5 Retail Technology Trends to Combat Staffing Shortages and Optimize Customer Experiences
If nothing else, the pandemic has taught us not to get comfortable with “the new norm” and to always expect challenges that will result in change, such as how staffing continues to be one of the biggest challenges facing retailers. According to the Bureau of Labor Statistics, the July 2021 unemployment rate for retail was 6.4% — higher than the overall US rate of 5.4% — and a Zipline survey of 500 retail associates revealed that 42% were planning to leave their jobs after the pandemic. As a result, retailers are turning to retail technology trends to not only combat the labor shortage but also to maintain a positive customer experience.
A concurrent trend is that consumers have grown accustomed to the convenience of purchasing through a smartphone from their couches instead of standing in lines at a store. Marrying the ideas of functioning with fewer employees and offering customer convenience can transform retail businesses to compete more effectively both in store and in the digital economy. This is just what these five retail technologies will provide your business.
Electronic Shelf Labels to Update Pricing
With staffing shortages nationwide, retailers need more innovative and efficient ways of providing accurate and fast information to their customers. Pricing is a key area of information, and one that is currently fluctuating rapidly in response to ongoing supply-chain disruptions. Electronic shelf tags are one retail technology that can help retailers optimize pricing and track inventories. No need to have a sales associate go through the store to retag items or change shelf labels when you can complete this task with the click of a button. Automating the implementation of price changes frees your employees to focus on other areas as needed.
Inventory Management
Inventory tracking and tracing are vital in getting a greater value out of the supply chain. Unfortunately, with the current times, the supply chain is unpredictable and struggling to meet deadlines and provide retailers with the items they need. Everything is disrupted, from the availability of raw materials and labor to manufacture products, to shipping delays in getting items onto warehouse and store shelves and into customers’ hands.
Additionally, accurate inventory is of utmost importance during the busy holiday season. When offering an omnichannel shopping experience, retailers need to be able to track their inventory properly. Avoiding stock outs and knowing product lead times are the biggest challenges in inventory management to date for retailers. For small retailers, the retail technology solution necessary is a point of sale (POS) system with advanced inventory management tools. Automating inventory updates can alleviate retail staffing shortages and improve customer convenience. In addition, automating inventory tracking can also help with cycle counts or EOY inventory reducing the burden on staff.
Self-Service Kiosks
A self-service kiosk is a great complement to your staff and can quickly show a beneficial ROI for your business when you’re dealing with labor shortages. Self-service kiosks minimize lines and increase customer convenience and satisfaction. In retail, kiosks can be used for a variety of applications, from self checkout to price check locating products on the store floor and checking loyalty rewards and promotions. Using kiosks can take some of the burden from sales associates and enable customers to more easily find answers to their questions.
Also, with this retail technology, you can allow sales associates to spend their time in other areas of the store rather than behind a counter. Smart retailers are using kiosks as a part of an overall strategy to improve customer service and adapt during the labor shortage.
Mobile POS
Another retail technology that creates a more efficient experience for your customers is equipping your sales associates with mobile POS devices. Armed with POS tablets on the sales floor, your staff can give customers the convenience of looking up product information to provide timely answers and checking out anywhere in the store. Mobile POS gives sales associates and customers all the information at their fingertips for informed purchasing decisions.
Online Ordering and Contactless Payments
Safety is essential, especially with COVID-19 expected to spike over the flu season.
Offering the safety and comfort of shopping with little to no human interaction will improve employee and customer safety. Using contactless payment, selling online, and implementing curbside pickup or buy online, pick up in store (BOPIS, also known as “click and collect”) options can reduce the spread of flu and COVID while also offering customers the convenience of buying from home or safely on the go. The pandemic accelerated consumers’ already-growing preference for these options. Shopping online has had a sales growth of 60.4% in the US alone, with $58.5 billion in revenue, and cick and collect retail technology has gone from “nice to have” to essential.
Retail Technology for 2022 and Beyond
When you’re planning your 2022 tech budget or your next upgrades, keep these trends in mind:
- With more accurate ways to display real-time pricing, track inventory, and mobilize sales associates, you can provide an easier and more convenient experience for your in-store customers.
- Line busting can help improve the checkout experience.
- For those not comfortable going in-store just yet due to the pandemic, you want to offer contactless options such as online shopping and curbside pickup to maintain customer loyalty.
Retailers are facing unprecedented challenges, but technology can provide the tools and features you need to adapt, operate efficiently and provide the customer experiences that will help build loyalty and a successful 2022.
