POS (Point of Sale) Systems are vital to any retail business. However, many companies are not making the most of them, which are often outdated. 

The Point of Sale (POS) System is responsible for receiving payments, tracking inventory, and managing sales data. If your POS is out of date or malfunctioning, it can seriously affect your sales, so it’s essential to ensure your system is up to date and working correctly.

In this Blog, we present a checklist of what you should take into account in your Point of Sale System, and then we give you seven keys to improving your POS system, making the most of it, and taking your retail business to the next level.

Checklist of your Point of Sale System 

1. Is the Software Updated?

The first primary step will be to update your software to the latest version so that you have the latest updates. Many times the updates imply substantial improvements, and the current versions, in addition to offering multiple advantages for security. Updates also often indicate that the system can speak in the same language as the latest technological advances and industry trends, so it is worth making sure they are updated. 

Outdated Software can cause all sorts of problems, from crashes and security vulnerabilities. Ensure you are using the latest software version and that all updates have been applied. That is an essential step to ensure a safe and secure system. Also, we recommend checking for updates periodically and applying patches.

2. Are the Employees taking advantage of the full potential of the Software?

The ideal will be to have intuitive software that is easy to use. To get the most out of your Point of Sale system, you must train your employees on how to use it, and they should be familiar with all the features and how to navigate the system. 

Many companies assume that their employees know how to use the POS system correctly, leading to errors and lost sales. 

Train them on how to process transactions quickly and accurately, manage inventory and keep track of sales data and shipping management. This information can help you make better business decisions and improve your results.

3. Do you keep your data updated?

Keeping the data of your Point of Sale System (POS) organized and updated is vital, which will help you run your business more efficiently.

Key Areas Requiring Updated Data

1. Inventory: Make sure you regularly update your inventory in the POS system inventory. It will help you keep track of your stock and always have popular items available.

2. Sales. Make sure to classify and organize your sales data in the POS System. It will help you track trends and understand how your business performs over time.

3. Clients. Can you contact your customers at the correct times? Your POS data will be vital to reaching your customers for marketing and upsell purposes. In addition to that, you can offer birthday promotions, loyalty programs, and purchase preferences.

7 Keys to Improve your POS System

1. Invest in a modern POS system

To increase your profits is best to invest in a modern POS system that allows you to scale your business to where you are thinking is best. So if your system is already a few years old, or you’re not sure it’s at the forefront of technology, maybe it’s time to go to the next level. 

Many modern POS Systems are much easier to use and more efficient than older models. These systems are often feature-rich, can handle more significant transactions faster, update warehouse and inventory systems in real-time, and connect more sales with customers. 

2. Enhance the potential of the POS System by combining other technologies

Do not limit yourself to just an adequate POS system. An excellent POS system consider all business areas. The current needs of a retail company require combining different Software platforms to provide a better customer experience. For instance: 

• Customer Relationship Management (CRM) Systems
• Clienteling systems allow you to personalize the store experience 
• Automated marketing systems help you carry out campaigns and promotions, both to existing customers and potential customers. 

3. Keep up with the latest technology trends.

POS systems are constantly evolving and improving, running more efficiently and offering more features than ever. 

Keeping up with trends and technological advances will be essential to stand out. Today, cutting-edge retail companies are taking advantage of the best POS systems that allow them to incorporate Artificial Intelligence for conversational retail, make sales through e-commerce and social networks, and reinforce an omnichannel strategy toward customers. 

In general, a successful Point of Sale System today should drive a seamless and seamless customer experience (CX). 

4. Achieving Seamless Experiences Using Data

Delivering seamless, integrated shopping experiences across all touchpoints has become the standard expected by customers today. 

The most visionary retailers have recognized that creating and maintaining a consistent online and offline customer experience is imperative. To do this, collecting and analyzing data across different channels is critical, ultimately allowing them to gain clarity on their customer experiences.

5. Incorporate an Omnichannel strategy

Incorporating an Omnichannel strategy starts with using a POS connected to all the points of contact of the retail business. An example of this includes if a retail company sells something in its physical store, then generates online sales moments later, and the inventory is updated in real-time, so there are no miscommunications of available stock to sell.

Retailers who use POS data to connect what’s happening online and in the physical store gain a competitive advantage, position themselves ahead of the competition, and exceed customer expectations. 

Users can quickly run POS reports and discover a complete view of the retail business, from the busiest times in their stores to optimal stock levels, improving sales and customer experiences.

6. Using the potential of real-time cloud synchronization 

A cloud-based POS system is becoming necessary, as it guarantees security, availability, and performance. POS systems need to provide real-time information on all transactions, both online and in the physical store, and for this to happen, the cloud is a must. 

