Innovations in retail involve four high-tech yet accessible features, from a digital checklist to an issue tracker. Here is the technology trend in retail and the solution.
Retail businesses need to grow their systems and technology if they want to compete. New innovations in retail are coming to fulfill the demands of customers, especially during the pandemic. Many retail companies are even thinking of applying these new innovations to compete and improve business.
According to a survey by JABIL, which was conducted among 300 decision-makers in US retail business, most of them considered incorporating new technologies. For example, 67 percent consider the inventory accuracy systems, 53 percent want technology to reduce thefts, and 52 percent need analytics and inventory.
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.
1. Inventory Management Technology
Inventory management system is an important technology for sales businesses. Retail companies need to optimize and automate their inventory system. New technology like management software helps business owners manage supplies, track inventory changes, and observe the input and output.
Some software products even have a feature called auto-replenishment. It can detect the low numbers of specific stocks in the warehouse and automatically order new ones. New inventory management technology also reduces errors from manual works.
In the future, we will see more inventory jobs conducted by software, robots, and even AI. Improved inventory method has a good role in increasing efficiency and profits.
2. Digital Checklist and Scheduler Technology
Retails involve various activities to keep the business running. Activities like quality assessment and control, for example, consists of specific lists of tasks. Digital checklist is a management tool that helps managers, inspectors, and officers to finish all the tasks. Instead of a manual task list, they can use a digital tool to automatically update each activity.
Task lists used to be shared manually, resulting in slow responses and bad communication between workers. Digital checklist and scheduler technology reduce human error by managing the task lists. Everyone can keep up with their tasks in real-time.
3. Real-time Analytical Dashboard Technology
New analytical dashboard technology is an innovation in retail for evaluation and improvement. In the past, data compilation and calculation were done manually, with risks of errors and miscalculation. Now, you can access an analytical result on the digital dashboard based on the company’s reporting system.
This analytical technology automatically compiles data you get from a digital checklist and other tasks. The result is featured in several forms, such as numbers, lists, graphs, and charts. Since it is a part of the digital ecosystem, you can share the result immediately with other officers, managers, or team leaders.
4. Issue Tracker Technology
Innovation in retail also focuses on quicker, more efficient problem-solving methods. A retail business deals with large numbers of customers and suppliers.
All faults, risks, or inconsistencies must be detected early before they impact customer experiences. Unlike manual detection and reporting, issue tracker technology provides quick, real-time information.
Managers, inspectors, or supervisors can immediately get notified of inconsistencies based on the company SOP. They can share the info using a shared dashboard or mobile app to the related departments. This means the problems are quicker to solve, and the company can serve customers in a better way.
All these innovations are important for retail business, and they seem to grow in popularity. Fortunately, you can access all of them on one app like Nimbly.
Nimbly as Digital Management Tool for Retails
Nimbly is a part of powerful IT innovation in retail. This management software provides a digital checklist system and automatic scheduler. They are useful for conducting all the formal procedures properly, including for quality assurance or control. This way, there is no task you can miss.
The inventory management system ensures that you can always check your inventory. You can also review and record inventory data with more accuracy. The system can be set up with reminders, which give alerts for activities like inventory checking and restocking.
One of the retailers who have proven themselves how technology can improve their business effectively and efficiently is Delamibrands. As one of Indonesia's biggest apparel & fashion companies. Established in 1979, Delamibrands' portfolio has since grown and includes some of the most iconic brands in fashion:
- The Executive,
- et cetera,
- Le Coq Sportif,
- Jockey, and
Learn more how they can utilize this technology to enhance their business operations by clicking here or click the image below.
Finally, there is an analytical system on Nimbly’s dashboard. You can share the records and data anytime, anywhere. It immediately shows you data in easily digested forms, perfect for evaluation. Nimbly is available as both web-based and mobile apps, giving you more convenience without reducing work quality.
The world of retails has been introduced to various new technology trends. Powerful innovations in retail help improve business, detect faults, and create a better work environment. Download Nimbly and find out why you can get enormous benefits from its rich management features.