New solutions are emerging to help small- and medium-sized businesses succeed. Of the different solutions available, inventory management, predictive analytics software and in-store mobility solutions topped the wish lists of independent retailers, according to research from LightSpeed.
The first annual Retail Tech Forecast includes insights from 640 LightSpeed users regarding their current technology concerns and what solutions they plan to implement in the near future.
Budget plays a key role in the decision-making process, and 82% respondents said their technology spending was limited to a maximum of $200 a month.
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Real-Time Access To Products
Inventory management software was noted as a tool that would make “immediate impact,” and therefore, would be a key investment. As many as 44% of retailers said finding the right inventory levels was their greatest inventory-related challenge in stores. Retailers that have implemented inventory management software are seeing tangible results, with 95% saying they have seen a boost in sales.
Making A Date With Data
Analytics tools also are top of mind for retailers that want to understand customers’ in-store browsing and buying behaviors. Although only 23% of respondents are already using predictive analytics, 96% of these respondents said they have seen sales improve as a result. Adoption of analytics tools is expected to rise, with 48% of respondents planning to implement the solutions in the near future.
The Mobile Movement
It wouldn’t be an in-store technology conversation unless mobility was mentioned! Several reports have concluded that implementing tables and smartphones in stores can lead to a more enjoyable customer experience and, in turn, increased sales. This revenue potential is expected to cause a 170% jump in the number of merchants adopting tablets, smartphones and other mobile devices to complete purchases. Moreover, the number of retailers using mobile devices to look up inventory is anticipated to increase from 22% to 40%.
Want to access more results from the forecast? Click here to download the complete report!
