Current generation retailers are very smart and are willing to accept the change for their growth and be a super power in their business.
I was talking with a veteran retailer who is running a retail super market for the last 40 odd years. I know him from my school days, where we used to buy snacks and cool drinks while returning home. I remember the shop he used to run 20 years back and i am able to see the change he made to the shop currently.
I remember him telling me that the retail business is very simple, all one need do is to buy low and sell a bit higher and go home happily. Even now he follows the same principle but he also adds, the distance between buying low and selling high has increased exponentially and is covered with data for insights. The expectation of the shopper is changed and changed dramatically. Moreover shoppers are very slow in trusting a retailer and very quick in changing loyalties if their needs are not met at once.
Previously, his shop used to small 10×10 store with all items being placed in jute bags and will be lying on the floor, there will not be any place for the boys to stand, need to search for the item when asked (only experienced person can find the item in short time), hand billing, Credits will be handled in a small pocket size notebook, too many strikeout and changes and on top of it, the owner has to be in the shop from morning till then end of the day.
One can see new terms are entering in our dictionary day by day like blog, e-all, i-all, 4G and not forgetting the check-in, like, tweet and text. Though some of them are old words but now floating with new meanings. when the lexicon can change daily, why not the retailers change themselves or adopt to the change at once for better growth.
Accept the change
If the shopper is changing loyalty at once, its a clear sign that the retailers should accept the change at once or one at a time. After all retail business is driven by the loyal customers. Retailers are meeting these changes with many levels of success. Years ago retailers were still thinking about having a webpage (leave alone web site) for them. Now they started to talk about Pinterest , Twitter and having a YouTube channel for them.
Its a clear message for retailers, either they have to change forward for making most of the information and access to be on top or just be one among thousand shop-owners who are waiting for things to “get better”. Its the time for the retailers to embrace the technology and gain the advantages of data mining for loyalty to infrared tracking in store to make the checkout more efficient an give a great customer experience. For sure the change will demonstrate the growth over the years and payback on the investments.
The next few years will mark the demise of many who have not made any investment in tech for their growth. If they turned a deaf year to change, it means that they don’t hear the sound of future passing next to them.
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