For years, the fear of impending “retail apocalypse” has given way to numerous apprehensions, doubts, confusions and restlessness among the retailers.
However, it seems the so-called retail cataclysm is nothing but baseless speculations! In fact, with the rise of various high-end technologies, the retail industry has been through a resurrection. Right from streamlined omnichannel shopping experiences to colossal investments in AI and robotics, many retailers are dipping their toes into the world of new-age retailing.
The Revival of Retail Industry and Mirco-markets - A Symbiotic Relation
When talking about retail revival, one cannot ignore the pivotal role of micro-markets. The self-serving and cashless kiosks have served as a major touchpoint for retailers to leverage the technology to offer seamless consumer experience.
Cashier-less Stores are Redefining the Retail Industry
Retail giants like Amazon and Walmart have invested heavily in the cashier-less stores. Following into the footstep of these big shots, Malaysian mobile wallet company IrisPay recently launched E-concept store in the busy area of Sabang Maya. The consumers have to walk through the store, select their favourite products and buy them by making an online payment. This new-age store eliminates the need for cashiers or any other human staff, enabling the retailers to cut down overhead cost, transfer the staff to other productive roles and streamline the inventory management.
More and more retailers are investing in cashier-less solutions and here’s why:
- Set up new sale touchpoints - With plummeting brick-and-mortar footfall, brands aren’t waiting for the shoppers to come to the store. Instead, they are seeking ways to go to the shoppers, and cashier-less retail kiosks are helping them to achieve their goals. Small in size and any supporting staff, this unmanned retail store can be easily accommodated in office lobbies, transit hubs, school/university campuses and other public spots.
- Lesser Overhead Costs - Automated kiosk reduced the need for cashiers. The retailers can reallocate their staff to more productive roles, thus cutting down the overhead expenses.
- Tailored Consumer Experience - Unmanned retail kiosk require the shoppers to check out using their online account. The retailers can gather insightful consumers data achieving a panoramic view of their interests and shopping habits. Such useful data can help a retailer understand how shoppers will react to certain shelf displays and store layouts.
- Enhanced Inventory Management - Once the retailers get a full picture of the shoppers’ purchasing behaviour, they can localise their inventory and tailor it according to the trends and changing shopping behaviour.
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