With the cloud, retailers can check inventory, send invoices, and better manage their employees and customers. They can also create and export custom reports helping retailers to be more efficient with their time, to the benefit of customers and the business. 

7. Open Upselling Opportunities

In addition to the POS being a destination for processing payments, it also presents an opportunity for retailers to increase their average sales. 

Taking this into account, when customers decide to buy something, your retail business can offer the opportunity to find more offers and similar products, either at the moment or later, by other means, according to your marketing communication strategy. With this, customers feel that their brands are on the lookout, offering them products and services tailored to their needs and expectations.

So, what can we conclude from a good Point of Sale System?

When it comes to Point of Sale Systems (POS), there are two levels, the basic level in which the essential requirements to make and record sales are met, and a second level that leads retail companies to stand out. 

Improving a POS system requires considering the basics, such as making sure the software is up to date, that sales staff can use it easily and get the most out of it, and that the data output from the POS system is used to generate more sales. 

However, technological advances and new customer expectations lead retail companies to aspire to another level that only POS systems can achieve in combination with other systems and functionalities.

If you are thinking of improving your Point of Sale Systems, it may be time to invest in a modern retail system that offers your company the potential of the most advanced trends in retail today. 

Update your POS with the help of experts

Teamwork Commerce is a leading Omnichannel Solution, providing retailers with Point-of Sale, Order Management, Inventory Control, CRM and Analytics. They also boast an ecosystem of integrations with top solutions making unified commerce a seamless activity. Serving top retailers in over 20 countries globally including, Moose Knuckles, Colorado Rockies, Asics, Milwaukee Bucks, Catbird and Paul Stuart. Learn more at www.teamworkcommerce.com.

As the trends of marketing continue to evolve, so does the need for retail businesses to keep up with the latest trends. And one of the biggest trends in marketing right now is influencer marketing.

In this blog we will talk about influencer marketing, so you can decide if you want to take advantage of this trend that seems to be helping retailers grow in surprising ways.

What is influencer marketing?

Influencer marketing is a type of social media marketing that uses sponsorships and product placements by influencers, to promote a brand or product. It is a form of marketing that focuses on using key leaders to bring your brand message to larger markets.

What happens in this type of marketing is that instead of marketing your brand and products directly to a large group of consumers, you can instead hire or partner with influencers to spread the word, making a positive impact with thousands, or even millions of followers of these influencers.

This strategy can be an extremely effective way to reach new customers, as people are very likely to trust recommendations from influencers they follow and respect. Also, since influencers have a lot of followers on social media they can help your retail business reach huge audiences, very quickly.

The secret to having the perfect marketing strategy it’s not just about finding a famous influencer, but about finding one who is already talking about products or services like yours, and someone whose values ​​align with those of your brand in order to generate the correct synergy with your company and your clients.

What should you know if you are thinking of Implementing Influencer Marketing?

If you’re thinking of incorporating influencer marketing into your retail marketing strategy, there are a few things to keep in mind. In general terms, you have to have previously identified your target audience and find influencers who align with the values of your brand.

Here are some tips on how to use influencer marketing for your retail business in 2022:

1. Find the right influencers for your brand.

2. Collaborate with them to create engaging content.

3. Use relevant hashtags to reach a larger audience.

4. Track your results and adjust your strategy accordingly.

How to start working on an Influencer Marketing strategy?

As a retail business, you may be wondering how to get started with influencer marketing. After all, with so many influencers out there, it can be hard to know who to approach and how to get the best return on your investment.

1. Know your audience. This is the first and most important step in finding the right influencers for your business. You must know who your target audience is and what kind of influencers your ideal client follows.

2. Find the ideal influencer. Once you know who your target audience is, it’s time to do some more research on potential influencers. There are tools that can be useful such as https://www.heepsy.com/ or you can also do it manually by going on social media platforms and checking the target audience, the followers, the engagement that the followers have with the different accounts, and the content that is posted. These must be properly aligned with your brand.

How to approach the right influencers?

Here are some tips on how to approach the right influencers:

1. Research: Take the time to research potential influencers and see if their values align with your brand. You want to make sure you are working with someone who is a good fit for your company.

2. Make an Offer They Can’t Refuse: Once you’ve found some potential influencers, reach out and make them an offer they can’t refuse. This could be in the form of free products, exclusive access, or anything else that piques their interest.

Why work with influencers?

There are several reasons why retail businesses should consider working with influencers.

1. Influencer marketing can be an effective way to reach a large audience.
2. Influencers have strong relationships with their followers.
3. People trust them and buy the products and services they recommend on their social media.
4. Working with influencers can help build brand awareness and create a sense of community around your product or service.

The benefits of influencer marketing for retailers.

