Retailers Struggle to Meet Consumer Demands for Innovative Store Experiences
Despite acknowledging that physical stores remain their primary growth channel, 62% of retailers report that they cannot meet consumer expectations for enhanced in-store experiences, according to a recent survey. The study highlights a significant gap in point of sale (PoS) technology, with only 47% of respondents believing their current systems support a differentiated shopping experience. Alarmingly, one-third of retailers indicated that their PoS solutions are hindering progress, while over a third struggle to keep pace with rapidly evolving technology.
Cost also poses a challenge, with 31% of retailers citing new technology as prohibitively expensive. However, many are optimistic about investing in mobile technology, as 63% believe these devices enhance operational visibility and free up store manager time. Additionally, 70% are looking to adopt assisted selling and endless aisle technologies within the next year and a half.
Retailers increasingly view hyper-informed consumers and online competition as threats; 41% feel that online rivals are diminishing the value of brick-and-mortar shopping, while 38% are concerned about the rise of direct-to-consumer sales. Joe Corbin, President and CEO of Jumpmind, emphasized the urgency for retailers to develop engaging in-store experiences, especially as inflation pressures consumer spending.
Looking ahead, the 2025 RTIH Innovation Awards will spotlight in-store technology innovations. Celebrating advancements in omnichannel retailing, the awards aim to recognize achievements in areas such as automated supply chains and inclusive retail solutions. Scott Thompson, RTIH’s Founder, acknowledged the event’s evolution from an online initiative during the pandemic to a celebrated in-person gathering. As retail gears up for 2025, the focus will shift towards embracing innovative technologies to bolster efficiency and profitability.
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