4 Steps to Retail Success
Retailers fighting for relevance in a rapidly changing industry must embrace technology — or risk losing everything.
“Retail was the same for 4,000 years,” says retail technology expert Cathy Hotka. “You put stuff out, and then you waited for people to come to you. It was all about location.”
But technology changes everything. Online retail, mobile and other innovations, Hotka says, have significantly reduced the historical advantage of a good location.
Cathy Hotka, Principal, Cathy Hotka & Associates
- Retailers spend only about 1 percent of their gross revenue on technology; that’s not enough.
- Better insights into inventory will reduce costs and enable ship-to-store and other customer services.
- Store owners must regularly shop in their own stores to truly understand the customer experience.
- Beacons will provide deeper insights into both underperforming and popular offerings in stores.