Retail in Review – April 2023: In-Store Popularity, Economic Impact & RFID Adoption

As the ever-evolving retail landscape continues to innovate, pushing the boundaries of technology to consistently improve, we have kept our finger on the pulse of the latest industry developments so that you don’t have to.

Read below to find out how the retail industry continued its development during April.

As the ever-evolving retail landscape continues to innovate, pushing the boundaries of technology to consistently improve, we have kept our finger on the pulse of the latest industry developments so that you don’t have to.

Read below to find out how the retail industry continued its development during April.

U.S. Retail Sales Drop-Off Amid Geopolitical Challenges

A CNBC report revealed that US retail sales dropped by 1% in March. High inflation and rising rates were blamed for lower sales figures for autos, electronics, and at-home and garden stores.

The economic downturn continues to impact the retail industry, with consumers lowering their spending over the last few months. However, this shouldn’t result in panic for retail brands.

With the right technology deployed, retailers can begin to harness real-time insights to accurately forecast sales and adjust their strategy accordingly. With Teamwork’s Analytics & Reporting solution, retailers can enhance the value of their data through operational reporting that provides valuable insight into their business, sales and customers.

From here, retailers can create promotions, discounts, or customer loyalty programs. These actions can both lower the overall cost of shopping to customers while still benefiting their own bottom line. Not only does this attract new customers, but it also helps to create loyal ones.

UK Retail Sales Are on the Rise

While US retailers tackle a small drop-off in sales, the sector is booming across the Atlantic ocean, with UK retail sales jumping 5.1% in March, according to the British Retail Consortium. Interestingly, while sales continue to grow, the rate of online sales is slowly declining, with the report finding that non-food items bought online decreased to 38.4% in March 2023, from 40.7% in March 2022.

Experiential retail has been praised as the new form of in-store shopping. After years of increasing eCommerce, it appears that consumers are now opting for physical stores over online, favoring experience over convenience.

Teamwork Commerce’s all-encompassing approach to retail technology enables all in-store solutions to seamlessly communicate in real-time. With technologies such as Mobile Point of Sale facilitating transactions from anywhere in-store, and Secure CRM creating highly tailored, personalized approaches to customers, retailers can deliver the ultimate shop floor customer experience.

Retailers Turn to RFID for Next-Generation Self-Checkout

This month, Wall Street Journal reported that Uniqlo’s parent company, Fast Retailing, has started investing in the next generation of self-checkout solutions, powered by RFID. The technology allows customers to instantly scan all items and reduce checkout times, making in-store experiences hassle-free.

While self-checkout has continued to evolve at a rapid pace over the past decade, frustrations still remain for customers and retailers alike. RFID-powered self-checkout creates a completely seamless experience for customers, who can checkout at their own pace. Meanwhile, retailers can minimize losses with enhanced checkout security delivered by RFID tags, and in-store associates are also afforded the time to focus on customer service.

This month, we also launched our own RFID-powered self-checkout solution. This is part of our strive to help our customers deliver a top-tier in-store experience.

Resilience is Vital

Through the highs and lows of economic uncertainty and fluctuating consumer spending, the retail wheels keep turning. Investing in the right technology can help retailers stay responsive to changing consumer needs and geopolitical pressures. This can lead to long-term sustainability and business success.

Find out more about how Teamwork Commerce’s solutions can help your retail business deliver the ultimate customer experience. Get in touch today!