There are many benefits of using influencer marketing for retail businesses. Here are some of the benefits that we found:

1. Higher reach and brand recognition.

With an estimated 4.65 billion people using social media worldwide (Statista), there’s a good chance your target customers are active on at least one of these platforms, and spend many hours a day being impacted by messages from different influencers.

With influencer marketing, they can access those audiences and get their brand in front of their ideal customers.

2. Increased engagement and conversions.

The rise of influencer marketing has led to a new way of doing things. Influencers can convert their followers into customers simply by providing them with relevant, useful, and entertaining information.

3. Improve brand perception.

Working with influencers can help build brand awareness and create a sense of community around your product or service, as well as improve the customer perception of your brand. If customers believe in your brand, they will have more confidence to buy your products or services.

How to measure success?

There are a number of factors to consider when measuring the success of an influencer marketing campaign.

First, companies should consider their goals for the campaign and what they hope to accomplish. They should also consider the target audience of the campaign and whether or not the chosen influencers reach that audience.

Additionally, businesses should track engagement metrics such as likes, comments, and overall shares, as well as click-through rates (CTRs) and conversion rates.

It is also important to note that success is different for every business. For some businesses, a successful campaign can mean increasing brand awareness or reaching a new audience. For others, it might mean generating leads or sales. As such, it is important for companies to set realistic goals for their campaigns and measure success based on their own unique definition and KPIs defined by the company.

What is the future of influencer marketing for retail?

In recent years, influencer marketing has conquered the world of advertising. By 2024, it is estimated that retail companies will spend $4.62 billion on influencer marketing (Statista).

According to a recent survey, Instagram remains the most popular platform for influencer marketing worldwide. Content creators have long embraced the app for its various photo and video sharing features.

Video-based platforms like TikTok are also becoming increasingly relevant due to their massive reach, particularly among Gen Z internet users.

While influencer marketing can be extremely beneficial for retail businesses, it’s important to keep in mind that the landscape is always changing. What works today may not work tomorrow, which is why it’s so important to stay up-to-date on the latest trends.

Conclusion

As 2022 goes on, it’s clear that influencer marketing is here to stay. For retail companies, this presents both an opportunity and a challenge.

On the one hand, influencers can be powerful allies in promoting your products and driving sales. On the other hand, working with influencers requires careful planning and execution to ensure you get the most revenue on your investment.

However, in general, the benefits of influencer marketing outweigh the challenges. When done correctly, influencer marketing can be very effective at increasing awareness, generating leads, and driving sales. As the retail landscape continues to evolve, those who embrace influencer marketing will be well-positioned for success.

Are you sure you have the right omnichannel solution?

Teamwork Commerce is a leading Omnichannel Solution, providing retailers with Point-of Sale, Order Management, Inventory Control, CRM and Analytics. They also boast an ecosystem of integrations with top solutions making unified commerce a seamless activity. Serving top retailers in over 20 countries globally including, Moose Knuckles, Colorado Rockies, Asics, Milwaukee Bucks, Catbird and Paul Stuart. Learn more at www.teamworkcommerce.com.

Artificial intelligence (AI) is rapidly becoming an integral part of our daily lives. From personal assistants like Siri and Google to online services like Netflix and Amazon, AI is essential to our daily activities. 

As the use of Artificial Intelligence (AI) has been increasing in the last years in every industry, retailers are interested in exploring how this technology can be used to improve customer experience and business operations. 

Conversational AI is particularly interesting for this purpose, as this technology allows customers to interact on time through traditional customer service channels. But, how can AI be used in retail? What are some of the benefits and challenges of using it? Join us to find out more about Conversational AI in the retail industry!

What is Conversational Artificial Intelligence, and why is it important for retailers?

Conversational Artificial Intelligence is a form of Artificial Intelligence that allows humans and computers to communicate in a natural language. This form of AI is important to retailers because it allows customers to interact with the computer in a way that is natural and easy to understand. 

This can be useful for customers who need help purchasing or have questions about a product. In addition, conversational AI can collect data and customer feedback in a way that is easy to understand and analyze, while you can use this data to improve your customer service and products.

Conversational AI is important to retailers because it allows customers to communicate with businesses on time while using an everyday language that is constantly learning, improving at speaking, and providing better service.

This type of AI can be used to answer customer questions, provide product information, and help customers place orders. It can also be used to recommend products and services and to provide customer support.

Retailers around the world are increasingly considering the use of conversational AI because it can improve customer engagement and loyalty. Additionally, conversational AI can help retailers cut costs by automating certain tasks, such as answering customer questions.

How is it used?

With chatbots?

Chatbots are computer programs that can mimic a human conversation. They are commonly used on websites and applications to provide customer support or assistance. 

Another way retailers can use conversational AI is by adding chatbots to their websites and apps to provide an interactive experience for customers. This could include asking questions about what the customer is looking for or providing product recommendations based on the customer’s purchase history. 

