Businesses are increasingly turning to technology to give them an edge over their competitors. They are using it to work more effectively and to improve their turnover.
Below, is an overview of the key tech the retail and hospitality sectors are either currently using extensively or are planning to use to sell more.
How Modern Retailers & Hospitality Businesses Are Using Technology To Sell More?
1. Digital signage
The vast majority of companies that have physical outlets now use digital signage. The cost of this technology has plummeted in recent years and the latest screens are cheap to run.
Consumers notice messages and offers delivered via digital signage more than those they see on static paper advertising materials. Because short videos as well as images, gifs and memes can be displayed it is quite easy for retailers to tailor their message to appeal to their customers.
Bigger digital signage companies include access to vast libraries of images and footage in their packages. The best software includes the ability to use live sales data to immediately determine whether a specific advert is working. If it is not, the shop, hotel or bar owner can tweak the images or videos to make them more impactful or display a new promo.
Digital signage can also be used to improve the ambience and make things easier for clients. It can also be used to evoke feelings, which enhance the customer experience while making it more likely that they will want to buy.
2. AI-driven unified commerce software
For any business understanding what sells well and what does not is the foundation of boosting sales over the long term. Tapping into the data that is generated by each transaction or business process is the key to gaining that understanding.
In the past, that would have meant manually pulling information together from different sources, including ordering, sales, wastage, and stock control systems. Today, that vitality information can automatically be pulled together using unified commerce software.
Once all of that data is in place, firms can see what sells well, what doesn´t, and how much profit each product or service generates. As well as manage their stock or the items they need to provide a physical service effectively.
Thus, ensuring that they always have exactly what customers want available, which is essential for selling more. After all, if something is not available, it cannot be sold. Plus, if a customer cannot get what they want, the chances of them coming back at a later date are slim.
According to recent research conducted by LS Retail, 81 per cent of retailers plan to introduce unified commerce software. They have woken up to the fact that this technology is a fast and efficient way to sell more. The best packages map out when seasonal stock should be purchased, recommend price points and much more.
3. Internet of Things (IoT)
Retailers are also using IoT to help them to manage their inventory, ensuring that there are fewer out of stocks, which boosts customer satisfaction and leads to more repeat custom.
The hospitality industry is also using it to reduce spoilage. The less a restaurant throws away the easier it is for them to keep their prices low enough to tempt more diners through the door.
4. Augmented Reality (AR)
Augmented Reality is increasingly being used to help customers try on clothing items virtually.
Stores no longer need to carry a lot of expensive stock, which keeps overheads down, savings that can be passed on in the form of lower prices.
Hotels are also using this technology to allow potential guests to view their rooms and facilities before they book.
5. Contactless technology
Making it easier for customers to carry out transactions and do things in a way that suits them best, greatly increases sales. For example, using keypad or QR technology hotels can allow guests to arrive and depart at any time of the day or night.
6. Using AI to personalise the shopping experience
People respond positively to being looked after. The easier it is for them to find what they want at a fair price the more likely it is that they will buy. AI makes it extremely easy for businesses to take what they know about each customer and create a personalised shopping experience for each individual.
Sales data, survey responses, and even customer addresses can be combined to work out what types of products a customer will want to buy in the future. When a business owner uses AI, they no longer need to spend time manually crunching the data and reviewing reports.
AI is also incredibly good at helping customers with their questions and issues. Chatbots are becoming increasingly effective.
Why Focusing on Selling More is the Key To Success
Selling more makes businesses more robust. They become better able to trade through downturns and take advantage of new opportunities. It also boosts a business’s ability to buy for a low price.
Products can be bought for a lower price, which improves the bottom line, while also providing customers with a better service.
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Author: Paul Madden