How to future-proof your retail business in 2022
Modern retail has been transformed by e-commerce and its overhaul of consumer demands.
After the initial Covid-19 pandemic, stores were forced to adopt digital models or face financial obliteration.
While stores have reopened, people have grown accustomed to the immediacy and options technology bestows upon them.
As a result, those hoping to future-proof their companies must adopt the latest trends and turn them into profitable assets for their retail stores. In this article, we'll cover five ways you can prepare your retail brand for the future.
Bolster your education
One of the most profitable investments any business owner can make is their education. Earning a degree in business or technology could help you innovate much faster than other companies.
While they'll need to outsource to build apps, you can create your own, deploy them, and handle all of the heavy lifting in-house.
Earning the degree doesn't have to cost a fortune up front, either. Borrowing a private student loan can help you finance your degree while still taking home a good profit from your business.
Cashier-less shopping
Many people want to enter a store, make a purchase, and leave as quickly as possible. Self-checkout options are the easiest way to make this happen.
This can be an example of how retailers can reduce costs, but cashiers do have value in retail, and you shouldn't lay off your staff just to rely on a tech-based transaction model.
However, think about expanding your options, allowing shoppers to choose how they pay and feel more in control of their experience.
If you want to go a step further, software is emerging that allows shoppers to enter the store, buy goods, and leave without even ringing up a single item.
This is done using sensors and cameras that track movements, log items, and bill a customer instantly when they leave.
AR technology
Whether they're shopping for a new couch or trying on the latest fashion, augmented reality (AR) brings experience to customers for no cost. It grants shoppers the ability to test a product before making a purchase.
This is usually done through their smartphone, but you can also install AR dressing rooms in your bricks and mortar store for greater convenience.
Same-day delivery
DoorDash and Shipt have revolutionised the way people shop online.
Rather than constantly check their tracking number and peer out of the blinds for a UPS truck, they can get anything they want hand delivered in a matter of hours.
If you haven't already adopted this model, you'll need to think about the best way to do it in the coming year. Without being available on-demand, you risk falling out of favour for more accessible stores.
Omnichannel e-commerce
When you hit ‘purchase’ on Instagram, you're buying through an omnichannel platform.
These partnerships allow retailers to make sales on the world's leading social media networks, expanding their reach and raising their profits.
Omnichannel retail creates a seamless experience that adapts to customers' behaviour. Someone might buy something through your site, track it through Facebook Messenger and reach out to your business about their order on Instagram.
The ability to tailor the shopping lifecycle to user behaviour is still new, but it's going to continually alter the way people except to engage with their favourite brands.
