COLUMBUS, Ohio--(BUSINESS WIRE)--Technology has permeated virtually every aspect of our lives – however, retail stores have become one of the last tech-free zones in existence – a scenario that is putting retailers at risk of failing to meet shopper expectations in an increasingly tech-enabled world.
36% of fashion and specialty retailers say their existing technology is not up to the challenge of today’s tech-savvy customers and employees. This is one of the key findings of new research conducted by Retail Systems Research (RSR) and sponsored by Jumpmind, Inc., a leading provider of innovative retail technology solutions.
The report, "Why the Retail Store Won't Survive as a 'Tech-Free Zone’,” is based on a survey of more than 100 U.S.-based retailers and more than 1,100 U.S. shoppers to understand the challenges retailers face and the state of retail technology, alongside shopper expectations and experiences.
While 69% of consumers surveyed indicated they like to browse stores, nearly 3 in 4 say the way they shop in stores has changed significantly in the past three years. 87% want the same access to product information in the store that they get in the digital world, and 70% like how retailers blend the online and store experiences together into a consistent shopping journey. Consumers want personalized and localized product offerings in the store, and value efficiency–two-thirds want to “get in and out as soon as possible.”
Buy-online-pickup-instore (BOPIS) has created all-new tasks for store personnel, which in turn has created the need to find operational efficiencies to maintain expense-to-sales ratios and per-order profitability. One-half of all retailers continue to struggle with the new functions that add to the cost-to-serve and require better trained and enabled employees.
Meeting all these customer and associate needs requires an infusion of information and technology, and its strategic application in stores is increasingly separating retail brand leaders from laggards.
65% of retailers recognize the importance of a store management portal that alerts them to various in-store events and Key Performance Indicators (KPIs) to better manage their stores, making information both simple and actionable. 58% say “endless aisle and assisted selling” are the highest-value customer facing capabilities in the store, while 50% say location-aware promotions are a high priority.
The research shows that retailers that have made investments in tools such as in-store fulfillment solutions, the ability to check cross-channel inventory in real time, and mobile point of sale are paying real dividends, helping both attract new associates and provide relevance and utility to those associates in customer-facing interactions.
“Shoppers are likely to encounter more tech-friendly options at their doctor’s office than they are at most retail stores, and these consumers are resolute in their message: they want the store experience to level up,” said Brian Kilcourse, Managing Partner at RSR. “Stores simply cannot continue to exist as ‘technology-free zones.’ Retailers must move now to harmonize the physical store with digital channels to enable access to inventory and customer information across the entire enterprise, and to offer the same level of digital content to consumers in the store as they have during digital shopping, while empowering store associates to be more efficient and able to deliver the type of experiences consumers desire.”
"We are at a critical juncture in retail, where understanding and meeting consumer expectations with the right technology can make the difference between thriving and merely surviving," said Joe Corbin, Jumpmind President and CEO. “The research findings are a call to action for retailers to jumpstart their technology initiatives to create the type of in-store shopping experiences that customers and associates value.”
The full report, complete with in-depth analysis and actionable retailer baseline recommendations, is available here: https://www.jumpmind.com/retail-systems-research-rsr-report/. Retailers interested in elevating their in-store experience and staying ahead in the competitive landscape are encouraged to download the full report.
About Jumpmind
Jumpmind is a leading provider of innovative retail technology solutions. Our cloud-native, mobile POS platform empowers retailers to streamline operations, enhance customer experiences, and achieve sustainable growth. With a future-proof architecture and a focus on delivering exceptional value to our clients, Jumpmind is committed to shaping the future of retail technology. Jumpmind powers inspired in-store experiences for a growing list of leading retailers, including American Eagle Outfitters, Build-A-Bear Workshop, Petco, Reitmans Canada Ltd., The Paper Store, and The Vitamin Shoppe. Learn more about Jumpmind at www.jumpmind.com.
About Retail Systems Research
Retail Systems Research ("RSR") is the only research company run by retailers for the retail industry. RSR provides insight into business and technology challenges facing the extended retail industry, thought leadership, and advice on navigating these challenges for specific companies and the industry. To learn more about RSR, visit www.rsrresearch.com.