Conversational AI in Retail Activities

As mentioned before, Chatbots are very helpful in handling simple tasks like:

1. Searching for products

Throughout the conversation, the Chatbot can display product options based on the customer’s preferences for the product, such as price range, features, ratings, and reviews from other users. 

To do this, it’s necessary to have a well-accomplished CRM integration within the Chatbot, so it can access a database to provide customers with updated information on inventories, stocks, locations, quantities, preferences, etc.

2. Giving recommendations 

Engines built into chatbots can help retailers increase revenue and help users discover products that are a good fit for their particular preferences.

3. Locating nearby stores

A customer may want to see or try on a product found while browsing your website. Through the chatbot, this customer can locate stores with this item on stock, different models, colors, and all the information the customer wants to complete his purchase, and even the opening and closing hours. 

4. Placing orders and pre-orders

Customers can choose the product they want to buy, add their address and contact information, and place their order through the chatbot. Additionally, the chatbot can provide information about upcoming products and allow them to order them when they start shipping.

5.Tracking packages

Once the order is placed through the chatbot, the customers can ask where the package is, the date and time of delivery, as well as get information about the postal service and get the contact information on the chatbot.

6. Customer Education / FAQ

Instead of speaking with a live agent, the customer can get information from a chatbot about the product or brand, as well as the product return policy, campaigns, or coupons, in addition to also getting answers to frequently asked questions.

7. Supporting live agents

Chatbots are linked to the company database, where all the information about products, services, features, and locations is saved. If customers prefer to speak with live agents, the agents can be helped by the chatbots to find answers.

8. Sending personalized notifications

Chatbots often ask users for their contact information during the conversation. This provides an opportunity for retailers to send users updates and notifications about new products, annual or seasonal sales, as well as branch openings and events. These messages and notifications are based on a customer’s information, demographics, preferences, searches, and previous orders.

9. Managing Loyalty Points

For retailers that provide customers with points and loyalty programs, chatbots can inform the customers about the points they currently have on their cards and direct them to purchase links or promotions where they can spend their points.

10. Managing Complaints

The chatbot can register complaints online by asking about the details of the incident. In this way, data and insights can be collected through the chatbot for monitoring and policy development purposes.

11. Collecting customer feedback

Instead of contacting the customer to fill out a satisfaction survey after a purchase, a chatbot can jump into the customer’s messages and ask them to rate your product, mail service, packaging, etc. In this way, you can analyze consumer behavior patterns and improve the general shopping experience.

12. Monitoring the Customer Satisfaction and Sentiment

AI technologies can analyze all customer conversations to create an estimate of customer satisfaction with no need for the customers to spend time on surveys.

What to expect from conversational AI in the future and how retailers can prepare for it?

As conversational artificial intelligence (AI) evolves and becomes more sophisticated, retailers can expect to see a number of benefits from integrating the technology into their customer service operations. 

In particular, conversational AI can help companies improve customer engagement, increase sales and reduce costs.

However, to reap these benefits, retailers will need to prepare for the changes conversational AI will bring to customer service. 

In particular, companies will need to move away from traditional call center models and embrace more modern approaches that rely on chatbots and other forms of conversational AI. 

Fortunately, many of the tools necessary for this transition are already available, and companies can start implementing them today. 

By preparing for the future of conversational AI, retailers can ensure they are ready to take advantage of the many benefits this technology has to offer as it continues to expand in the world of retail. 

It is important to remember that humans usually want another human to assist them if they have more specific questions or if they want a more personal accompaniment. Don’t forget that this option must always be present. 

Are you ready to take advantage of AI Conversational Retail? 

Teamwork Commerce is a cloud-based Omnichannel Point of Sale Solution, offering integrated OMS, Inventory Control, CRM and Analytics. The world’s leading retailers use Teamwork Commerce to create a customer-centric omnichannel experience, drive sales and achieve frictionless commerce. 

Take a look at how Teamwork’s functionality, scalability, partners, and integrations set us apart. Get answers to your unique questions, and find out why Teamwork is the right fit for your retail business.

For more information, visit: 

https://www.teamworkcommerce.com/demo-request/

In-stadium sales often go under the radar when it comes to revenue generated by sports teams. In a world where TV deals and mass sponsorship provide the bulk of income for teams across all of the US’ major league sports, the profitability of stadiums and arenas themselves can often be unappreciated. According to Berkeley Economic Review, stadiums generate an average of $145 million in annual revenue – a significant portion of that comes from merchandise, concessions and on-the-day ticket sales.

These revenue streams require a resilient and agile mobile point of sale (POS) system to handle game-day demand.

