High-street retailers urged to embrace tech for survival

As the retail landscape continues to evolve, traditional high-street businesses are grappling with significant challenges.

The rise of online shopping, driven by changing consumer habits, particularly among Gen Z, who increasingly shop online, has intensified competition. Experts are calling for high-street retailers to revolutionise their operating strategies to stay relevant.

Jamil Ahmed, a Distinguished Engineer at the tech firm Solace, emphasises the necessity for brick-and-mortar retailers to modernise.

"Brick and mortar businesses must start optimising their operations," he asserts, highlighting the damage online giants have inflicted on traditional retail spaces.

"Shoppers expect the hyper-convenience and personalisation they've grown accustomed to online," Ahmed notes, stressing the imperative for physical stores to adopt seamless supply chains and real-time data strategies.

Ahmed believes real-time data can enable retailers to anticipate and respond to consumer demand efficiently. Leveraging data from loyalty programmes could also facilitate personalised in-store experiences, potentially transforming the allure of high-street shopping.

"The key to retaining competitiveness lies in detecting and predicting buying trends," he adds, suggesting that intelligent management of stock through data insights could be a game-changer.

In parallel, Martin Smethurst, Chief Customer Officer at VoCoVo, underscores the pressing need for retailers to adapt to a harsh market environment marked by store closures, fluctuating footfall, and an unprecedented spike in retail crime. Smethurst warns of a need for strategic investment to stave off further high-street decline, lobbying for technology integration alongside enhanced staff training.

"Investing in technology and better staff training will be key to keeping stores open and customers engaged," argues Smethurst. He suggests wearable technology and AI-driven CCTV or inventory systems as effective tools to enhance operational efficiency. Such innovations can not only streamline staff workflow but also aim to reduce sales losses and prevent closures, he says.

With the retail sector also facing staff shortages, the role of technology becomes even more critical. Smethurst advocates for empowering shop floor staff with communication tools that enable real-time knowledge sharing and skill development.

He posits, "Service excellence will be a crucial differentiator in keeping customers engaged and loyal." As such, technological solutions like wearable headsets, which facilitate instant assistance and integrate with smart shelving, are proposed to maintain high service levels despite workforce challenges.

The adoption of smart solutions, according to Smethurst, should complement other strategies such as improved team collaboration and extensive staff support. These measures aim to help retailers not only survive but thrive amid rising operation costs and intensifying customer expectations.

As the retail sector braces for new fiscal hurdles, the role of technology becomes increasingly vital. The call to action for high-street retailers is clear: continuous adaptation and strategic investment in technology and human resources will determine their ability to stay afloat. Technology may not offer a panacea, but its incorporation into retail strategy is indispensable for fostering a sustainable future.

In the race to meet rapidly evolving consumer demands and stave off economic pressures, the emphasis on building a connected, agile workforce equipped with advanced tools is seen as key to maintaining a competitive edge.