Digital Disruption Waits for No Retailer

| February 28, 2019

article image
It's no surprise. Consumers around the world have adopted digital shopping behaviors at a rapid pace. Yet it's tech-savvy customers in emerging countries that show the fastest disruption. Cisco surveyed 6000 consumers from 10 countries to understand the current state of digital consumers.

Spotlight

DICK'S Sporting Goods

In work and in life. On the field, the court or the ice. Nothing wins like a commitment to excellence; to your team and your goals. At DICK’S Sporting Goods, it’s this kind of thinking that inspires our mission.

OTHER ARTICLES

Getting smart about payment terminals

Article | April 15, 2021

For many years, payment terminals have been a vital tool for businesses that complete their customer transactions in-store. The familiar hand-held devices have reliably taken card payments and offered simple additional services like mobile phone top-ups, cashback or electronic tipping solutions. However, with recent technical innovation, boosted by the urgency surrounding Covid-19, the humble payment terminal is shedding its hard exterior - no longer is it, as some would argue, simply a commoditised, hardware-based necessity. As many within the payments space have predicted, the payment terminal is truly becoming a digital enabler and vital pivot point of modernisation for any business that accepts electronic transactions. The Android Operating System leads the way Today, payment terminals come in many forms. Though the traditional, handheld counter-top devices remain, many businesses now use off-the-shelf smartphones or tablets enabled with SPOC and CPOC technology. Regardless of their physical form, truly modern payment terminals share a commonality – enhanced functionality which allows businesses to update and adapt quickly to changing performance, environments, and customer needs. The Android operating system has been at the centre of a latest wave of innovation, facilitating the rise of mobile payment devices - pushed hard by the likes of Visa - and supporting the budding versatilities presented by Open Banking and PSD2 initiatives. Combined, this new choice and flexibility has the potential to deliver significant advantages to businesses deploying Android point-of-sale (POS) solutions. These include integrated EPOS, strong authentication, and an array of alternative payment methods such as bank-to-bank payments, QR codes and even crypto currencies. It’s about more than being just Covid-ready Getting the timing right to make adjustments and improvements is now a focus for businesses across the UK as we start to emerge from Covid-19 restrictions and resume face-to-face interactions. The conventional payment terminal can play a central part in engineering the essential adjustments needed to create a Covid-safe environment – the new £100 contactless limit being the most obvious example. However, functionality provided by the latest payment terminals allows businesses to do more than just make their premises Covid-ready. For more commercial gains, payment terminals running on the Android OS allow for this same POS functionality but combine it with other essential business systems such as stock management, visual itemisation, and centralised booking systems. As well as providing greater visibility of a business’ health and finances, more information also means friction points such as wait times and queues in store can be better managed. More data about customer behaviour also makes the in-store experience more customisable, for example, businesses can use this data to identify their busiest periods, explore seasonal changes or test new product lines and structure their staff planning and stock levels accordingly. Coupled with more vital operational efficiencies, payment terminals can allow for a speed and flexibility of payments that can directly enhance the bottom line. As the pace in retail environments ramps up to match that of the pre-Covid days, meeting new customer expectations and new environmental changes will be critical in staying relevant. An ability to accept the latest types and methods of payment could actually play a part in helping a business survive through difficult economic times. Bolstering cash flow will also take on added importance as businesses rebuild. Payment terminals powered by better internet connections mean transactions are already faster, but internet speed alone is not enough. Today, terminals can be updated in ways that allow merchants to process those transactions faster still and get funds deposited into bank accounts in batches throughout the day, often completing within the hour. Payment terminals and Big Data With data becoming the bedrock of all modern businesses, it is the Android operating system’s ability to generate such an impressive wealth of data that adds to its compelling proposition. The value of Big Data and analytics to filter large volumes of information and uncover actionable insights is well known to the business world. Useable information can help leaders learn about their customers, make better decisions and, ultimately, produce more revenue. Customer data, for example, makes it possible for a business to learn about the buying behaviours of an individual customer or of defined customer segments. When a business knows the time of day (or night) their customers shop and what type of purchases they make, it becomes easier to plan when inventories are stocked and with what items. Android payment terminals can provide data in a way that offers easy visibility of key trends and which specific hours of the day produce the most sales, allowing businesses to investigate possible reasons and react accordingly. Such knowledge can then be used for a variety of purposes including the ability to upsell to future customers with greater success and the tactical arrangement of items in store. Crucially now, it will also enable businesses to maintain a Covid-safe environment by planning ahead for in-store activity and capacity limits. With hundreds of applications already available to download from the app store, it’s important that SMEs are able to use this scale of choice to their advantage rather than become overwhelmed or distracted by it. Indeed, by taking the time to explore the apps available, smaller businesses can find the tools which allow them to level the playing field by bringing their operational efficiencies in line with larger brands and by leveraging the solutions that allow them to compete on customer service.

Read More

Can AI give retail a boost?

Article | February 13, 2020

The retail industry has undergone multiple transformations during the past century, with those who adapt and innovate continuing to survive. It also helps if one is exceptionally unique. It seems that the world's consumers have gotten a little tired from having to explore multiple shopping locations to find what they want or need. But the opportunity for companies to display their branding and sway customers to buy more than they need was once considered a ground breaking idea. In the United States (US), before 1916, customers would pass their grocery list to a clerk, who would then put items together for shoppers in one bag. That all changed when Piggly Wiggly opened over 100 years ago – allowing customers to instead browse the store and collect the items by themselves in a basket.

Read More

Are you thinking about retail customer experience all wrong?

Article | March 5, 2020

It's not hyperbole to say that modern retail lives and dies by one overwhelmingly powerful metric: the customer experience. But knowing how to actually provide it, to a given retailer's unique collection of customers, is what has escaped so many of the retailers we once thought were too big to fail. As the industry becomes more conceptually innovative and tech-driven, there isn't a single obvious path that guarantees the ability to deliver on that promise. Customer demands pop up too quickly, and retailers are running out of fingers to plug the dike. It's time to find a more sustainable approach.

Read More

How Retailers Can Deliver the Item at the Top of Shoppers’ Wish Lists: Time

Article | February 24, 2020

For consumers, shopping can either be an exciting experience or a downright stressful one. Finding enough time to shop for the perfect gift or merely everyday staples while attempting to manage the challenges of work, family and everyday life can undoubtedly add to stress levels. Considering all of the expectations and obligations that exist within a consumer’s life, it’s critical for retailers to be respectful of their time when they have so little to spare. It's no secret that consumers’ choices on how, where and when they buy are dramatically redefining the retail industry as we know it. In order to stay relevant and top of mind for consumers, retailers must work to deliver the best possible shopping experience. Perhaps the strongest demonstration of value a retailer can provide to a consumer isn’t just better pricing or a more engaging environment, but instead to give back something their consumers value even more: time.

Read More

Spotlight

DICK'S Sporting Goods

In work and in life. On the field, the court or the ice. Nothing wins like a commitment to excellence; to your team and your goals. At DICK’S Sporting Goods, it’s this kind of thinking that inspires our mission.

Events