The Chaos of Venues

Stadiums and arenas can be unpredictable. Not only are they home to some of the world’s biggest sports teams, but they regularly host musicians and bands, and a wide range of other miscellaneous guests. Los Angeles’ Crypto.com arena is currently home to the NBA’s LA Clippers and LA Lakers – and somehow fits concerts in between the two franchises.

Further to that, events regularly get rescheduled, and crowd sizes vary on an event-to-event basis. Not only are products changed depending on the event, but offers and pricing are regularly updated too. Stores often go from completely empty to peak capacity in the space of 30 minutes. With such a large volume of sales in a short amount of time, it is imperative that stadium POS devices use reliable hardware that caters to demand.

Keeping Up in a Fast-Paced Environment

A critical hurdle for many stadiums and arenas is line-busting. Typically, visitors in-store will have a limited amount of time to make their purchases before needing to get back to their seats. And no one wants to miss out on any action. The challenge in these situations is that not only is there a short window of opportunity for sales, but there are also a significant amount of customers to serve. Fortunately, mobile POS can drastically reduce checkout time, minimizing queues and enhancing the customer experience.

With Teamwork Commerce’s POS solution, stadiums can leverage completely mobile POS technology that facilitates total connectivity and limitless capacity with back-end functionality. As the chaos of game-day ensues, franchises can rest easy, knowing that their POS solution can handle anything that is thrown it’s way.

As part of this, the solution’s capabilities are designed to make the entire transaction process as seamless as possible. Mobile POS allows consumers to complete their purchases using mobile devices – which already play a highly important role in their day-to-day lives. This channel not only makes a payment more streamlined, but it enables consumers to access loyalty benefits, reminders, and custom experiences at the point of purchase.

Teamwork Commerce’s POS app also runs on full-featured iOS smartphones or tablets anywhere in-store, making mobile payments even in offline mode and significantly lowering wait times for customers – ideal for anyone running late for kick-off, tip-off or first pitch.

Should the unthinkable happen, and fans don’t have enough time to make their purchases before the event begins or restarts, there is no need to panic. With Teamwork Commerce’s Mobile POS deployed, fans can order from their seats and have their goods delivered without having to move at all.

Delivering a Connected Experience

Mobile POS isn’t only seamless, it is smart. This works to the benefit of both the retailer and the consumer. Capable of real-time reporting, retailers can easily make informed decisions about stadium operations inventory levels, product promotions and location staffing. Furthermore, we offer a completely integrated analytics dashboard, enabling retailers to forecast when engagement will peak and make the right preparations well in advance.

For customers, this all comes together to provide them with great deals and offers, as well as the ultimate shopper experience, receiving a frictionless path to purchase despite being in a busy store.

The consumer benefits don’t stop there, though. Our stadium POS solution empowers franchises to create flexibility across their retail channels while driving engaging, meaningful and profitable customer experiences in stadiums and events spaces. The Colorado Rockies, an MLB team based in Denver, has deployed 50 of Teamwork Commerce’s POS stations across Coors Field – the team’s home stadium – as well as its five stores in the surrounding Denver area. Receiving a highly efficient omnichannel experience, fans can return a purchased item at any of these locations, regardless of where it was purchased from.

The Rockies also take full advantage of Teamwork Commerce’s Apple iOS technology and native Teamwork apps that run on in-store iPads. The iPads provide great mobility and flexibility which allows staff to be able to provide a seamless customer experience. If a game has higher attendance than expected, the team can take an iPad, download all necessary apps and quickly set up a register when needed.

To find out more about how the Colorado Rockies are utilizing Teamwork Commerce’s POS solution to streamline their in-stadium sales, view the full case study here.

Making the Most of the Stadium Buzz

Event and game-day merchandise help customers create memories, tying their goods to a specific date for as long they have them. It is important for stadiums and arenas to capitalize on the huge demand for these products while making the customer experience as streamlined as possible. Not only does this leave customers feeling satisfied, but the quick and efficient transaction process facilitates in-store associates to serve more customers in a shorter amount of time. All this, of course, helps in maximizing revenue and making the most of short bursts of huge footfall.

To find out how Teamwork Commerce can revolutionize your in-store POS solution here.

The Future of Retail

The future of retail is constantly changing and evolving with new technologies and trends, and we can be sure that it will continue to do so.

Technology has always played a fundamental role in the retail industry, however never before have technology and innovation been so important to the success of a business.

Nowadays, technology encompasses everything from the administrative aspects of the business, to the relationship with customers and the customer experience.

Customers are using technology like never before and making purchasing decisions in new and different ways. In the future, we can expect even more technological advances that will affect the way we shop.

In this article we will discuss 5 key technologies for the future of retail: some of the trends that promise to continue shaping the retail industry and that should be on the radar of retail companies to anticipate strategic decisions and continue growing.

