Report discusses retail technology and employee best practices for creating smart stores that deliver financial success
NEW YORK, Jan. 14, 2020 /PRNewswire/ — Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, in collaboration with US-based retail magazine, Retail Info Systems (RIS) developed a report titled,’Smart Store Strategies for Digitally Savvy, Time-Crunched Shoppers‘. The study, based on a poll conducted with senior executives from national and large regional retail organisations, reveals how retailers need to combine human and technology best practices to create “store-of-the-future” strategies. It also highlights technology investments necessary to ensure financial success.
This conversation on best practices for technology deployment comes at a crucial time for retailers, as brick-and-mortar locations face increasing pressure to compete with consumers’ ecommerce options. Wipro and RIS found that an overwhelming number of retailers are planning to stay competitive in the future by investing in new technology solutions such as digital signage, new mobile applications, and AI-driven customer service and support for enhanced consumer experiences called store-of-the-future.
The study finds that retailers are looking for guidance on improving implementation of strategies and ensuring their investments become profitable. Some of Wipro’s and RIS’s additional observations on how retailers are creating store-of-the-future strategies include:
- 81% of retailers say it’s important to adopt a smart, store-of-the-future strategy to succeed with today’s consumers. 88% also say that store associates play a big role in those strategies.
- Most retailers want to improve their methods and best practices, as many respondents rated their performance in implementing store-of-the-future strategies as middling, scoring themselves just 5.5 on a scale of 10.
- Retailers identify three high-level consumer strategies that rise far above the rest: service (88% said yes), convenience (73%), and value (67%).
- Retailers believe the most important customer-facing technologies are click and collect (85%), proximity or location engagement in stores (64%), and buy online and return in store (55%).
- New shopper-facing technologies retailers plan to invest in include new payment options (62%), interactive digital signage (47%), and click-and-collect (44%).
- Advanced back-office technologies are also important. Retailers plan to invest in technologies such as advanced order management (79%), mobile apps for store staff (70%), personalized marketing capabilities (61%), in-store mobile devices (58%), and AI-driven customer service and support (28%).
“Wipro’s work with its retail partners to build smart stores-of-the-future is based on the five pillars of seamless experiences, human-centric, intelligence, future-ready, trusted and safe — the SHIFT principle — to build innovative solutions,” said Deviprasad Rambhatla, Senior Vice President and Global Head – Retail Distribution and Transportation (RDAT), Wipro Limited. “These guiding principles will help our teams improve financial results for retailers as well as enhance the experiences for their customers and store associates,” he said.
To access the full report, please click here.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 175,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
Forward-looking and Cautionary Statements
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SOURCE Wipro Limited