Olympics fever is here! A rainy Friday night in Paris kicked off the XXXIII Olympiad at the end of last week, featuring a boat trip down the River Seine for the athletes, an Eiffel Tower light show, and a long-awaited return for Celine Dion to close the opening ceremony. 

As the world settles in to watch the world’s very best athletes compete for the next few weeks, Paris – the fashion capital of the world – is benefiting from the hype of the 33rd Olympic Games. With the games taking place in such a popular city for retail, the industry is expected to benefit from this summer’s event…

An Economic Boost

According to the official Olympic website, the Paris games are set to provide a significant boost to the local economy. Among a variety of social and skills developments, this year’s games are expected to have created an additional 181,000 jobs in the local Paris metropolitan area, with a growth of up to €11.1 billion in economic activity.

Paris is integral to the fashion industry. Already a significant tourist hotspot, the Olympics is expected to pull in an additional 1.5 million foreign visitors to France’s capital this summer. With an increase in tourist activity around the city, some retailers are already taking advantage of increased sales opportunities.

According to Modern Retail, In the past few months alone, brands Hoka and Birkenstock have opened their first Paris-based stores, with Levi’s and Salomon also opening flagship stores on Champs-Élysées avenue. Importantly, these are not simply pop-up stores designed to only maximize opportunities around the Olympics. Instead, they are long-term investments, looking to generate revenues from the summer of sport as a means to kick-off a strong physical performance that leads into a successful future.

Optimizing Opportunity

Few cities across the planet suit an influx of fashion brands staking their claim to physical retail success like Paris. France’s capital has the economic strength, tourism interest and fashion reputation that can drive huge success for retailers.

 However, any brand looking to make the most of increased footfall in bricks and mortar stores must be prepared to handle busy stores. An activity that starts out as an exercise to increase sales opportunities can quickly create negative outcomes – discouraging consumers due to bad experiences caused from long queues and out of stock products.

Limiting In-Store Wait Times

More tourism results in more boots on the ground – especially in hotspots. Retailers should be prepared for heavy foot traffic when big events come around. To minimize in-store queuing, retailers must consider their point of sale (POS) technology, and the role it can play in queue-busting…

• Mobile Point of Sale: Teamwork Commerce’s mobile POS allows in-store associates to complete transactions anywhere on the shop floor. Armed with a tablet that can seamlessly process payments and calculate discounts and promotions, retailers can reduce queues while delivering exceptional customer experiences

• RFID-Powered Self-checkout: Our RFID-Powered self-checkout facilitates transactions in 30 seconds or less. Visitors simply place their basket in a designated area; RFID readers immediately scan all items accurately, and consumers pay for their goods without breaking a sweat

Reducing Out of Stock Situations

Busy shop floors are great. It shows consumer interest in a brand, and likely results in increased sales. However, it also causes challenges. Keeping shelves stocked can be a difficult task; retailers must remain on top of replenishment in order to continue to maximize sales opportunities, and empty shelves lead to disappointed customers, who will happily find another retailer to purchase from.

The challenge lies in visibility of stock levels, but while RFID can help retailers improve self-checkout speeds, it can also play a vital role in inventory management. Tagging products at item-level, retailers can accurately track stock levels in real-time. Teamwork Commerce’s RFID Powered Stock Counter App allows retailers to quickly scan all products at any stage of the supply chain, and create complete visibility of stock. When shop floor products are running low, retailers can receive an alert and quickly replenish specific shelves. Ultimately, RFID can help retailers maintain inventory accuracy and maximize shop floor sales opportunities – regardless of how busy they are.

Vive La France

The Paris Olympics will have the world captivated for a short period, but the fashion capital of the world will always feel like a home for retail. Those brands that have made the effort to take advantage of the buzzt in Paris this summer will be eager to attract the right customers with the right products. Technology can play a pivotal role in delivering high-quality customer experiences. With the correct approach, not only can brands attract short-term interest, but they can drive long-term business growth as well.

Interested in seeing how our technology can help your brand make the most of increased in-store traffic? Get in touch today.

https://retailistmag.com/3-ways-retailers-can-create-a-seamless-checkout-experience-for-customers/

By Amber Hovious, VP Marketing and Partnerships at Teamwork Commerce

Over the last few months, the UK retail landscape has continued to evolve with the adoption of innovative and immersive technology.

