Virtual Stores: What are the pros and cons for retailers?
Retailers are using VR and AR technologies to create ecommerce stores, known as virtual stores, allowing consumers to browse for products as they would in store. The aim is to bridge the gap between online and physical stores giving shoppers a true omnichannel experience. Advantages: Higher sales. Virtual stores are a more practical choice for […]
Amazon’s “Just Walk Out Technology”: Is it Worth the Price Tag?
Amazon’s Just Walk Out Technology allows shoppers to leave a store without checking out. A combination of 3D cameras and scanners recognise products that have been purchased and charges the shopper automatically through the app; and an itemised receipt is sent promptly. This eliminates the need for long queues, makes checkout a more seamless, and […]
Data Storage: The risks and Issues
The amount of data being stored is increasing exponentially. And with it increases the risks and issues with data storage, for both retailers and consumers. Retailers: Storage space: Data needs to stored somewhere, leaving data owners no option but to invest in high tech servers or cloud storage. For in house storage, IT teams need […]
Retail Digital Transformation and the Growth of Retail Analytics
The retail analytics market is expected to grow from USD 5.84 billion in 2021 to USD 18.33 billion in 2028, at a CAGR of 17.7% in that period. This is due to the growth of e-commerce, digitisation of retail stores, and the need to improve consumer experience to earn and maintain customer loyalty. The retail […]
Retail Challenges in 2022
Retail is continuing to struggle with changes accelerated by Covid-19. The ability to embrace and adapt to the rapidly changing industry will determine the winners. Here are some of the struggles retailers face today: Omnichannel approach: By now, we’re all aware of the omnichannel journey customers go through when shopping. From discovery to transaction, the […]
The Introduction of Return Fees: How is it Affecting Retailers, Consumers and the Environment
Next, Zara, Boohoo, Uniqlo, and Urban outfitters are among retailers who introduced return fees in an effort to reduce returns, and thus costs. As of May 2022, Zara charges £1.95 return fee for online order. However, in-store returns of online purchases remains free, driving footfall to the stores whilst reducing costs of putting returned items […]
Retailers reactions to the cost of living crisis
The UK annual inflation rate hit 9.1% in May 2022. Consumers reacted by making spending cuts as the prices of essentials such as energy, food, and petrol surged. According to the BRC, retail sales was 1% lower in June 2022 than the previous year despite the demand created by the Queen’s platinum jubilee celebrations. Barclaycard’s survey reports a 5% year-on-year […]
Why Video Analytics: The Quick Answer
McKinsey’s forecast positions video analytics as one of the most important IoT solutions for retailers. It gives retailers access to valuable insights into customer behaviour which can be used to improve customer experience, streamline marketing, strategic decision making, and ultimately, maximise store revenue. All-in-one solution for in-store data. Video analytics can provide powerful insights on […]
The rental market growth: why is renting the future of retail?
The rental market is offering consumers high quality, trendy clothing without the price tag. It’s eliminating buyer’s remorse while giving shoppers a regular dose of dopamine with each rental. So, it’s no surprise that the global online clothing rental market is worth $1,215 million in 2021 and is expected to grow at an average annual […]
Retail safety: how data can help keep staff and shoppers safe from Covid-19 spread
Retailers have done exceptionally well to adapt to the new way of shopping. Safety measures such as screens at tills, face masks, contactless payments, sanitiser stations, one-way systems etc can be found in almost all retail stores. However, compliance of the new rules vary. Covid rules non-compliance. Let’s discuss an easy one, face masks. Face […]