Originally posted on SalesTech

By Oleksandr Martyshko, Senior Mobile Software Architect at Teamwork Commerce

In today’s cost of living crisis, price-sensitive customers and fierce competition are proving to be a pressing challenge for retailers. The rise in shoplifting rates is only exacerbating the situation, increasing the difficulty for retailers to sustain their profits. In fact, US retailer, Target, is expected to lose $500 million from its 2023 profits due to missing inventory.

Leading UK supermarkets, including Sainsbury’s and Morrisons, have introduced self-checkout barriers to curb shoplifting. However, these solutions only seem to be damaging the customer experience and slowing the checkout process at one of the most important touchpoints in the customer shopping journey.

What’s more, uncertainties persist as to whether these barriers are effective enough to reduce shoplifting. In reality, shoplifters can easily evade these barriers. There is nothing to stop someone from taking a few high-value items from the shelves, scanning a pack of gum at the checkout and using the resulting receipt to leave without being noticed.

Retailers are right to prioritize their efforts in reducing shrink. However, they must keep the bigger picture in mind. The best available solution should be able to both minimize theft without the consequence of a poor customer experience. Fortunately, in today’s technology-driven retail environment, RFID can deliver exactly that.

Curb Shoplifting Through RFID

RFID technology can deliver a seamless buying experience by automatically scanning all items in a shopper’s basket within seconds, and providing customers with the ability to check out independently at their own pace. This speeds up and creates a more seamless checkout process for shoppers while reducing in-store queuing. It also allows staff members to allocate time to deliver high-quality and tailored customer experiences elsewhere within the store. However, it also plays an important role in minimizing theft.

Retail shrink – and shoplifting in particular  – is one of the most damaging factors in retail losses, and must be reduced in order to drive profitability. Retailers need to find viable solutions that enhance in-store security, and RFID-powered self-checkout technology can provide exactly that. Advanced self-checkout kiosks, powered by RFID, are capable of triggering alarms in case a shopper attempts to take a tagged item without paying for it.

Retailers can effectively track and monitor inventory by attaching RFID tags to products at item-level. This improves the detection of unauthorized removal or theft. RFID-enhanced security assists retailers in asset tracking, creating a safe shopping environment and minimizing losses.

The technology can also be used to curb returns fraud, which cost retailers in the U.S $84.9 billion in 2022. NRF calculated that for every $100 in returned merchandise accepted, U.S retailers lose $10.40 to return fraud. With RFID tagging, in-store associates are able to instantly identify whether a so-called ‘returned’ item was ever previously purchased in the first place.

Read More: SalesTechStar Interview with Kevin Knieriem, Chief Revenue Officer at Clari

Minimize Retail Shrink

RFID can also empower retailers to reduce shrink by enabling retailers to track their inventory in real-time throughout the supply chain. Using RFID tags, retailers can increase efficiency and accuracy alike, gaining clear visibility of all tagged products from the warehouse through to the shop floor.

Deploying RFID solutions not only allows retailers to identify specific missing items, but also informs them of when and where they get lost. With clear knowledge of where their inventory goes missing, retailers can identify critical spots. They can then take appropriate action to mitigate their losses.

Improve Customer Experience

Retailers aim to provide shoppers with an easy and enjoyable shopping experience. This relies on a number of factors, namely personalization, convenience and speed. Traditional POS systems can often lead to long queues and wait times. This can negatively impact the overall customer experience. To deliver top-tier customer service, retailers should look to deploy advanced solutions that cut checkout times and optimize the number of transactions completed during operational hours. Retailers can leverage RFID-powered self-checkout systems to create convenient and fast checkout experiences.

As the final touchpoint for most customers, a convenient and speedy checkout has the potential to make or break their in-store experience and influence their decision to return to the retailer. Retailers who can simplify checkout processes can deliver high-quality experiences that create a loyal customer base.

As retailers continue to confront the challenges of driving profitability with such high competition alongside the rise in shoplifting, they must ensure they are deploying the best technical solutions to position themselves at the forefront of the market and continue to sustain revenue. RFID technology can significantly reduce shrink through shoplifting whilst assisting retailers with inventory management and tracking. However, most importantly, it plays a crucial role in helping retailers improve the overall customer experience with a speedy checkout process.

