How to Actually Scale Your “Store of the Future”
2019 may very well be marked as a turning point. For the first time in five years same-store sales are stable (versus declining), break-out e-commerce brands continue to solidify their positions of growth by opening physical stores, and as retailers turn to their previously under-capitalized fleet of stores (after-all, they were investing in the big growth of e-commerce when 90%+ of their sales still happen in stores). Success stories like Target, which invested $7BN in 2017 into capital improvements, are encouraging other retailers like Ulta, Home Depot, and more to follow suit. (For any haters/mathematicians, while the absolute square footage of retail closures is still closing at a notable pace because of big brands like Bon Ton, Toys”R”Us, and others shuttering their doors – it’s the continued results of a consumer flight to quality).
So, now that it’s come to it, what do you do? How do you revamp your stores? Many times when we sit down with retail executive teams considering building out the future of their store fleets, the words on the board begin to look like a TechCrunch word cloud. “AR! VR! Chatbots! A.I.! Drones!” Seriously.
But the reality should be, well, different. When considering deploying retail technology your team’s decisions should center around one singular ideology: Human interactions have to come first, and technology should come second. And that technology, by the way, should beautifully integrate into authentic store experiences. Consumer expectations are still out-pacing a lot of the retail experience of today. The retail market itself is on the cusp of massive change as it sprints to meet these demands. In this white paper, discover ways to thoughtfully execute retail-technology solutions that enable experiences that delight customers, empower associates, provide unprecedented analytics, and measurable sales growth.