The Key to Prospering During the Summer’s Shopping Peak

As shoppers flock to stores and websites to purchase their summer essentials, retailers must navigate ways to make the most of the summer shopping peak. According to the National Retail Federation (NRF) forecast, United States retail sales are estimated to expand by 6% in 2023. To capitalize on this busy shopping period, retailers must cater to rapidly changing consumer behavior.

Today, consumers demand a seamless shopping experience at their own convenience. From product recommendations and discounts to automated checkout processes – convenience and customization have become a common part of consumer expectations. Any variances in consumer inclinations can directly affect retailers, and they must comprehend how to meet the needs of their customers while out-maneuvering the competition.

To make the most of the upcoming shopping peak, retailers must be able to create a more efficient and cost-effective way of doing business while also being able to ensure a high-quality shopping experience for their customers. Technology can serve as a great facilitator to help retailers advance their capabilities to meet customer demands. In fact, a 2022 Coresight survey estimated that more than two-thirds of retailers plan to increase their investment in technology over the next three years.

From the supply chain through to in-store operations – retailers are deploying next-generation solutions to boost their sales, efficiency, and profitability.

As shoppers flock to stores and websites to purchase their summer essentials, retailers must navigate ways to make the most of the summer shopping peak. According to the National Retail Federation (NRF) forecast, United States retail sales are estimated to expand by 6% in 2023. To capitalize on this busy shopping period, retailers must cater to rapidly changing consumer behavior.

Today, consumers demand a seamless shopping experience at their own convenience. From product recommendations and discounts to automated checkout processes – convenience and customization have become a common part of consumer expectations. Any variances in consumer inclinations can directly affect retailers, and they must comprehend how to meet the needs of their customers while out-maneuvering the competition.

To make the most of the upcoming shopping peak, retailers must be able to create a more efficient and cost-effective way of doing business while also being able to ensure a high-quality shopping experience for their customers. Technology can serve as a great facilitator to help retailers advance their capabilities to meet customer demands. In fact, a 2022 Coresight survey estimated that more than two-thirds of retailers plan to increase their investment in technology over the next three years.

From the supply chain through to in-store operations – retailers are deploying next-generation solutions to boost their sales, efficiency, and profitability.

Accurate Inventory Is a Must

Manual entries with traditional inventory solutions are clearly not enough to meet today’s retail requirements. Not only do manual entries slow down the entire process, but they also do not guarantee the required accuracy due to human error. This can further lead retailers to make inappropriate inventory decisions in areas such as production, procurement, and distribution.

To boost efficiency and profitability, retailers must be able to ensure that the right amount of product is in the correct place and accessible when required. This can be achieved through the deployment of the right technology. For example, the Teamwork Commerce Inventory Management System is designed to help retailers automate and streamline their processes, so they can reach the next level of success.

The core principles of the solution are advanced functionality, data-driven information, analytical insight, and strategic analysis. With this information available at the click of a button, retailers are aware of every single detail concerning unit availability, location, and status. This technique helps retailers maintain a proper balance between stock and demand, particularly when there is an increase in consumers and an exponential increase in demand.

Ahead of summer’s shopping peak, having the right technology can help retailers track their inventory more accurately in real time. In addition, retailers can further prevent stock-out situations whilst avoiding overstocking items that aren’t selling fast. Moreover, retailers must advance their in-store technological deployments to ensure a top-tier shopping experience for their customers.

Strengthening the Brick-and-Mortar

Summers tend to be a busy shopping season for retailers and customers alike. Long queues and delays can be a nuisance for customers, compromising their overall experience with the retailer, thus, retailers must find an efficient way to bust queues and keep up during periods of high demand.

One way retailers can help in-store associates serve their customers more quickly is by introducing a mobile point-of-sale (POS) system which allows staff to serve customers from any part of the store. Teamwork’s Mobile POS system operates exclusively on cutting-edge iOS devices with Apple UI/UX (User Experience/User Interface), this system has revolutionized the checkout experience and created a better customer journey. What’s more, the solution is also designed to facilitate complex calculations, increase efficiency and leverage advanced technology processing capabilities.

Taking Personalization to the Next Level with Secure CRM

During busy periods, retailers need to obtain accurate data about their customers to ensure success. In a cookieless world, first-party data has become increasingly valuable for businesses. This data, which is generated by customers’ interactions with websites, apps and other digital properties, provides an unprecedented level of insights into customer behaviors and preferences. It is the jewel in the crown that can help them understand their customers better and offer them a personal shopping experience.

Knowing that data is a game changer for retailers, Teamwork Commerce’s Customer Relationship Management (CRM) tool offers a comprehensive overview of customer interactions with a business, allowing retailers to track customer behavior over time and make informed decisions. By leveraging this data, retailers can create tailored experiences for their customers that will keep them returning. For example, by leveraging customers’ purchase history of previous summer seasons, retailers can better understand customers’ purchase budgets, categories and preferences.

In addition, the solution offers an overarching holistic view of the consumer journey, from gaining insights into the customer retail journey to analyzing the customer’s overall information and finally providing a customer-centric service to the consumer. Integral to the state-of-the-art solution is data security, it ensures the utmost security for safeguarding customer information. By keeping it in a centralized location, the CRM makes sure that all data is secure and compliant with industry regulations.

With an increase in customer requests during the summer season, it becomes imperative for retailers to prioritize setting up the right mechanisms to ensure that customers have a hassle-free and enjoyable shopping experience. To maximize commercial success, retailers need to develop and execute a comprehensive strategy that relies on technological solutions. These solutions streamline processes and enable retailers to concentrate on optimizing the customer experience from start to finish.