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Study: Retailers lag shopper expectations for in-store tech

Mobile Marketer – Shoppers are ready to try new technologies like augmented reality (AR), virtual reality (VR) and cashierless checkout that improve their in-store experience but retailers are lagging in providing them, according to a survey by BRP Consulting.

Almost one-third (32%) of consumers say they’re likely to shop at a store offering an augmented reality (AR) experience, but only 9% of retailers offer the technology to overlay digital images on a real location seen through a smartphone camera. Another 29% of retailers plan to offer AR in the next three years.

Shoppers are slightly less interested in virtual reality (VR), which requires them to wear specialized headsets to see a completely computer-generated environment. Twenty-nine percent of consumers are likely to shop at a store with VR, while 7% of retailers currently offer the technology and 23% plan to add it within three years, per BRP.

Read Full Article: Study: Retailers lag shopper expectations for in-store tech

Retailers’ personalization efforts fall short of shopper wish lists

Retail Dive – Over three fourths (79%) of customers surveyed by BRP, retail consulting firm, said the ability to get personalized service from a store associate is a significant factor in helping them decide where to shop, but just 53% of retailers surveyed described personalization as a top priority for them this year, according to a BRP report.

Being able to identify customers can help enable more personalized service, and 64% of consumers surveyed said they are comfortable with retailers identifying them via their mobile phones while they are in stores, provided that it translates to a personalized experience.

However, 63% of retailers surveyed said they were not able to identify their customers before they checked out, and 20% said they either were not able to identify them until after checkout, or not able to identify them at all, the report stated.

Read Full Article: Retailers’ personalization efforts fall short of shopper wish lists

Mobile Payments Self-Checkout Future In The Hands Of New MPOS Systems

Payment Week – It’s easy to see why a lot of people like the idea of mobile payments and self-checkout. Being able to serve as your own checkout stand means that you’re always the next person in line. That speeds things up and makes your overall customer experience better for the faster pace. However, access to such tools is as yet limited, but that’s a point a lot of retailers are looking to change thanks to significant improvements in mobile point of sale (mPOS) systems.

Already, we’ve seen several brands make this leap, like Nike and Loblaw, giving customers the ability to put their mobile devices to work in handling checkout duties. In fact, within the next three years, 63 percent of retailers plan to roll this concept out in their own stores, which likely means we’ll see this show up in more familiar and larger brands soon.

There’s a good reason for this ramped-up release schedule: sheer profit potential. The global POS software market is expected to hit $30.9 billion just by 2024, and with retailers rapidly planning to introduce the systems, the chances for repeat business and happy customers goes up with it. After all, word from BRP, retail consulting firm, says that 56 percent of shoppers are more likely to shop with retailers that will let them share carts from one channel to another, like online to in-store. And in general, 73 percent of customers want access to self-service systems like self-checkout. Failing to provide at this point is like showing whole rafts of customers the door.

Read Full Article: Mobile Payments Self-Checkout Future In The Hands Of New MPOS Systems

How Innovative mPOS Is Paving The Way To A Self-Checkout Future

PYMNTS.com – To serve customers who want to shop in stores and online, retailers and solution providers are working to offer a unified retail experience across multiple channels. They aim to help shoppers move seamlessly from browsing a merchant’s website to perusing the aisles of brick-and-mortar stores through shared carts and other digital payment experiences.

More than six in 10 — or 63 percent — of North American retailers plan to provide mPOS solutions that leverage customers’ own mobile devices within three years. Last year, Dollar General rolled out a new mobile app that enables customers to scan and pay for items in the store using their smartphones. The app, which was released in May, is available in Apple’s App Store and on Google Play. Shoppers scan their selections as digital coupons are automatically applied, and can pay by scanning a quick response (QR) code at a dedicated checkout tablet at the front of the store. Customers bag their purchases at a checkout station, and a receipt is available through the app or via email.

The projected value of the global POS software market by 2024 is said to be $30.9 billion. And retailers are integrating new POS solutions into their brick-and-mortar stores: Toshiba Global Commerce Solutions recently announced that its TCx™ 300 system would arrive in all of Roche Bros.’ Massachusetts locations. To begin the process, the retailer was said to bring 100 POS systems and accompanying TCx displays into seven of its stores. By March, 200 additional lanes are set to arrive at the company’s other 13 stores. Roche Bros. Chief Information Officer John Lauderbach said in a press release in early January, “Our adoption of the company’s premium point-of-sale technology has already proven successful by enabling faster, more frictionless transactions for both our associates and customers.”

Almost six in 10 — or 56 percent — of consumers are more likely to shop at a retailer that enables them to share a cart across channels. The finding was reported by BRP, retail consulting firm, in its 20th annual POS/Customer Engagement Benchmark Survey. Moreover, the survey found that half of consumers indicated they would probably let merchants save their preferences, personal history and personal details in the event that the process would help give them individualized deals and an easier checkout. BRP Senior VP and Practice Lead Perry Kramer said, according to the reports, “As customer expectations for an increasingly customized experience increase and evolve, retailers are adopting new ways to identify customers and personalize their shopping journey.”