Read More: AI: Mending the Rift Between Legal and Sales

As we count down to the kick-off of NRF 2024: Retail’s Big Show, the excitement for one of the industry’s most hotly anticipated trade shows only continues to build. Make it matter, the slogan for this year’s event, calls for exhibitors, speakers and attendees to take meaningful action now, following a challenging year for retail.

With over 1,000 exhibitors covering 300,000 square feet of New York’s Javits Center, NRF 2024 will provide visitors with the opportunity to experience firsthand the latest innovations that will shape the retail industry in 2024.

With that in mind, we’ve outlined 3 key trends that we expect to reign supreme at this year’s NRF event…

Anti-Theft Focus

So much of this year’s retail discourse has been dominated by theft and the challenges it has caused retailers. In fact, according to NRF, retail crime accounted for approximately $112 billion in industry losses in 2022. Retail theft is rising. However, CRN, reports that despite the gradual increase in theft, there hasn’t necessarily been a shocking increase in the number of incidents over the past few years.

Concern still remains, though. The brazen attempts to steal products showcased by consumers in recent months has brought the subject closer to the attention of retailers. Unfortunately, it is also impacting consumers as well – with Statista finding that nearly a quarter of shoppers have chosen to visit stores less frequently due to retail theft.

Ahead of NRF 2024, don’t be surprised to see a number of exhibitors focusing on anti-theft technology solutions that can alleviate theft concerns for retailers. Whether it is RFID-based product tracking, secure self-checkout terminals or wider loss prevention innovations around in-store cameras or alarms, anti-theft is expected to be high on the priority list this year.

Teamwork Commerce will be demonstrating its RFID-Powered Self-Checkout solution at this year’s event, showcasing the very best in secure Point of Sale (POS) technology. Visit booth #5957 to see why the solution has been deployed in over 2,000 stores worldwide. 

In-Store Evolution

While retailers strive to keep shoplifters out of their stores, they are still determined to bring purchasing customers in. As consumers continue to show an eagerness for experiential retail, shop floor activity has come into the spotlight for many retailers, who are now prioritizing their in-store capabilities to meet customer demands.

Over the last couple of years at NRF we have seen innovations such as Virtual Dressing Rooms, Mobile Point of Sale and Self-Checkout Kiosks become increasingly intuitive. Expect to see further developments in January as technology providers continue to leverage emerging technologies – such as generative AI and Virtual Reality – to develop their solutions. With the right investment, retailers will be able to deliver high-quality shop floor interactions that create seamless in-store experiences.

At this year’s show, Teamwork Commerce will be demonstrating its brand new iPhone POS solution, Boasting exceptional mobility, and an excellent User interface and experience.

Understanding Customer Priorities

Improving in-store capabilities to attract customers is one thing, but retaining them is another task in itself. In order to develop long-term relationships with in-store visitors, retailers must be able to get to know their wants and needs, and cater towards them.

The current state of the economy has only exacerbated this challenge, with customers understandably tightening their wallets. At NRF 2024, our final expected trend will be focused on building customer relationship. Through Customer Relationship Management (CRM), Clienteling and Data and Analytics solutions, retailers can begin to really understand their customers, and curate specific offers and discounts that fit their needs.

Not Long to Go…

NRF 2024: Retail’s Big Show is round the corner. As we count the days down to stepping foot into the Javits Center, we can’t wait to gather some incredible insights, bear witness to emerging technology solutions and make new connections from across the retail industry.

Interested in learning more about how Teamwork Commerce can help your retail brand evolve its technology capabilities? Book a meeting with us at NRF here!

Originally posted in Forbes

Throughout the year, retail sales can peak and trough. However, busier periods—such as the festive shopping season—present a strong opportunity for retailers to increase their customer base and maximize sales. While many might keep a short-term view of this opportunity, focusing solely on their performance within that short time span, the reality is that these periods can act as a catalyst for long-term customer retention and sustainable business growth.

