Technology is developing by the day and it is helping retail store owners improve the way they do business. In this article, we will explore smart retail stores and how they can help retail store owners create a better business model.
What is a Smart Retail Store?
A smart retail store makes use of technology to create a superior shopping experience. The smart technology that is utilised makes it possible for customers to enjoy a faster, more convenient, and personalised shopping experience. The store owner benefits from a reduction in shrinkage, easier and more accurate inventory management, as well as lower expenditure. When applied correctly and comprehensively a smart retail store can be unmanned. One can also implement a variety of smart technology to ensure a store runs smoothly while still having employees in the shop.
The Benefits of a Smart Retail Store
There are a variety of benefits that a smart retail store can offer both store owners and clients. Some of the most notable benefits include:
- Increased Efficiency: The technology utilised to transform a traditional retail store into a smart retail store increases efficiency at a dramatic rate. Inventory can be constantly restocked, meaning a customer does not have to wait for an employee to run to a store room due to stock running out on the shelves. Stock that has been misplaced by a customer can be found and repacked in an instant. Continuous stock take is performed ensuring that stock levels are always monitored. Checkout is also made fast and seamless.
- A Higher Level of Safety: Not only is your stock protected against shrinkage, whether that be due to employee theft or shoplifting, but customers also have a safer experience. With self-checkout customers will not fear their card being cloned or an item accidentally being rung up twice.
- Customer Experience: A store’s customers will not have to wait in a checkout line for extended periods of time. They will have access to the items they are looking for as the shelves will always be stocked. This in turn increases sales and revenue as customers will not leave a store without the items they want and need. A smooth and satisfactory shopping experience will also ensure that customers return regularly.
- Financially Friendly: A smart store has a low operational cost as the owner does not have to hire as many or any employees. Their chances of shrinkage dramatically decreases and there will be no chance of overstocking inventory that will perish or never be bought. The long-term benefits and savings far out ways the cost of the initial investment. Contact us to explain the financing possibilities and advantages of off-balance sheet finance.
Smart Retail Examples
Spain recently welcomed their first unmanned store. This store is entirely run by Keonn RFID technology. Some of the solutions utilised include:
- Encoding tags in order to encode tags.
- Tracking and Managing inventory to track and manage inventory.
- Facilitating self-checkouts to facilitate self-checkout.
- Simplify and streamline loss prevention.
Milestone makes use of RFID technology and is able to supply and install all the technology required to turn your store into a smart retail store. Contact Milestone to find out how you can increase your revenue and improve your customer experience, while decreasing the possibility of shrinkage.