And nearly three quarters — or 73 percent — of consumers want self-service technology, such as self-checkout.

Read full article: How Innovative mPOS Is Paving The Way To A Self-Checkout Future

Retailers catching up to consumers’ digital expectations

Luxury Daily – As consumers seek to shop in environments that are digitally integrated, retailers are playing catch up when it comes to technology such as augmented reality and video conferencing.

According to a report from BRP, retail consulting firm, rather than dying out, the bricks-and-mortar store is evolving in a more digitized direction. As retailers undergo an evolution to remain competitive in the face of disruption, very few currently have the capabilities in place to offer the technology that consumers say they desire in-store.

“The gap between customers’ expectations and retailer capabilities are a result of the combination of two things: continued acceleration and elevation of consumers’ expectations and the time and cost associated with implementing new retail capabilities,” said Ken Morris, principal at Boston Retail Partners. “Consumers’ expectations are shaped by the wealth of information and capabilities at their fingertips via smartphones and the experiences they encounter at every other retail interaction — online, mobile or physical.

“Retailers’ lack of agility is often restricted by legacy software that is difficult to modify for the new technologies required to support consumer expectations,” he said. “There is also a disconnect between customer expectations for personalization and retailers’ capabilities.

“According to BRP’s survey, 79 percent of consumers said personalized service from a sales associate is an important factor in determining at which store they choose to shop, and 63 percent of retailers can’t identify their customers prior to checkout. If you don’t identify customers, you can’t fully personalize their experience.”

Boston Retail Partners’ 2019 Special Report: The Future Store is based on findings from its BRP Consumer Study and the 2019 POS/Customer Engagement Survey.

Read Full Article: Retailers catching up to consumers’ digital expectations

What technologies draw customers to stores?

Chain Store Age – Retailers looking to create the “Store of the Future” should include a few key technology offerings. That’s according to a new study from BRP, retail consulting firm, in which 55% of consumers are more likely to shop at a store with self-checkout and 57% will choose a store offering automated returns to avoid human interactions and speed the process.

The study, “Special Report: The Future Store,” also revealed that 32% of consumers are more likely to shop at a store offering an augmented reality (AR) experience and 29% would like a virtual reality (VR) experience as part of their shopping environment. However, only 9% offer AR to their brick-and-mortar customers and another 29% plan to within three years. Even fewer (7%) currently offer VR capabilities to in-store customers and 23% plan to within three years.

“While e-commerce and mobile continue to grow and garner attention, the store remains a key component of the brand experience and the central point of the customer’s shopping journey. In fact, nearly half of retailers plan to increase their number of brick-and-mortar stores,” said Ken Morris, principal at BRP. “However, the role of the store continues to change. The advent of the digital world offers consumers new ways and ‘places’ to research and shop. These digital possibilities, along with mobility, have modified consumer expectations and behaviors, and retailers must transform to succeed.”

Read Full Article: What technologies draw customers to stores?

55% of Retailers Plan to Utilize the Internet of Things (IoT) within Three Years, According to New BRP Report

IoT offers new opportunities to gather and utilize data to enhance customer expectations

Boston, MA – January 29, 2019 – According to BRP’s SPECIAL REPORT: The Future Store, stores must now encompass both the physical and digital worlds as customers expect a personalized experience in every channel. Customers want the sensory experience generally available in the physical world, such as touching and feeling merchandise and personally interacting with a knowledgeable associate, married with the unique and personalized shopping experience common in the digital world.

Customers are willing to try new technologies if it improves their in-store shopping experience. According to the BRP Consumer Study, 32% of consumers are likely to shop at a store offering an augmented reality (AR) experience over a retailer that doesn’t offer AR and 29% would like a virtual reality (VR) experience as part of their shopping environment. Consumers are very interested in relying on technology instead of human interaction if it makes the purchase process quicker and easier. For example, 55% are more likely to shop at a store with self-checkout vs. a store without and 57% will choose a store offering automated returns to avoid human interactions and speed the process.

“While e-commerce and mobile continue to grow and garner attention, the store remains a key component of the  brand experience and the central point of the customer’s shopping journey. In fact, nearly half of retailers plan to increase their number of brick-and-mortar stores,” said Ken Morris, principal at BRP. “However, the role of the store continues to change. The advent of the digital world offers consumers new ways and ‘places’ to research and shop. These digital possibilities, along with mobility, have modified consumer expectations and behaviors, and retailers must transform to succeed.”

BRP’s SPECIAL REPORT: The Future Storeis based on findings from the BRP Consumer Study and the 20thAnnual POS/Customer Engagement Survey and offers insights into customer expectations for the store of the future and how retailers’ current capabilities match up with these expectations.

