Kiosk Solutions Issue 18 - Page 44

opinion of house, and staff dedicated to ‘tidying up’ rather than. selling. While no model is perfect, these examples of the broader concept, dynamic fulfilment continues to be a huge driver of efficiency and growth in the retail sector. And as consumers gravitate towards more compelling experiences, other retailers are offering boutique selections in-store, leveraging high-touch experiences like interactive dressing room mirrors or self-service kiosks, and using inventory scarcity as an advantage. Get it now or it’s gone forever. When a customer walks in, they either know what they want (searching), or they are looking for inspiration (browsing). Physical complements online Online retail today continues to accelerate. It proves challenging for executives determining where to invest, largely because there’s almost absolute attribution in e-commerce where most stores are data-starved. For example, if you’re a soft-goods retailer with 25% conversion of store traffic, that means 75% of customers walking through your store are absolute mysteries. If they shop online later, how do you possibly know that the in-store experience was a part of that journey? But this doesn’t mean the future is purely online, it just means the role of physical retail stores has shifted. When the best-known e-commerce brands start doing well, what do they start doing? They open up stores. Warby Parker, Bonobos, Cuyana, ModCloth, even Amazon and Alibaba are all opening stores at a rapid pace. 44 KIOSK solutions Retail has morphed into a packaged deal inclusive of online and offline compo- nents. Successful brands realise they need to cater to all shoppers, not only those online. Customers from all gener- ations still prefer to try products before buying them. Traditional online retailers have recognised that the try before buy trend can be an opportunity. As an ex- ample, stores like Bonobos have opened Guide Shops, which are specifically meant for try before you buy. By the way, when Bonobos had done this their cus- tomer base grew, average basket sizes grew, and the numbers were compelling. The perfect blend of online and offline comes when retailers like Bonobos drive physical traffic in their stores and leverage their online-first. This inventory flexibility removes huge pain-points bogging down the traditional retail model – inventory accuracy, back of house allocation vs front Approach stores like websites Many people claim that shopping online is an easier experience with better customer service and less friction. But why can’t you apply those benefits to physical stores? You can – if you think of your in-store experience like a funnel. In the same way, e-commerce sites measure the drop-off points between common customer journeys, stores are beginning to embrace the same systems for identifying ‘friction.’ When a customer walks in, they either know what they want (searching), or they are looking for inspiration (browsing). Let customers self-identify, and then help them to optimise their journey for either speed or experience. Search for moments to make your shopping experience unforgettable. 48% of customers won’t ask for help when they see an item they like but not their exact size or desired colour when 81% of the time it’s in the stockroom. Forrester suggests that as much as 10% of retail sales are lost due to items not being in stock when 98% of the time it can be shipped directly to their door. And if you don’t have an item for try-on in-store, a virtual dressing room mirror can allow your customers to envision that item on themselves in any colour in your inventory, adding unprecedented confidence to their ‘site-unseen’ purchase more than an online store can provide. Sounds like a great opportunity for