Exponential advances in technology — from mobile wallets to cloud-based point of sale software — are changing the retail industry. In this volatile market, retailers need to be increasingly responsive to consumer demand with on-trend product offerings, more personalized marketing, real-time inventory reporting, and more..
Our clients are already benefitting from cutting-edge technology that helps them be secure and compliant while innovating and encouraging customer loyalty. Nevertheless, here’s a round-up of some recent trends affecting the industry at large, including some good news for boutique retailers..
The bigger = better mantra that has defined the retail industry for the past century is under fire. “On the surface, the broader retail market appears tepid, but underneath that surface, there is a lot of commotion,” said Deloitte principal Jacob Bruun-Jensen in a Chain Store Age article.
The Deloitte study, measuring how market share has changed from 2007 to 2015 for the top 100 retailers, found “massive and unprecedented structural changes.” The report noted barriers to entry are fueling fragmentation which gives smaller retailers the advantage with their ability focus on niche products and experiences.
Despite the fact that we had EMV readers by the October 2015 deadline, others weren’t so lucky. Many retailers are still struggling. Visa and MasterCard recently made announcements they’d be helping more businesses get up to speed with chip-enabled readers.
The marathon migration will be assisted by both card companies streamlining their certification processes. Apparently, the card companies are responding to merchant complaints of being “stuck in a certification backlog,” a Visa SVP told the Washington Post.w
Another interesting industry perspective recently addressed the consumer’s demand for responsive retail. The idea is to order the exact inventory when the consumer wants it, so all the stock can be sold at full price — delighting both the customer and the retailer. Yet this isn’t yet possible.
Instead, a Textile World article recommends the solution — using fast fashion as its example — is in faster, smarter supply chains. By communicating with the entire supply cain, reacting faster with American-made products and strategizing to enhance speed-to-market times, inventory ordering can become better timed and more precise.
Today’s retailer needs to be agile and not just aware but ahead of industry trends to continue to be successful. Comprehensive POS systems can help business owners better address market demands in a nimble, cost-effective manner.