of providing quick, real-time information for prompt resolution. Managers, inspectors, or supervisors can receive immediate notifications regarding inconsistencies based on the company's standard operating procedures (SOPs). They can then escalate these issues automatically to the relevant departments using a shared dashboard or a mobile app. This immediate response ensures that problems are swiftly addressed, minimizing the impact on customers.
Nimbly Technologies is a Software as a Service company that specializes in assisting retail organizations in empowering their frontline employees to perform their jobs effectively and consistently. This is achieved through the use of an easy-to-use mobile app and a powerful live dashboard.
One of the key benefits of utilizing Nimbly's solution is the ability to prevent inventory loss by accurately tracking stock. This is accomplished by integrating stock-taking audits as part of daily inspections, ensuring that stock levels are closely monitored.
Digitalized checklists for standard operating procedure (SOP) audits enable automated data input and reporting. This streamlines processes and allows for the analysis of historical data and trends. Based on this analysis, data-driven strategies and action plans can be formulated.
Monitoring store operations becomes more convenient with Nimbly's digital hub dashboard. This centralized platform provides management with a comprehensive, real-time view of each store's performance and the performance of individual crew members.
Nimbly's robust issue tracking and monitoring feature enables frontline workers to report issues directly via the app. These inspection reports are accessible in real-time, allowing management to swiftly identify critical issues and make immediate decisions.
In the ever-changing retail market, businesses must embrace innovation to thrive and survive in this dynamic environment. Implementing technological innovations, such as Nimbly's solution, not only enables frontline employees but also ensures efficient and cost-saving processes. This, in turn, leads to consistent customer experiences and sustainable growth. To learn more about how Nimbly's solution can benefit your business, explore their offerings further.