The Future Store key findings:

INTERNET OF THINGS

  • Retailer capabilities: 19% currently offer Internet of Things (IoT) capabilities and another 36% plan to within three years

ARTIFICIAL INTELLIGENCE

  • Retailer capabilities: 23% currently utilize artificial intelligence and an additional 30% plan to within three years

AUGMENTED REALITY

  • Customer expectations: 32% are likely to shop at a store offering an augmented reality experience
  • Retailer capabilities: 9% offer augmented reality to their customers and another 29% plan to within three years

VIRTUAL REALITY

  • Customer expectations: 29% are likely to shop at a retailer offering virtual reality in their store
  • Retailer capabilities: 7% currently offer virtual reality capabilities to customers and 23% plan to add it within three years

To download BRP’s SPECIAL REPORT: The Future Store, visit:

https://brpconsulting.com/download/2019-special-report-pos-future-store/.

The special report platinum sponsor is TSYS, the gold sponsors are Aptos,Diebold Nixdorf, ECRSand Fujitsu, and the silver sponsor is STORIS.

About BRP

BRP is an innovative retail consulting firm dedicated to providing superior service and enduring value to our clients. BRP combines its consultants’ deep retail business knowledge and cross-functional capabilities to deliver superior design and implementation of strategy, technology, and process solutions. The firm’s unique combination of industry focus, knowledge-based approach, and rapid, end-to-end solution deployment helps clients to achieve their business potential. BRP’s consulting services include:

Strategy | Business Intelligence | Business Process Optimization | Point of Sale (POS)
Mobile POS | Payment Security | E-Commerce | Store Systems and Operations | CRM
Unified Commerce | Customer Experience | Order Management | Networks
Merchandise Management | Supply Chain | Private Equity

For more information on BRP, visit http://www.brpconsulting.com.

The Future Store is Here

The retail industry is in the midst of a retail renaissance as we move from the ‘olden days’ of a person walking in to a store to simply purchase a commodity, into a new technologically advanced era where artificial intelligence helps customers make informed purchasing decisions leveraging associate or customer facing technology along with augmented reality that enables them to view products on their body or virtually in their homes. Technology is bringing new life to brick-and-mortar stores as the physical and digital worlds collide.

The store is not dead, it’s digitized…

Over the past twenty years, many in the retail industry have predicted the demise of the physical store. That seemed like a reasonable assumption given the accelerated growth of e-commerce and advancements in mobile technology; however, the reality is, the store is still the foundation of retailing. It is where the tactile and sensory experience comes together for the consumer, but the traditional store concept is changing.

Disruption and adaptation are changing the retail model and blurring the lines among retailers, brands and wholesalers. Online pure-plays are opening brick-and-mortar stores and traditional retailers are experimenting with new store models and in some cases, expanded experiential brand strategies that include new revenue sources, such as services or food and beverage options. Retail is theater and with technologies like augmented reality (AR) and virtual reality (VR), the retail store is no longer the only stage where the theater of retail can take place. New technology will further empower customers as they can dictate their own personal stage and experience.

The physical store remains the foundation of retail; however, a significant and fundamental transformation of retail is underway and will change the requirements for the store of the future.

We recently conducted our 20thAnnual POS/Customer Engagement Survey and compared our findings on retailer capabilities with consumer expectations from the BRP Consumer Study (report coming soon!) to take a closer look at what the store of the future looks like. BRP’s SPECIAL REPORT: The Future Store gives you a closer look at what consumers expect from the store.

Download the report now because the future store is here, ready or not.

 

Study: 66% Of Retailers Say Inaccurate Inventory Data Creates BOPIS Inconsistency

Retail TouchPoints – Retailers are well aware that an omnichannel approach to both the customer experience and their internal systems is now a basic business requirement: 94% of retailers already have, or plan to implement, a single unified commerce platform within three years, up from 81% in 2017, according to the 2019 POS/Customer Engagement Study from BRP.

Even in-store, many retailers have failed to bring their systems up to the speed of innovation: just 25% of store networks, 32% of POS hardware and 25% of POS software is less than two years old, while 30% of retailers use POS hardware that is at least six years old, according to BRP. Before retailers can take advantage of the latest friction-reducing technology, they need to make sure their networks are capable of handling the unique challenges posed by omnichannel systems.

Read Full Article: Study: 66% Of Retailers Say Inaccurate Inventory Data Creates BOPIS Inconsistency

Survey: Personalized Engagement Tops Retailers’ Must-Do List

HFN – Engaging customers with personalized and relevant messages are the keys to customer loyalty, according to the BRP 20th annual POS/Customer Engagement Benchmark Survey.

“As customer expectations for an increasingly customized experience increase and evolve, retailers are adopting new ways to identify customers and personalize their shopping journey,” said Perry Kramer, senior vice president and practice lead at BRP, a retail consulting firm.

“Retailers continue to offer more mobile services from a consumer-facing and associate-facing perspective that include personalized recommendations, loyalty rewards, coupons, discounts and promotions,” said Kramer, who noted that 63 percent of retailers plan to implement the ability for customers to use their own mobile device as a POS device within three years.

Read Full Article: Survey: Personalized Engagement Tops Retailers’ Must-Do List