The whole retail industry is facing stiff challenge in terms of COVID-19. The pandemic impacted nearly every business aspect, from in-store operations and supply chain to manufacturing and customer engagement. It is important for the retail industry is to implement Retail Technology Solutions with proper agility, innovation and the right technology. In this blog, the most alarming retail industry challenges are mentioned which clients are facing and the solutions to address them.
1. Reinventing In-Store Shopping
Consumers are following safety guidance, like social distance, avoiding touching items or surfaces coming in contact and reducing time indoors with people. None of those things enable in-store shopping the way it was before COVID-19. To stay relevant with the demand, retailers must invest in mobile technology, including wireless payment terminals and receipt printers.
2. Security and Compliance
With the increase in mobile technology and self-service kiosks will need wireless infrastructure as well as the network security. This overall creates several opportunities for partners to sell into retail and grocery stores. Stores need to focus on making upgrades, and the addition of upgraded technology onto the existing network creates security risk. In most scenarios, small business networks aren’t actively managed, but need security service to actively monitor threats. This creates opportunities to sell more and it enables them to build a better, safer customer experience.
3. Cloud Solution
Brick-and-mortar stores are all closed, then reopen with restrictions and now face customer crunch. To boost continuity and growth in such a pandemic situation, retailers need to be more agile than ever. And this completely means they will need to boost their move to the cloud and leverage technology in different ways to support their business and customer experience.
With digital workspace solutions, employees can work from home as well as get reliable access to the applications and insights they need to serve customers across channels and deliver a consistent experience that exceeds their expectations. They can also build solutions to help them manage the actions to safely return employees.
4. Greater Demand for E-Commerce
People are ordered to stay at home to slow the spread of the virus, they didn’t stop buying. Consumers are forced to adapt their buying behaviors from conventional in-person payments to online-driven alternatives. Merchants are integrating B2C E-commerce Solutions to adapt quickly with online storefronts, mobile ordering, delivery as well as payments to accommodate ever-fluctuating safety mandates.
5. Optimizing the Supply Chain
COVID-19 has demonstrated the relevance of managing critical supply chains and customer service with the help of right technology. With the growth in online shopping and demand for faster delivery, it is important for the retailers to perform inventory checks, automate orders for high-demand stock and track orders instantly. The right mobility solution can help them stay compliant, and eliminate the downtime, all while delivering amazing customer service. It’s important for IoT endpoints to work when and how they’re supposed to, with the ability to remotely diagnose and configure new in-store devices with speed and ease.
6. Maintaining Competitiveness
Brick-and-mortar retailers are facing increasing competition from online vendors, so it is critical to have information about foot traffic. There are mobile apps that are offering analytics to retailers regarding information on shoppers’ habits. Before COVID-19, it was unthinkable that retailers would be switching to a contactless experience, but the pandemic has created such situation.
Wrapping Up:
As per the above discussion, the retail business is facing severe challenges due to COVID-19 and to bring it on track it is crucial to address these trends. As per the latest trends and demands, the experts choose the right retail model. All models are having their own advantages; it’s up to you which one to select. The trends are nothing if the strategies are not properly applied.
