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Ideally, these apps also should contribute to a better in-store shopper experience. Understaffing contributes to theft and shrinkage in general, but it also creates an increasingly impersonal feeling for offline shopping ,” said Nick Kramer, Leader of Applied Solutions at SSA & Co. in an interview with Retail TouchPoints.
Don’t Blame Shrinkage: Why Poor Digital Strategy Might Be Responsible for Retail Uncertainty While retail is a cyclical industry, it’s important to be honest about transformations, negative and positive, in the industry. Certainly, these elements make an impact. Though researchers have found that in terms of tech, 65.1%
As the new year dawns, 2022 CX strategies across industries will continue to center on convenience and consumer satisfaction by nurturing omnichannel plans and implementing the latest technology. Read on to discover three customerexperience predictions for the upcoming year. The Hybrid Shopping Experience. “And
Pile all this on top of a sluggish economy and expectations for holiday spending in 2022 range from modest to bleak. AI-powered solutions with object and people detection can help retailers reduce shrinkage and improve safe shopping conditions. The expected bounce-back has, at best, developed slowly. The Smart in Smart Video.
With the new era of retail increasing shopper expectations, delivering a flawless in-store customerexperience has never been more critical. Adopting item-level radio-frequency identification (RFID) technology ensures customer service is elevated to new levels in order to remain relevant within a crowded field of competitors.
At the same time, we’re seeing increasing stock outs, with 80% * of shoppers saying they saw a decline in stock levels in 2022. iVend Retail Inventory Management Inventory management drives store efficiency and customerexperience. Mis-recorded, mis-counted or misplaced inventory accounts for just over 25% ++ of shrinkage.
NVIDIA partners Everseen and Graymatics provide asset protection applications at the point of sale to reduce shrinkage and provide customers a faster self-checkout experience. The NVIDIA AI Enterprise platform is helping retailers weather challenges expected to continue well beyond 2022. Retail Goes AI .
According to the National Retail Federation (NRF), retailers lost $112 billion due to shrink in 2022, up from nearly $94 billion in 2021. Eight in 10 retailers agree minimizing fraud/shrink is a significant challenge (82%), and the ability to forecast demand is important to their organization (86%).
To curb shrinkage, self-pay via an app is used to let shoppers and guests purchase items themselves. According to one survey , more than one-third of retailers plan to invest in livestream shopping in 2022, and 30% also intend to implement virtual reality shopping. Social Shopping (Livestream).
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