What is the store of the future and when will it get here?
Well of course, the store of the future does not really exist. This concept represents new capabilities and ways for the retailer to engage the consumer. It is always evolving and changing. It is not a point in time. When it comes to the store of the future, retailers will soon realize that it is all about the journey and less about the destination.
Often, the store of the future represents technology, solutions and strategy that are being used by some retailers for experimentation but are typically out of reach of the general retail industry. The specific technology, solutions and strategies change over time. What was innovative yesterday becomes table stakes today. Many within the industry believe that AI, personalization, consumer experience and seamless execution across channels are the next innovation wave that will drive the industry forward.
The daunting challenge that retailers face today is not only the technology itself but also the accelerated pace of change… how quickly concepts go from innovative to standard operations. The current pace of change does not give most retailers the time to catch their breath between waves of technology which makes many retailers feel that they are getting further and further behind.
However, it is critical for retailers to play their own game rather than someone else’s game. They need to define what they want to look like in the future and work toward their vision and not someone else’s vision. It is not about deploying new technology but rather making the technology bring your strategy to life.
Retailers quickly realize that the store of the future starts with the technology and business practices that they have in place today. Too often, retailers wait for a future technology to be ready for use in their business, only to realize that when they are ready to implement it, their technology infrastructure is not.
The real question that most retailers need to ask is how can I be prepared for the store of the future today? How can I start to leverage some of the new capabilities and technologies in my business today to improve the way that I engage with my consumer?
The key things that retailers need to focus on today to be prepared for future technology and capabilities include establishing a solid technology foundation in the business and keeping that foundation strong and stable. There are six key areas that all retailers should focus on to ensure that they are ready for the future.
Keep your existing technology current
Take steps to move to modern architecture and technology
Develop strong partnerships with your technology partners
Build relationships with new partners that that share your vision and will bring fresh ideas and solutions to your business
Invest in your staff and resources
Avoid the shiny object and focus on the fundamentals
It is important to realize that the store of the future is an endless journey for the business. As they say, it is a marathon and not a sprint… or rather it is a mindset not a project.
Accuvia Software Group will be exhibiting at the NRF show in NY between January 11th - 14th. We look forward to seeing you in New York to discuss your store of the future.
Visit us in our Booth # 662 on the Lower Level