Important Trends and Technologies for Retail Companies

Being up to date is important, as both the competitiveness and the market position of retail companies depend on it. 

Among the main market trends and technologies, advances in artificial intelligence and machine learning stand out, allowing retailers to better personalize their customer experiences.

Recommendation engines will become more intelligent, capable of making more precise suggestions based on previous behaviors and preferences, in addition to search engines allowing alternative searches such as voice and images increasingly better and more options for retail.

Additionally, virtual reality and augmented reality will play a larger role in retail, offering customers new ways to experience brands and their products.

Retailers will also start experimenting with blockchain technology, which could help them create more secure and transparent supply chains, coupled with RFIDs powered by the Internet of Things (IoT).

Likewise, the ‘hyper’ personalization of experiences will be a key trend, coupled with the so-called Internet of Behaviors (IoB), which emerges as an enabler of customer experiences, as more data is available on customer interactions, not only with brands and products, but with related topics from which an artificial or human intelligence can infer a need.

Taken together, these trends point to a future of retail that is more personalized, immersive, and more efficient and pervasive than ever before.

Upcoming trends  

Stores will continue to use technology to enhance the customer experience, such as the use of interactive displays, apps and social media to connect with customers and ensure the best possible experiences.

A trend that promises to continue is the increase in online sales. More people are buying products online, and this is likely to continue as retailers improve their websites and e-commerce and offer more online shopping options with better experiences.

Another important trend is the Customer Experience, it has been a trend for stores to become more experiential. Shoppers are looking for better experiences when they shop, and retailers are responding by offering more unique store layouts and activities like classes or events.

With more and more people using smartphones, it’s no surprise that mobile payments continue to gain more and more popularity. We can also see more and more retailers exploring Live Selling and Social Shopping.

Retailers who have worked with RFID for their distribution and supply chain know the advantages that the Internet of Things (IoT) brings, both to improve operations and to improve the personalization of customer experiences.

5 Key Trends and Technologies in the Future of Retail

When new technologies and trends come together, wonderful things happen in what we could call Wow moments!

Thus, of all the retail trends and technologies, we select 5 that we are sure will be key for retail companies in the future.

1. Hyper-personalization powered by Artificial Intelligence

Personalization has always been a key element in the retail industry, from person-to-person interactions, informed and empathic feedback on a purchase decision by sales people, to personalization of online channels, powered by intelligence. artificial and machine learning.

Machine learning and artificial intelligence capabilities are growing along with customer expectations for hyper-personalized care.

Boosted by AI, retail personalization offers a unique experience optimized for higher customer engagement as well as higher conversion. Each customer experiences a different version of the eCommerce site, dynamically personalized from the first click.

Beyond CRM, retail companies need to manage and order their data to be able to personalize the experiences of each of their customers, transactional data, demographics, product type preferences, purchase history, loyalty programs, as well as behaviors purchase, providing an increasingly personalized experience.

2. Predictive Analytics to Manage the Supply Chain

Retail businesses will always have a need for faster product delivery and better inventory control. Predictive analytics can reshape supply chain and inventory management by analyzing existing data and customer behavior to ensure that the retail business always has the right stock; that is not understocked, and is not overstocked.

Combined with Big Data technologies and advanced analytics, retailers can improve efficiency on their shelves, through simulations to discover the busiest times of the month and thus schedule inventory management.

3. Augmented Reality and Virtual Reality

Augmented reality allows customers to view products in a digital environment before making a purchase. This technology can be used to provide additional product information as well as customer reviews and ratings.

Virtual Reality has been gaining popularity in recent years, with many people predicting that it will soon become a mainstream phenomenon. Retailers could use virtual reality to create a more immersive experience for customers, allowing them to view products in different settings and learn about them from different angles.

4. Customizable Products

Advances in digital and 3D printing and production technology, allow brands to offer their customers the ability to personalize items, both online and in-store.

Personalization further strengthens the customer experience, inviting them to become part of the product creation process. The Deloitte Consumer Review shows that more than 50% of customers are interested in buying personalized products.

Retailers that offer their customers the ability to personalize products have more opportunities to generate more business.

5. Visual and Voice Search

By combining Artificial Intelligence with Natural Language Processing and Machine Learning technologies, retailers can offer their customers alternative ways to search, using images instead of keywords, as well as enabling better voice search capabilities.

With technologies similar to Google Lens, where you can search for information related to an uploaded image, retail customers will increasingly look to the ability to upload images, for AI to sift through inventory and offer matching proposals.

This is how ASOS StyleMatch works, it finds the perfect match in the store’s catalog, based on an image uploaded by the customer. This way, more and more retailers will be able to allow their customers to interact with their inventory using voice and images.

What can we expect in the future?

