As we move into 2024, retailers must consider three key themes: connect everything, stem theft losses, and learn & earn.
Agility is crucial for retailers as it allows them to rapidly shift resources in line with customer trends, innovate, and transition between online and in-person commerce. A unified commerce system can bring together every sales endpoint, delivering consistency of experience and a single view of the truth to management. Open APIs can simplify integrations, while a trusted cloud solution provider is essential for adaptable, scalable, and performant applications.
Stemming losses from theft has become a significant issue in retail, with theft now accounting for $112 billion in losses. Retailers can fight back by offering free coffee to law enforcement officers, investing in facial recognition software, or using smart sensors that are difficult to detach from products. Empowering store assistants with real-time mobile technology can help spot suspicious activity at self-checkouts and other in-store points-of-sale. A new generation of computer vision, RFID, and smart tagging solutions can make it easier to identify items and offenders, thereby stopping theft.
In an increasingly fast-moving world, understanding patterns can make or break sales performance on individual promotions, product ranges, or standalone stores. An effective insights program should work seamlessly with a unified commerce platform, providing an informational foundation for data that is key to spotting trends. Retailers should also invest in an insights platform that delivers near real-time information.
In conclusion, retailers must focus on connecting everything, addressing theft losses, learning and earning, and investing in analytics to improve their operations and customer experiences. By focusing on these key themes, retailers can better navigate the challenges of modern omnichannel selling and ensure long-term success.
For more information, visit the Retail Drive Website.
