If you currently own a store that’s based in a mall, you may already feel the pinch of competing with internet-based retailers. It may have been hard enough to go toe-to-toe with other physical stores, but with online and hybrid retail gaining a strong following among shoppers, boosting your bottom line has likely never been more challenging than it is now.
All the same, it’s still possible to leverage factors like your location and your selection of products—and, most importantly, you can still remain top of mind for customers who are looking for items that your niche supplies. You must, however, be willing to modernize your store to make it more competitive and to adapt to consumers’ changing preferences for their shopping experiences.
To that end, here are five tech solutions that may be timely for you to explore:
1) Supplementing Your Physical Shopping Experience with Online Shopping Options
Even if your business started in a physical location like a mall, it doesn’t mean that your revenue potential has to end there. In fact, it may be quite advantageous to adopt a hybrid retail approach and enable a shopping experience that takes place both online and offline. If done right, the hybrid approach may increase your profits in your mall store as well as on your website.
For one, an updated online website allows you to showcase all of your products without them having to occupy any more space in your physical shop. You’ll also be able to gain an online presence that allows you to engage more intimately with an online audience, which can potentially grow your customer base and increase sales for both your store and your site. Customers will have the option to get to know your products in-depth, any time they like, and they’ll be happy with the option to buy from either your site or your physical store.
Just remember that you have to be ready to manage an e-commerce website on top of your physical store, and that both have unique needs that you need to fulfill. Take the payment process as an example. In traditional retail, customers pay through a point of sale (POS) device that’s often located in the cashier area. On an e-commerce website, however, they typically use an online payment gateway to complete their purchases.
Depending on the e-commerce platform you plan to use, you can add a plugin that easily facilitates fast and secure online transactions. Maya Business in the Philippines offers a payment gateway WooCommerce users can easily integrate into their website without the need for additional code. If your website uses the WooCommerce platform, installing this plugin will enable you to accept payments via credit card, debit card, e-wallet, QR Ph, and other emerging solutions with ease. With the WooCommerce payment gateway, Philippines–based entrepreneurs will have the means to oversee safe and efficient payments. Eventually, they’ll be able to make online checkout as smooth as checkout in the mall outlet store—which will be a boon for the business overall.
2) Providing Cashless Payment Options
Adopting cashless payments will be a pivotal step towards meeting the evolving expectations of your consumers. Being able to accept payments through mobile wallets, credit cards, and other cashless options accelerates the checkout process, making it more convenient for both your staff at your outlet store and your customers.
Cashless payments also allow you to gain more insight into your mall customers’ preferences and track their purchasing behaviors. You can tailor your marketing strategies both in the mall and online based on what you learn.
Given that many of your customers will also veer towards cashless solutions for health reasons, leverage contactless payments in your outlet store to contribute to a safer shopping environment. If your customers know that they can go cashless and reduce their exposure to harmful microorganisms from hand-to-hand contact, they may choose to shop at your outlet store over another.
3) Offering Augmented Reality (AR) Shopping
Augmented reality (AR) shopping represents a significant leap forward in retail, and you may want to consider integrating AR technology into your store operations by offering your customers a virtual fitting room experience.
Shoppers can use their smartphones or AR devices to superimpose products onto their real-world environment, which will allow them to see how furniture, clothing, or accessories look and fit in their homes. On top of providing customers with a more engaging and interactive shopping journey, it addresses the common hesitancy they may have when making high-value purchase decisions.
AR shopping also opens up avenues for creative marketing campaigns, enabling you to showcase new collections or promotions through interactive, immersive experiences that capture the attention of tech-savvy consumers. Try using this technology to set your brand apart from others operating in the mall and invite your customers to try out your products in refreshing new ways.
4) Incorporating the Endless Aisle
The concept of the endless aisle addresses a common challenge faced by brick-and-mortar stores: limited physical space. With this technology, you can transcend these spatial constraints and offer a more extensive product selection through digital kiosks, interactive displays, or mobile apps that enable customers to browse and order items that may not be physically present in the store.
This approach expands the product range available to shoppers and also mitigates the risk of losing sales due to stockouts. Moreover, the endless aisle strategy encourages exploration and discovery, which can significantly enhance your customers’ overall shopping experience and motivate them to return to your outlet store.
5) Automating Various Business Operations
Implementing automated systems for inventory management, order processing, and even customer service tasks can do a lot to reduce the manual workload your staff has to manage. As a result, your outlet store will be less prone to financial losses attributable to human error.
Modernize your business by adopting an inventory tracking system equipped with RFID technology to ensure accurate stock levels, preventing both overstocking and stockouts. You can also use automation for customer service, such as by employing chatbots to provide instant support to shoppers with simple needs.
Automate more rote and mundane tasks so that your employees can focus on creating a more customer-focused retail environment. With their hands-free of the small stuff, they can concentrate on their interactions with customers at the counter or even go outside the store and market their business on the mall’s premises.
It won’t be easy to compete with other mall-based stores and e-commerce retailers at the same time, but these tech solutions will go a long way in making shopping experiences at your store more appealing to customers. Make the right investments in technology, and you’ll be able to grow your value both inside and outside your mall outlet store.