The festive shopping season is a prime example of this. From Black Friday to January sales, retailers have a three-month window to attract new customers, provide exceptional experiences and develop strong relationships that retain their business.

Of course, in the build-up to these opportunities, retailers must prepare accordingly. Increasing stock levels, providing overtime for staff and offering attractive discounts and promotions might seemingly create pressure for short-term success. However, it is important to keep an eye on the wider retail vision and to utilize these periods for long-term growth.

The Importance Of Customer Relationships

According to Bain & Company, consumers spend an average of $132 per month with retailers that have earned their loyalty while only spending $71 per month with brands they give lower ratings. When customers feel valued by a brand, not only do they continue to spend with that company, but the trust they have developed leads them to spend more. Meanwhile, research undertaken by Gartner shows that receiving value during a service interaction increases the likelihood of a customer sharing positive word of mouth by as much as 97%.

Strong customer relationships are critical for retailers. By providing a high-quality service to customers, retailers can positively impact their relationships with customers. Not only do these relationships improve the likelihood of increased and repeated spending with their current customer base, but they also improve their chances of growing their customer base through word of mouth. At this point, the process can be repeated, and retailers can soon find themselves in a virtuous cycle—constantly growing the number of customers they reach and retaining them, too.

The Customer Retention Challenge

Strong customer relationships are important, but they don’t necessarily come easily, especially during busy periods. With heavy in-store traffic, delivering a high-quality customer experience can be difficult: crowded areas, lots of waiting around for customers and long queues all work to the detriment of the level of service retailers should be striving to provide. Busy stores also cause potential stress for in-store associates, who, rather than focusing on creating exceptional experiences, might instead rush through interactions to maximize the number of customers they can attend to.

These periods also create the potential for struggles outside of in-store sales. Many retailers today have developed an omnichannel presence, providing customers with various options to complete their shopping. In theory, this is a highly effective practice that facilitates fulfillment options such as buy online, pick up in store (BOPIS), or buy online, return in store (BORIS). However, during peak shopping periods, an inefficient order management operation can quickly lead to retailers failing to fulfill omnichannel orders—which can be catastrophic to customer relationships.

Effectively Managing Relationships During Peak Periods

A few key tweaks to a retail operation can effectively help retailers deliver high-quality in-store experiences despite heavy in-store traffic, transforming a potentially stressful environment into one that takes care of and values every customer who walks through the door.

Everything starts with staff and the tools they are provided with. Preparation is essential, and the human element is crucial in delivering an optimal customer experience. Therefore, retailers must ensure that firstly, they have enough associates on the shop floor to manage a surplus of customers, and secondly, that they are all well-trained in how to interact with different customers, as well as how to utilize best any tool that will help them service in-store visitors.

From here, two factors become critical in building relationships: personalization and speed.

According to McKinsey, 71% of consumers expect companies to interact with them on a personalized level. With the right customer relationship management (CRM), retailers can leverage secure customer data to tailor interactions and empower in-store associates to deliver tailored interactions that make shoppers feel valued. This can include making product recommendations or alternative suggestions based on previous purchasing history. The right data can also enable retailers to create personalized loyalty programs, providing discounts and promotions on specific items that are relevant to customers.

In a cost-of-living crisis, loyalty programs are proving highly effective for retailers, attracting repeat business from customers while also enabling consumers to secure great deals. They also help retailers attract younger generations. Deloitte found that 60% of consumers aged 18 to 24 claim to like point-based loyalty schemes, with 20% also claiming that they would stop shopping with brands if they were to end their loyalty program.

A personal experience is crucial, but combining that with speed creates convenience that few other retailers can deliver. With mobile point of sale (POS) technology, retail brands can transform their entire operation effortlessly. Capable of interacting with a retailer’s wider technology stack, mobile POS solutions enable real-time insights around stock and order management, CRM and wider data and analytics. At this point, associates can create personalized experiences, provide up-to-date stock information for customers and activate tailored discounts and promotions all through one device. Importantly, however, mobile POS enables associates to conduct transactions anywhere in the store.

