Shoppers have high expectations for immediate access to the products they want. They will turn to tech over humans to help them explore their options, and when the tech fails to help them get what they want—such as an inability to find it or the fact the product is not available—they abandon the purchase with 71% of shoppers claiming to leave without the items they came to buy. And among those, 49% say the item they desired was out-of-stock. (1)
This scenario fits both online retail and inside the bricks-and-mortar big box retail store.
Adding to the angst, retailers face many challenges with in-store environments, retail associate behaviors, product supply chains, delivery requirements, and customer expectations all going through continuous changes. These challenges left unaddressed only add to the potential for lost revenue.
In response to this reality—and to keep shelves stocked—retail decision-makers (84%) and associates (73%) agree their companies need better inventory management tools. (2)
Sometimes purchases don’t work out and returns are necessary. Most shoppers prefer to blend in-store and online shopping and expect an easy return process in either place, regardless of where they purchased the item. But at the same time, accepting and managing returns of online orders is a significant challenge. (3)
To this end, retail associate satisfaction seems to be tied to the use of technology and the data that drives it. 70% of retail associates feel more positive about their employers when provided with useful technology. In response, 8 in 10 retail decision-makers plan to increase spending on IT, omnichannel and store staffing within the next year. (4)
Utilizing cloud technologies enables retailers to go through a digital transformation that delivers multiple business benefits and addresses many of the challenges described above. Many retailers have turned to Taos for help in automating processes to handle inventory management and the onslaught of online orders and returns. Digital transformation also helps organizations grow their businesses by capitalizing on the scalability, enhanced security, and modern economics that the cloud offers.
Taos Advisory Services, Professional Services, and Managed IT and Security Services combine to deliver a wide range of benefits to our retail customers:
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- Boosts employee effectiveness by using workforce scheduling and task management tools that give employees real-time visibility into operational aspects of the business, such as inventory.
- Helps managers understand consumer behavior and make informed decisions that improve customer experiences by leveraging AI and machine learning analytics.
- Enhances supply chain management with blockchain and AI to optimize operations and improve compliance.
Digital transformation also helps organizations grow their businesses by capitalizing on the scalability, enhanced security, and modern economics that the cloud offers.
Citations:
1, 2, 3 – “14th Annual Zebra Global Shopper Study The Next Wave of Retail Fulfillment,” Zebra, 2021