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 see in the market.
Retail businesses need to invest in the latest systems and technology if they want to effectively compete. New innovations in retail are constantly accelerated by the pandemic. Many retail companies are quick to apply these new innovations to compete and improve business.
According to a survey by JABIL, which was conducted among 300 decision-makers in US retail industry, most of them are investing in new technologies. 67 percent are looking into inventory accuracy systems, 53 percent into technologies to minimize theft, and 52 percent into 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 impacts sales and customer experience. Retail companies need to optimize and automate their inventory system. New technologies helps retailers manage supplies, track inventory changes, and monitor input and output.
Some software products offer an auto-replenishment feature which detects low stocks of specific items in the warehouse and automatically replenishes them.
Inventory management technology is also effective in minimizing errors from manual processes.
In the future, we will see more automated inventory management supported by, robotics and AI, emphasizing the importance of efficiency in retail operations.
Retail involves a long list of activities including quality assessment and control, for example, that consists of specific lists of tasks. Having a digital checklist as an instrument allows managers, inspectors, and officers execute tasks effectively and in full compliance to SOPs.
Manual task lists are not only prone to errors, but are time consuming and often result in used slow responses and bad communication. Digital checklist and scheduler technology not only elevates task execution, but provides real- time visibility to management on task completion rates as they happen.
Manual data compilation processes are error prone and time consuming.
With an analytics dashboard, management and supervisors gain full visibility into operations in real time, supported by rich data visuals. Data compilation and reporting systems are more streamlined and easily accessible for all staff, enabling management to step in and make quick decisions when necessary.
Innovations in retail also focuses on quicker, more efficient problem-solving methods. A retail business deals with large numbers of customers and suppliers on a day-to-day basis. Faults, risks, or inconsistencies can and should be detected early before they impact customer experiences.
Unlike manual detection and reporting, issue tracker technology provides quick, real-time information for fast resolution. Managers, inspectors, or supervisors can immediately get notified of inconsistencies based on the company SOPs. They can escalate the issues automatically using a shared dashboard or a mobile app to the related departments. This means that problems are solved immediately and customers are not impacted.
Nimbly Technologies is a Software as a Service company that helps organizations in retail empower frontline employees to do their jobs properly and consistently through an easy to use mobile app and a powerful live dashboard.
Prevent inventory loss by accurating tracking stock by integrating stock-taking audits as part of daily inspections.
With digitalized checklists for SOP audits, data input and reporting can be automated. Historical data and trends can be analyzed and data-based strategy and action plans crafted.
Monitoring store operations becomes easier with a digital hub dashboard where management can have a helicopter-view the performance of each store and each crew member in real-time.
Nimbly's robust issue tracking and issue monitoring feature allows frontline workers to report issues directly via the app. These inspection reports can be accessed in real-time, and management can identify critical issues and make immediate decisions.
With the ever-changing retail market, businesses must be willing to innovate in order to thrive and survive in this dynamic environment. Implementing technological innovations for your retail operations, will not only help you ensure you have enabled frontliners, but also certify efficient and cost-saving processes, allowing for consistent customer experience and continued growth. Learn more about how Nimbly’s solution can help you obtain these benefits.