Suddenly, associates can provide a highly bespoke service and facilitate fast checkouts at the customer’s pace, eliminating queue times. The time of both customers and in-store associates is optimized. Customers leave the store having been provided with a top-tier experience, and associates can quickly move on to the next shopper.

Remember The Long-Term Goal

Relationships in retail are crucial. While peak shopping periods can create stress, they are also the perfect breeding ground for long-term relationships that blossom and expand a retailer’s customer base. If retailers can deliver true value during these seasons, they can seamlessly set a strong foundation for future growth.

Sergey Kozhevnikov, VP of Product Development, Teamwork Commerce. Read Sergey Kozhevnikov’s full executive profile here.

Originally posted in: Retail Voices

The physical retail landscape is experiencing a resurgence that shows no signs of slowing down. In fact, according to the KPMG/Ipsos Retail Think Tank (RTT), we are currently seeing a return to physical shopping despite the ongoing cost of living crisis. The consumer appetite for in-store experiences continues to rise. However, within the current economic climate, many are becoming more conscious of their purchasing decisions. Today, retailers face a pressing challenge: finding a way to stand out in an increasingly competitive market.

In a world where customer preferences reign supreme, success lies within top-tier customer experiences – the cornerstone upon which retailers must build their businesses. Yet, in an industry that is ever-changing, where customer demands evolve by the day, achieving this goal is not necessarily simple.

At its core, customer experience can be attributed to three main elements: speed, personalisation and convenience. By improving practices with these pivotal elements in mind, retailers can better create unique experiences. They can also differentiate themselves from their competitors and lay the foundations for long-lasting loyalty from their customer base.

However, delivering speed, personalisation, and convenience all at once can be a challenge, especially within brick-and-mortar stores. Yet, emerging technologies, along with the transformative capabilities of mobile point-of-sale (POS), present an avenue through which retailers can create unparalleled in-store service.

Delivering Speed

Long queues and waiting times during checkout only cause frustration for in-store shoppers. According to WaitWhile, nearly 75% of U.S. consumers feel bored, frustrated, disrespected, annoyed or impatient when waiting in queues. In an era where customers are desperate for seamless checkout experiences, retailers need to advance their in-store technology stack with the latest innovative solutions to live up to modern expectations. Mobile POS can act as a beacon of convenience and efficiency within retail. This technology revolutionises the checkout process by eliminating the need for in-store queues. Traditionally confined to designated checkout spaces, customers can now bid farewell to lengthy lines and frustrating waits.

Mobile POS technology liberates retailers from fixed checkout counters by enabling transactions through handheld devices such as smartphones and tablets. This enhances in-store services, reduces wait times, and equips sales associates with customer insights and inventory data. Customers enjoy efficient assistance and speedy transactions, while retailers can optimise sales and deliver superior in-store experiences.

The world is becoming increasingly fast-paced, and prompt service is becoming more important to customers than ever before. Using mobile POS, retailers can provide customers with a fast and efficient service model that suits their needs and supports their shopping habits.

Personalising the Experience

Consumer needs are continually adapting and changing. With 71% of customers now expecting a personalised shopping experience, retailers must find ways to tailor each interaction they have with their shoppers. Mobile POS solutions can enable retailers to provide this desired level of personalisation directly to customers, allowing them to offer exclusive discounts to customers based on their previous shopping habits.

Mobile POS technology provides in-store associates with access to crucial data at their fingertips. With an integrated customer relationship management (CRM) system, real-time data can be collected from each interaction a customer has with a retailer, including information such as a customer’s purchase history, clothing and shoe size, and shopping preferences. From here, associates can offer customers a uniquely curated experience, delivering a tailored service that makes in-store visitors feel valued.

This personalised approach to customer service aids in building brand loyalty for retailers. With staff providing shoppers with a warm and welcoming experience from the moment they enter the store, retailers can develop long-term relationships with a retained customer base.

Creating Convenience

Convenience is the third crucial element that helps retailers differentiate themselves from their competitors. Combining speed and personalisation can go a long way to delivering high-quality experiences in-store, but adding convenience enables retailers to expand this service beyond the shop floor.