While many brands capitalised on consumer resilience and drove profits, others explored innovative approaches to technology implementation to enhance customer retail experience.

In our latest Retail in Review blog, we explore a few of the most notable retail trends coming out of the UK retail environment, and how they evolved throughout May and June…

Retail Rebounding

Whilst cautious spending has been commonplace within consumer behaviour since the beginning of the year, British retail sales saw a significant rebound in May, with sales figures increasing by 2.9%. This figure is well above the consensus of the 1.8% that was originally forecasted by the Office for National Statistics.

 As the April rain came to a halt, summer shoppers flocked online and in-store to purchase their summer goods. Clothing and footwear were the strongest performing categories, up by 5.4% on the previous year, while household goods also rose by 3.5%.

Brand Collaboration

The integration of omnichannel strategies into retail business models has been vital for retailers, who are continually searching for ways to improve and enhance their offering to customers. Over recent months, retailers have highlighted how they are exploring new ways to combine the use of e-commerce with in-store offerings, with many brands partnering to deliver sales into new channels.

The online clothing brand, In The Style, has collaborated with supermarket giant, Tesco, to release a summer clothing range in over 300 Tesco stores nationwide. This partnership allows the e-commerce fashion retailer to widen its brand accessibility and build a physical presence through one of the UK’s largest supermarket brands.

The Debenhams brand, which was acquired by the BooHoo Group back in 2021, is hoping to continue its strong growth beyond its online re-launch by adding brands to its marketplace. The latest comes in place of re-launching Quiz online, with over 600 items set to become available on the site.

Boots also announced its plans to launch 25 beauty brands across all stores before the end of the summer. This is in addition to the more than 500 existing brands currently on offer, as it strengthens its hold on the beauty market in the UK.

Collaboration between retailers is becoming a well-used strategy that is increasing the accessibility of products to customers. Whether bringing e-commerce brands in-store, or introducing traditionally bricks and mortar retailers to online marketplaces, these collaborations create additional options for consumers that enhance a retailer’s competitiveness and improve the overall customer experience.

Innovative Technology

Immersive design is at the forefront of projects for the fashion industry in driving engagement and exceptional customer experience. Bricks and mortar stores are not letting the introduction of new, exciting technology leave them behind in the tech revolution.

Recently, Nike unveiled an immersive shopping experience in its House of Innovation store in Paris to commemorate the release of its new Air Max DN sneakers. A series of detailed 3D visuals showcasing the new release in holographic form.

Innovations such as smart mirrors, Augmented Reality (AR) fitting rooms, and Virtual Reality (VR) show rooms are setting the stage for the latest retail experiences.

Sustainability

Sustainability remains a focal point for retailers as consumers demand more eco-conscious practices and products.

The latest push towards greener purchases has come from, IKEA, which made splash with its own car boot sale, allowing customers to use their car park space to buy and sell unwanted furniture. This move comes as part of wider sustainability initiatives IKEA offers in-store, including its BuyBack & Resell, and Reshop & Reuse services, which allows customers to gain in-store credit or purchase display items at a discounted price.

Stepping Into the Future

The retail industry has shown continued development in the face of adversity over the last few years, and this was re-emphasised again in May and June. With the introduction of new innovative technologies to advance customer experience and a strong push towards sustainability to match consumer demands and preferences, the retail sector is constantly adapting to thrive in a challenging and competitive environment.

As we move forward, the focus will likely remain on enhancing the customer experience, integrating advanced technologies and navigating strategies that meet the preferences of consumers.

Want to know how technology can help you meet evolving consumer needs? Get in touch.

Can you believe we’re already halfway through 2024? It feels like the year just began. From Super Bowl LVIII to EURO 2024, the first six months have been jam-packed with events. In between, there’s been plenty to take in. Over one-third of customers in the US purchased gifts on Valentine’s Day, London Fashion Week marked its 40th anniversary in style, Easter drove retail sales, the glamorous Met Gala 2024 dazzled, Taylor Swift’s ‘The Eras Tour’ resumed, and the list goes on.

All these events continue to influence consumer buying behaviours, ultimately shaping the retail landscape. As we step into the latter half of 2024, the changes are sure to continue.

At the beginning of the year, we explored the top consumer trends for 2024. In this blog, we examine how these trends have progressed in the last six months and offer insights into what to anticipate for the remainder of the year.