The future of retail is exciting and constantly changing. The growth of e-commerce and mobile commerce are trends that are not going away any time soon. On the contrary, they will continue to grow. Retailers need to ensure that their websites and apps are mobile-friendly and offer a great online shopping experience.

The importance of customization is increasing. Customers want to feel that they are special and that their needs are taken into account. Retailers need to find ways to personalize the shopping experience for each customer.

The boom in experiential trading will continue to grow. As the retail industry has evolved, so has the consumer. Today, customers are looking for more than just a product to buy; they want a personalized and unique experience at each point of sale.

Retailers that want to remain competitive must focus on creating an engaging customer experience, achieved by combining technologies that will strategically achieve business goals while keeping customers happy.

It is essential that retailers incorporate innovative technologies that allow them to create better innovative experiences, which their customers want to share with their friends and followers on their social networks.

Get on the trends of the future of retail from the experts.

At Teamwork Commerce we are aware of the most innovative trends and we help our clients to incorporate them into their businesses, improve their operations, their performance and the experience of their clients.

Contact us to schedule a demo and discover how to be part of the future of retail technologies.

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Perspectives for the Giant of Latin America

In this ‘Panorama of Retail in Latin America’ blog, we offer a modern vision of the challenges and new trends in the ever-changing retail sector, which forces companies to change priorities in order to take advantage of the new opportunities offered by the sector, as well as overcome these challenges.

We addressed some of the most relevant aspects of retail in Latin America and made a comparison with other countries in the region, which allowed us to take a look at their own challenges and possible opportunities retailers have in each of the countries. In this article we addressed Brazil, the giant of Latin America.

General Data of Brazil

• As of January 2021, the total population of Brazil was 213.42 million inhabitants (51% women, 49% men), with an average age of 33.5 years and an urbanization rate of 87%.
• The country has 205.8 million mobile phone connections, with a penetration of 97%. 
• Internet users are 150.4 million (71% of the total population), and it has increased year-on-year from 2019 to 2020 by 8.5 million (+6.0%).

There is a total of 140 million (66% penetration) of active users in social networks. The social trend in the country is clear, with an increase of 8.2% (+11 million people) in the number of social network users from April 2019 to January 2020. 

Brazil has more than 130 million users of Facebook (the third largest user base in the world), more than 50 million Brazilians on Instagram (the second base on the planet) and more than 120 million on WhatsApp. It is the Latin American country with the largest population of social network users. 

(With Data from Brazilian Market Digital)

Retail Growth in Latin America’s Giant

Brazil ranks 71 out of 141 in the World Economic Forum’s global competitiveness index. The Brazilian economy has a stable performance and is ranked 13th globally, for its volume of Gross Domestic Product (GDP). 

The World Economic Forum defines competitiveness as “the set of institutions, policies and other factors that determine the level of productivity of a country.” So we can say that Brazil does have good conditions to invest in Latin America. 

Brazil Trade Statistics report that Brazilian retail sales “increased 4.5 percent from a year earlier in April 2022, accelerating from a 4.0 percent rise in March and higher than the 2.6 percent rise in March.” cent predicted by economists.

Brazilian retailers saw the most significant increases across a wide variety of products, in textiles, clothing and footwear (33.9 percent), fuels and lubricants (9.7 percent), supermarkets, food, beverages and tobacco (4.0 per cent), pharmaceutical, medical, orthopedic and perfumery articles (3.5 per cent). percent), and other personal and household items (1.5 percent), according to statistics from Trading Economics.

E-Commerce

Electronic commerce in Brazil has distinguished itself for being one of the most mature in Latin America. According to Americas Market Intelligence (AMI), between 2020 and 2021, e-commerce in Brazil experienced a powerful growth of 38% to reach 153 billion dollars. The consulting firm AMI expects the growth of e-commerce in Brazil to continue increasing at a CAGR of 22% between 2021 and 2025.

After two years marked by unprecedented mobility restrictions, online shopping in Brazil is still larger and more mobile-oriented. “The largest e-commerce marketplace in Latin America rose to the occasion and turned the bitter lemons of the COVID-19 outbreak into profitable lemonade at home.” 

Statista statistics from 2021, tell us that revenue in Brazil from online purchases amounted to 161 billion Brazilian reais, more than double that of 2019 and almost 30 percent more than in 2020. 

The Brazilian consumer is completely used to sales through mobile devices, known as m-commerce, which generate most of the electronic commerce of the Latin American country. 

Commercial income is a trend that will increase in the near future. As protagonists of these times of change, the main players in this industry benefited from the coronavirus pandemic, and now the competition is fiercer than ever.

Also to give us an idea, the leading Latin American countries in connectivity are Brazil, with 165.3 million users, followed by Mexico with 96.87 million internet users.

What are the main retail trends in Brazil?

