...Get there faster with a Bira Bank equipment loan.
Investing in your business is key to moving forward and remaining efficient. Bricks and mortar stores must work harder to compete with the ease of online shopping. Having the right tech in place enables you to concentrate on giving your customers an instore experience that’ll keep them coming back.
Artificial Intelligence (AI)
Retail technology is evolving, and although we’re not in a situation where robots in retail are common place, retail businesses are increasingly using AI to improve their customer experience. Retailers can use AI in intelligent POS and inventory systems to proactively track what products will sell well and which lines they should discontinue. AI can reduce time consuming admin by processing returns and automatically reordering stock when it gets below a certain threshold. The technology can be used to highlight complementary products increasing your average transaction value. Also, rather than physically looking in the stock room and up or down the aisles AI share the location of products and offer alternatives for out of stock items.
Customers are seeking out a tailored in-store experience that is convenient and relevant to them. Interactive kiosks are a great way to display personalised products and offers and smart shelves with sensors are a new innovative way to deliver customer behaviour analytics to retailers. Customer interest reports can let you know how many times a product has been picked up and put back down. Behavioral data such as this could provide valuable insight into your customers response to particular products. From digital displays that show instant price changes to advertisements linked to your customers shopping list, technology is becoming more and more personalized.
Developments in technology gives retailers the tools to deal with theft in a way criminals won’t anticipate. Cameras with facial recognition technology makes it easy to identify thieves known to the authorities. Fingerprint and retina scanning systems use biometrics to protect your stock from unwanted access.
Whether you have your sights set on the most advanced AI technology or just a few smart retail upgrades, a Bira Bank equipment loan can help you with your plans to grow your business. As with all of our loans there are no admin or arrangements fees and you can even pay the loan off early without penalty. To find out more call 0121 446 6688 or email email@example.com.