Each year, retailers strive to find a balance between competitiveness and profitability. Consumers, with more choices than ever before, are looking for the best products, experiences, and prices. Retailers are doing their best to deliver; however, with an average net margin of only 2.65%, increasing store traffic, finding efficiencies, and cutting costs are essential to staying in the black. To maintain market share in this dynamic space, retailers are turning to interactive digital experiences as a solution.
How Interactive Touch Screens in Retail Lead to Increased Revenues and Profitability
The transition to digital engagement in retail has been gaining ground over the past few years, but it was accelerated in 2020 due to the COVID-19 pandemic. E-commerce skyrocketed, growing 43% in the U.S. in 2020, and ushering in a new era of digital-first consumers. When stores reopened, shoppers expected the same access to information and instant gratification that e-commerce provides, driving brick-and-mortar retailers to adapt in-store experiences to meet those demands.
However, the shift in consumer behaviors coincided with supply chain disruptions and shortages that led to rising costs. These changes created an urgency to find solutions that help businesses improve efficiency and profitability.
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