We know change is inevitable. But the retail sector is in a state of constant evolution, always striving to engage with fastidious customers. Countless businesses have augmented their conventional methods to a progressive shift and an opportunity to incorporate the digital transformation traditional retail had been slowly adopting.
Automate your pricing and promotions on the shelf in real-time by using Danavation’s® proprietary Digital Smart Label™ technology. By adopting this technology, retailers across all sectors are driving in-store efficiencies and leading from the front when it comes to digitally transforming their operations. Danavation® has developed solutions for retail company owners to transform their business.
Retailers are reimagining the functionality of stores and tapping into digital tools to keep those stores relevant, according to Forbes. Physical retail will remain the largest and most important channel for the foreseeable future, but how space is leveraged will transform. In Euromonitor’s recent Commerce 2040 virtual event, Jason Goldberg, chief commerce strategy officer at Publicis, noted that stores are no longer a singular touchpoint in the shopping journey; now, stores play several roles, becoming platforms that serve multiple missions and stakeholders.
Recently, retailers have reduced their footprint entirely or used physical outlets to support online fulfillment operations or branded experiences. “Personalized, immersive and collaborative concepts will advance the store experience of tomorrow, says Michelle Evans, Global Lead of Retail and Digital Consumer Insights at Euromonitor International. “Retailers will leverage technology to remove the hassles of shopping for mundane items while tapping into the innate desire and curiosity to test and try before buying. For products that require more consideration, such as furniture or electronics, physical retail will shift from stores where products are sold to a stage for immersive brand experiences.” Retail automation provides more value to both the consumer and staff alike – beyond price and promotion updates. A perfect example are QR codes – a scanned launching point you can find right on the programmed Digital Smart Labels™. Scan the code to gain valuable information on the product you are interested in. This link can contain as much or as little information as you choose, and is highly versatile as an additional marketing tool.
Another difference about the customers of tomorrow is that they are valuing different things in the store, and we are seeing their behaviors change toward what they value. Let’s use self-checkout as an example. It used to be that if you shopped at a grocery or department store, you really valued that personal interaction with a sales associate to help you check out. That’s not true anymore. Now it’s about speed and convenience. Checkout at a physical location is entirely out of the equation when people are using curbside pickup or buy online, pick up in store. As Tiffany Burns, Partner, McKinsey & Company, Atlanta has observed, “We’ve seen such a drastic evolution in self-service. Five or six years ago, retailers had a lot of doubt: “If we put a machine there and people have to use it to check out, they won’t want to shop with us anymore.” But people learn technology and new ways of interacting.”
Ensure that customers will always value their in-store shopping experience with you by offering product information at the shelf without having to search for pricing and store promotions or sales. Let your customers facilitate for themselves and be autonomous with the ease of technology. Digital Smart Label™ systems are an ideal investment for retail locations to improve convenience. By adopting this technology, retailers across all sectors are leading from the front when it comes to digitally transforming their operations. To learn more, please visit danavation.com/