Brazilian Market Digital presents 10 Brazilian retail trends:

1. Retail digitization

According to data from the Monthly Trade Survey, conducted by the Brazilian Institute of Geography and Statistics (IBGE), the sales volume of retail trade in Brazil ended 2020 with an increase of 1.2% and a growth of 6% in nominal income.

Part of this growth was driven by the fact that, between April and September 2020, 11.5 million people made their first online purchase and, in the same period, around 150,000 new virtual stores appeared in the country, from small businesses to large physical networks that migrated to the web.

The digital transformation left theory behind and went into practice in companies in all retail segments, even in those that were less digitized until then, such as construction materials and supermarkets.

2. Pix – new payment method

Pix is ​​a payment system that is giving a lot to talk about worldwide and is one of the trends that will impact globally. 

The arrival of Pix (Central Bank Instant Payment System) is making more accessible services such as transferring money between people, paying for purchases and bills, and even collecting taxes and fees.

For retail, this represents a huge opportunity during and after the pandemic: business growth driven by customer acquisition and retention.

In the case of electronic commerce, the great advantage of Pix will be the optimization of payment processes, through simplified mechanics and reduction of delivery times due to the rapid confirmation of transactions.

3. Data: analysis, management and personalization

The storage, analysis and organized management of data continue to be the great technological differentials in the segment. Knowing how to explore the information contained allows the company to deepen its knowledge of the customer’s profile and invest in customizations in the consumer’s experience.

According to a study by Applause, a company that specializes in crowd testing and digital quality, 91% of consumers are more likely to shop at businesses that remember their information and can offer relevant recommendations and deals. This highlights the importance of the customer experience.

4. Frictionless retail IT

Is becoming very clear that customers are looking for convenience, personalization, agility, security and ease in their shopping experiences, from choosing the desired product to payment, in physical and virtual environments.

The new platforms need to identify the consumer, both in the physical and virtual environment, analyzing their purchase history, habits and preferences, minimizing friction, as well as interruptions in sales.

5. New means of payment aimed at financial inclusion

With the increase in demand for the use of online services, the financial and retail sectors have opened a window of opportunities to offer new services, in addition to transactions that facilitate the population’s access to other forms of financial transactions and credits.

The need for greater financial inclusion of the population is seen as one of the retail trends in Brazil, since it allows an even closer relationship between stores and clients.

6. Customer-centric vision and increased competition

This trend is not new, but it is possible to see that the increase of competition has made retailers rethink the whole experience in favor of the customer’s needs and desires, making the retail market more and more customer-oriented.

The new dynamic that is being established, based on new means of payment and more innovative ways of selling in retail, has the potential to further foster competition in the sector, which we are already witnessing with the growth of the new digital businesses during the pandemic.

7. New sales models

The user’s appreciation of convenience is reflected in the growth – both in launch volume and in consumer acceptance – of applications or new applications within existing products. Therefore, companies have the ability to expand and improve remote customer service.

With a Services Marketplace, for example, a company can offer the convenience of contracting essential services or desired digital products within its own application, putting them in the palm of the customer’s hand.

8. Impact on physical stores

The growth of online commerce forced Brazilian retailers to reassess the role of their stores, which led to a reinvention of points of sale. In the post-pandemic, the physical shopping experience should add even more value to consumers.

What should happen is the consolidation of an increasingly hybrid model between the digital and the physical.

9. Anti-fraud solutions to protect retail transactions

Although the pandemic has accelerated digital trends, it is also, in some way, responsible for the growth of fraud attempts in online payment methods and transactions.

The increase in the circulation of data, instant payments and digital transfers is consistent with the security that retail companies must incorporate into their systems.

10. Cultural transformation of retail

The disruption of the sector will only fully occur when there is a change in thinking and behavior within companies, so that technological evolution is intrinsic.

Companies in Brazil must develop solutions that are relevant to the national reality and that can be implemented without friction, so that they become part of the culture of a given retail chain.

This movement helps organizations in the sector to lead the evolution of their operating models, fostering competition and contributing to market growth.

What’s next for Brazil?

“Retail needs to move faster than ever!” notes Brazilian Market, explaining that Brazilian retailers “have a window of opportunity to offer solutions that truly transform the lives of their customers.”

It is a fact that the New means of payment, access to credit, digital experiences and reduction of sales frictions, are some of the examples that should be on the agenda of the retail sector in this post-pandemic world. 

The retail sector promises a lot for the Latin American giant; the growing innovation and the adoption of new technologies make Brazil one of the countries in America with the greatest retail potential. 

Being one of the countries with the greatest potential and the largest market, retail trade in Brazil will continue to set innovative trends that will give much to talk about in the near future.

Are you ready to take advantage of the Retail Potential in Latin America?

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