Enhanced Customer Dwell Time Drives Retail Profits
In the retail industry, customer experience has always been important, but now it's critical to improve customer satisfaction, repeat business and store profitability. Increasing customer satisfaction and stay time can drive more products in the shopping cart and increase profitability. The demand for new technologies is growing to help retailers improve operations, build closer relationships with today's digital customers, and increase revenue. While many stores want to enhance the customer's experience and profits through intuitively connected devices and services, there is a risk of losing customers (and profits) when shoppers prefer personal interaction.
This raises the question: How to enhance the connected store experience without ignoring human-computer interaction? The answer lies in technology that enhances the consumer's in-store experience, freeing up salespeople to provide more personalized customer service, enabling up-selling and sales. This personalized customer service can create more time in the store, increase customer satisfaction and increase store profit.
Let's take a look at today's retail transformation
Recently, ReachFive CEO Jérémy Dallois explained that the future of the retail industry lies in “the digitization of the supply chain and the customer experience.” This sentiment seems to be widely shared in the industry.
Retailers have evolved from applying loss prevention technology to new business models that promote customer profitability and the convenience of connecting services. Clearly, the retail industry is becoming an innovation lab that evaluates the return on investment potential of breakthrough technologies such as artificial intelligence (AI), Internet of Things (IoT) and big data to provide consumers with new benefits and insights. Additional profits for retailers.
Let customers go beyond the store, first of all at home or online digital e-commerce experience. For example, let Monoprix use voice control (session business) technology to provide customers with the opportunity to decide on a shopping list through the speakers they connect.
Leveraging Technology to Deliver Personalized Customer Service
Some retailers are not yet ready to take the cost and expertise needed to take advantage of the full potential of emerging RF/RFID connected store technologies. Today's loss prevention is a standard practice that includes store downsizing, but how to enhance the customer buying experience in-store or through smart device application technology? The cultural shift brought about by mobile devices and e-commerce has changed the retail landscape, and retailers need to adapt to the way consumers prefer to interact with brands and shop. Consider the following:
- 72% of shoppers are more willing to purchase items before buying;
- Only 29% prefer to have a personal assistant to go shopping; and
- 49% of shoppers said they would feel more comfortable if they interact more personally with the artificial intelligence system.
Retailers have the opportunity to integrate technologies that help consumers, taking into account their unique preferences and offering a personalized shopping experience. This is where enhanced customer retention time (ECDT) comes into play, although there are some nuances that may not be familiar.
Increased Dwell Time In-Store Has Direct Correlation to Enhanced Profitability
What exactly is increasing the stay time? This is the concept of extending the time spent by shoppers in the store by interacting with them, whether through a personalized experience or releasing salespeople to better serve and up-sell customers. Either way, increasing the dwell time usually leads to more items entering the shopping cart. More projects, more sales, more profit per customer.
Retailers and consumers benefit from ECDT
Efficiency: The supplier's portfolio includes intelligent RF/RFID tags, sensors, connected AI and machine learning retail devices, and near real-time IoT supply chain and inventory management, providing retailers with a transformation solution to personalize retail Experience, optimize shelf replenishment and interact with customers to extend stay time.
Transparency: Promote the privacy and security of personal data, enhance consumer confidence in interacting with connected devices, and make omnichannel strategies healthy, online and offline.
Experience: Leverage connected devices and RF/RFID technology to create innovative in-store experiences that match the brand's DNA and today's digital consumer culture. Make technology more intuitive and more personal, creating a retail comfort zoneTM that allows consumers to live, eager and connect with all brands.
ECDT is a smart retail strategy associated with smart devices. In today's world of digital connectivity, consumers are starting to shop outside the store, but are looking for new in-store experiences that go beyond simply buying branded products and services.
The art of retail temptation begins outside the store with a desirable brand and connections with digital consumers. Regardless of whether today's brand stakeholders identify consumers' brand preferences through mobile devices, artificial intelligence or in-store sensors, and referring to RFID tag products entering the fitting room, the opportunity to increase the size of the shopping cart will be severely affected by the personalized connected devices. And enhance the consumer's shopping experience. Enhanced shopping pleasure leads to extended consumer stay time and increased sales.