Is the Retail Apocalypse Upon Us?
With headlines like “More Store Closings” and “Amazon’s Growth Unstoppable,” you might be forgiven for thinking that the retail apocalypse has, indeed, arrived. Media outlets are certainly painting a dark outlook for traditional, store-based retailers, but is the brick-and-mortar experience truly dead? Or do things simply need a bit of retooling?
To consider the problem, begin by thinking about just how powerful the live experience can be. After all, TV coverage of sporting events has been around for decades, but it hasn’t stopped people from enjoying live games at the stadium. By the same token, the arrival of streaming services hasn’t stopped people from enjoying movies at local theaters. So why would virtual shopping stop people from enjoying a trip to a retail store?
Sure, physical stores often struggle to compete with their online retailer counterparts, but the real threat seems to be when stores lose their differentiation and market focus. There are many ways to lead in retail, and pricing is only one of those ways. Leadership can also come from cost, customer service, the shopping experience, product portfolio, and so on. To really take the lead, and stay there, retailers need to fend off the competition while never losing sight of their target market or customer demographic.
The Tools to Succeed
Technology is one of the tools that can help retailers gain the top position. When implemented the right way, as part of a larger retail strategy, technology can help define goals, set targets, and win. RAIN RFID, for example, along with other RF formats, such as Near Field Communication (NFC), is helping retailers support their market strategies and create differentiation.
Here are some of the ways RAIN RFID and NFC are transforming retail experiences:
Turning Market Threats Into Success Drivers
While some may think that retail stores will soon be extinct, we see opportunities for using technology to create differentiation and to establish long-term competitive advantages. RAIN RFID, which works over several meters, is a natural complement to NFC, which works at close range and brings smartphones into the mix. By embracing these two technologies, retailers can create fresh business success by supporting new levels of personalization, and by making the shopping experience more convenient and more rewarding.