Navigating Retail Technology in 2020
Wed. August 12, 2020
12:40 PM to 1:25 PM CDT
Retail is constantly revolutionizing itself through technology. The industry's intensely competitive nature leads organizations to continually experiment with and adopt new solutions to give them an edge over their competition. But that same competition means that only those technologies with a direct impact on customer experience are likely to last.
Increasingly, retailers are discovering that a hidden corner of their operations — one mostly unseen by shoppers — can leave customers either delighted or deeply unsatisfied: inventory management. Especially with the rise of online and omnichannel retail, the ability to keep tabs on the supply chain and fulfill orders immediately is essential.
A retail technology reinvention strategy that incorporates inventory management tools can create a unified, connected experience for customers and give workers the tools to be more productive and efficient. Investing in technology solutions focused on real-time visibility, online and in-store demand, and inventory accuracy will increase customer engagement. Taking those solutions and then enriching them with data analytics can revolutionize the earning potential of a retailer.
Data-driven insights empower retailers to drive greater efficiencies, deliver a superior customer experience, optimize investments, and identify new revenue streams. These data-based solutions aim to make it easier to put products into customers' hands when and how they want them while increasing revenue.