To operate a successful retail business in an expansive and competitive industry, business owners need incredible management and organization with the help of intuitive technology. To compete in this fast-changing and high demand market, retailers are turning to automation to support and increase their profits.
What Is Retail Automation?
Retail automation can be a number of concepts and processes, which uses computers and technology to set up systems to automatically execute tasks. Automation uses technology like machine learning and artificial intelligence to work independently with or without human interference. Retail automation helps to promote business and maintains upkeep.
Retail automation is growing at a steady pace, where the global retail market is going to be worth more than $19.5 billion by 2024.
Benefits Of Automating Retail Businesses
Cut the Labour Cost
Retail automation reduces the labour cost and handles repetitive and tedious tasks. This means fewer tasks done manually, as time-consuming work is reallocated to computers. Retail robotics company Symbolic, successfully lowered labour costs by 80 %. This will likely enhance job satisfaction, which in turn reduces turnover rates and expenses associated with filling those empty roles, and other overhead costs.
Despite retail jobs affected disproportionately, there is not a single area affected due to automation. According to the One Fair Workweek study, 62% of employees think that automation creates new job opportunities.
Automation in the retail industry can make your business more efficient by saving time and energy. You can always conduct regular business activities due to automation, which keeps things moving smoothly, despite emergencies or any excuses. It can limit the tasks which are needed to complete a workflow. It reduces the amount of time between the tasks, as you are not waiting on a human to authorize the next step.
As per McKinsey & Company assessment, if a grocery store controlled all the automation options, they can operate up to 55%-65% fewer hours. Retailers can spend more time assisting customers and building relationships with automated cash counters, as this helps to accomplish those mere tasks more efficiently.
Protect Your Business and Impress Customers
Incorporating automation in business and creating more rooms for digital transformation is the rising trend nowadays. Inventory visibility helps customers to have an availability check, hereby preventing stock-outs. It aids in transits and fast order fulfilment with promotions and offers for a more seamless experience. Retail automation protects every retailer with fraud, with an extra layer of security. Computers can detect and wave risk or breaches which might occur during transactions.
Examples of Retail Automation
There are a number of retail automation technology which provide a top-notch shopping experience with numerous tools and solutions. There are infinite options to incorporate automation in your business
- Self-checkout: Customers want more straightforward options and this is one of the common uses of retail automation. Amazon Go is the first retail store that went cashier-less.
- In-store robots: Walmart has robots scan shelves and speeds up the fulfilment process for online orders, while Save Mart has robots for curbside pickups.
- Inventory management: This helps to build up growth by determining top sellers and revenue opportunities.
- Warehousing: Many retailers like Amazon and Walmart use robots to optimize warehouse space and ensure no inch is wasted.
- Retail marketing: It helps to automate in many aspects such as
- Abandoned cart emails: It’s a follow-up message sent to customers who have added products and left the website without completing a purchase. For instance, fashion retailer OnceWas automates email sequence for marketing.
- Personalised product recommendations: to maximize customers’ exposure and make them more likely to purchase featured products.
Automation in the retail industry with appropriate tools and strategies can shape the future of commerce. This helps you to compete on a large scale and build customer experience for future growth in your business.
With ConnectPOS, you can experience retail automation when the system synchronizes real-time data between your online and offline platforms. You can manage everything right in one interface. ConnectPOS offers multiple pricing plans based on company sizes and a 14-day free trial with no credit card required.