1. Human-Factor Remains Valuable

Earlier this year, Apple Vision Pro gained popularity, prompting retailers to seek innovative applications of the technology to enrich customer interactions. While retailers are actively incorporating virtual environments and AI chatbots to enhance the customer experience, consumers still seek the human touch in their shopping interactions, an element that technology cannot substitute. According to an Answer Connect report, 78% of consumers prefer to speak with a real person when they contact a company instead of a chatbot.

There is no denying that technology is critical in today’s retail environment. However, retailers must not overlook the value of humans in their business. After all, it’s not business-to-business but human-to-human. Nothing beats a conversation with a human with whom customers can quickly feel connected.

2. Consumer Resilience Continues

Over the past six months, consumers have been resilient despite the challenges brought by the current state of the economy. While inflation has impacted everyone, supposedly tightening the belts of shoppers, there are signs that the American consumer is still spending. Credit card companies such as American Express, Visa and MasterCard have described spending trends as “relatively strong,” “relatively stable,” and even “healthy.”

Although consumers are prepared to spend, higher-than-expected inflation in Q1 2024 may still compel them to be mindful of costs. In order to thrive, retailers need to be highly competitive with their pricing strategies. However, this alone isn’t enough as shoppers also seek value in various other aspects, such as flexibility, experience, convenience, and fulfilment. Retailers must adopt a holistic approach by considering all of these factors in their operations. This will help to ensure they can drive sales and foster consumer loyalty.

3. Price Sensitivity & Promotions

With shoppers seeking more bang for their buck, exciting promotions, deals, and discounts have become even more important. According to CNBC, a number of retail companies have observed behavioural shifts in consumers seeking out value and deals. “Customers are shopping but remain cautious, trading down on price when they can, and seeking out deals,” explains Amazon. Etsy echoes this sentiment, noting, “Consumers feel really pressured and so they are seeking value and deep discounts and promotions.”

Besides promotions on huge sales days such as Black Friday deals and Boxing Day, it’s crucial for retailers to weave enticing deals and promotions into their ongoing strategies. Deploying an advanced and secure customer relationship management (CRM) system can enable retailers to blend exceptional customer experiences with personalized offers. As a result, they can create meaningful interactions with customers and build long-term relationships, strengthening loyalty.

4. Environmental Impact is Important

The rise of conscious consumerism has been evident for some time now, and it shows no signs of slowing down. According to a 2024 report, 80% of consumers are very or somewhat concerned about the environmental impact of their purchases, up from 68% in 2023. In fact, US consumers are willing to pay more for sustainable products at an increased volume. A new report by Radial revealed that 51% of consumers surveyed would be willing to pay more for products shipped through sustainable methods. This is a large increase from just 15% of consumers who said the same in December 2023.

Similarly, a recent research report found that over half of 3,000 surveyed respondents are willing to make lifestyle changes to support sustainability. This underscores the growing importance of sustainability for consumers and their willingness to prioritise green initiatives. What implications does this hold for retailers? Retail brands that are able to deploy sustainable practices can remain appealing to consumers, driving long-term success.

5. Anticipated Dip in Social Commerce

With the potential TikTok ban looming over the US, eMarketer predicts a dip in the push we’ve seen with social commerce. Although it’s not clear whether the TikTok ban will actually happen or not, if it does, it is likely to impact social commerce. What retail brands can do now is prepare themselves for the worst by strengthening their presence over other social media platforms such as Instagram, Pinterest and Facebook without relying too heavily on their TikTok sales.

According to Statista, social commerce sales are forecasted to soar to approximately $8.5 trillion by 2030. Retailers must continue to engage with consumers via social media to build and maintain a strong presence. One way retailers can do this is by posting content that is relevant to their consumers. According to the latest findings of Hootsuite, three favoured types of content that consumers want from brands on social media are something new, something funny, and something inspiring. While a potential TikTok ban in the US may slow the growth of social commerce, it is here to stay in the long-term.

Looking ahead

Over the next six months, some trends will persist while others might evolve. Consumer shopping behaviour continues to develop, and retailers who can embrace the change and adapt to it can thrive in the industry. Whether it’s becoming more sustainable, or creating seamless shopping experiences, retailers need to be able to meet consumer needs holistically.