Technology is Keeping Physical Stores Off of Life Support

Sourcing Journal – The retail storefront isn’t dead, even as large shopping centers and chain stores shut down locations nationwide. Most retail purchases, a figure around 90 percent, are still made in stores. For retailers, that means turning attention and resources toward the in-store shopping experience, even as chatbots and other tech tools redefine e-commerce channels.

BRP Consulting’s latest special report, The Future Store, illustrates how next-generation tools like video chat and AI will factor into shoppers’ purchasing processes. The report draws from two different studies, a 2019 consumer study as well as a POS/customer engagement survey targeting retailers, to envision what’s to come for retail and illuminate how brands approach supply chain management, including staffing and inventory decisions that can facilitate a seamless omnichannel experience.

The findings show consumers are willing to rely on technology in place of human interaction—but only if it makes the purchase process quicker and easier. Fifty-five percent are more likely to shop at a store with self-checkout instead of a store without, and 57 percent will choose a store offering automated returns if it allows them to avoid human interactions and speed up the process.

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