The key to running a successful retail business is by consistently engaging customers - but how do you accomplish that? With major advances in technology, many retailers are turning their attention to digitizing the checkout. While it can enhance the customer experience by making payment easier and integrating loyalty, simply digitizing the checkout isn’t enough to stand out from competitors - and getting customers coming back for more.
Mobile wallet adoption in the U.S. is steadily growing, but it is lagging in comparison to some Asian and European countries. China specifically is reported to have very high consumer adoption for mobile wallets, while in the U.S., less than one-third of smartphone users are on board with the trend.
We’ve all heard the rumors: In-store retail is over. Online shopping is king. eCommerce spells the end for retail stores.
Despite what you may have read in the media, retail is thriving. Physical stores currently account for almost 90 percent of all retail sales in North America, and that number is still predicted to be well over 80 percent five years from now. According to analyst firm IHL, the U.S. retail industry has increased sales by $565.7 billion since January 2017 and showed a net gain of 8,575 new stores. The in-store retail experience is far from over - it’s growing.
Technology is changing the retail game. Tech Screens have made a natural integration into the shopping experience, whether that be on in-store payment solutions or right on the customers’ mobile device. Retail industry analyst firm IHL found that leading retailers are investing in in-store technology at a rate 70 percent higher than the average performers in their segments. Integrating these technologies helps with things like line busting, upselling and modernizing - but they can do even more.
One cannot deny the convenience eCommerce provides us today, especially for retail shopping. We can sit on our couch, order whatever we need and it is delivered right to our doorstep. Over the years, eCommerce has seen immense growth. According to a recent TechCrunch article, Amazon’s Prime Day sales in 2019 are expected to push U.S. eCommerce sales to $2 billion. Another article in Internet Retailer mentioned that eCommerce represented 14.3 percent of retail sales in 2018.