Today’s retail industry is highly reliant on multiple sales channels. While in-store sales continue to grow, ecommerce still plays a significant role in a retailer’s bottom line. As such, an omnichannel approach is necessary to facilitate sales from anywhere – whether purchasing online, in-store, or buying online and picking up in-store.

Convenience is created through options, and by integrating order fulfilment software with mobile POS, retailers can create omnichannel-focused sales channels that cater to a customer’s needs. Customers can visit a store, be greeted by a sales associate on entry, inform them of a product they are there to collect, and be out of the store in seconds.

Realising the Value of In-Store

As consumer appetite for experiential retail grows, retailers can attract visitors with convenient purchase options, and retain their long-term business by delivering a fast, highly personalised in-store service.

Those retailers that go the extra mile to make customers feel valued and satisfied at every touchpoint are the ones that will succeed in such a competitive landscape. Mobile POS can go a long way to helping them achieve that distinction.

Thanksgiving is around the corner! With yams on the mind, the nation is busy preparing for a range of festivities. Regardless of how you might celebrate: watching the Macy’s Thanksgiving Day parade, tuning into the football, or eating your way into a potato-induced nap, Thanksgiving is steeped in tradition.

These traditions have transitioned into the retail world. Acting as the appetizer to Cyber Weekend (poorly used food-based pun intended), Thanksgiving Day kicks off the festive shopping period, with Black Friday following immediately after.

According to the National Retail Federation (NRF), 196.7 million customers shopped over Thanksgiving weekend in 2022 – and its popularity is only expected to grow as consumers try to spread out their festive spending.

On the subject of tradition, perhaps the most important of all is the opportunity to reflect on what we are thankful for. So here you go, we’ve outlined 3 retail technologies that we’re grateful for this Thanksgiving…

Mobile Point of Sale

According to BCG, an eye-watering 74% of consumers are expected to search for great deals during this year’s Black Friday weekend. With incredible consumer appetite for a bargain, in-store footfall will inevitably increase significantly around Thanksgiving.

Busy stores run the risk of customer frustration. Limited space on the shop floor combined with long queue times can quickly turn off would-be customers during Thanksgiving weekend. Retailers need a solution that alleviates this issue, and Mobile Point of Sale (POS) can do exactly that. Capable of completing quick and seamless transactions from anywhere in-store, mobile POS can optimize in-store sales opportunities while significantly reducing wait times for customers.

Order Management  

In order to avoid crowded stores, many consumers today choose to buy online and pick up in-store (BOPIS) – ensuring an easy, streamlined purchase that fits around their schedule. Creating omnichannel fulfilment enables retailers to provide customers with more options for how they conduct their transactions, and opens more doors for sales opportunities.

This can only be achieved with order management technology, connecting e-commerce platforms with wider retail operations to generate shipments. With the right solution deployed, orders can be placed from multiple locations and fulfilled anywhere.

With the flexibility of being able to shop in the ways that suit them best, retailers can deliver an enhanced customer experience that provides convenience for consumers during an extremely busy period.

Customer Relationship Management

According to NRF, consumers begin their festive shopping as early as October. They buy early, and they plan everything well in advance. As a result, retailers should recognize that the likelihood of impulse buys during the festive period drops significantly.

Using Customer Relationship Management (CRM) effectively, retailers can take advantage of the meticulous research consumers undertake. Able to track all interactions with customers – which products they have viewed, or size and color preferences – retailers can use this to their advantage and push specific, personalized messages that encourage sales.

Whether creating personalized discounts on viewed items, or offering specific loyalty points for certain purchases, retailers can not only encourage customers to buy from their store, but they can begin to leverage secure data for long-term relationship building.

Keep the Bigger Picture in Mind

Thanksgiving – and the following festive period – sees an uptick in sales for the retail industry. While maximizing profits is a priority for many, retailers should take this time to really focus on delivering high-quality customer experiences that create and nurture strong relationships with customers. With these relationships established, they can benefit from the growth in long-term retained customers. Now that is truly something to be thankful for.

Interested in finding out how technology can help your retail business drive long-term customer relationships this festive season? Book a live demo here.