There’s little doubt that the global pandemic has accelerated change across industries. And this is especially true for retail. Flexible service companies have found tremendous opportunities in this changing market, while other businesses run the risk of being left behind.
Here’s our take on 4 opportunities for service companies in today’s retail environment.
1. Capitalize on digital transformation (DX)
Retailers continue to embrace new technologies to enable contactless shopping. This year, retailers must continue their digital momentum. At the same time, they must create in-store experiences that keep shoppers returning to stores. For example, Walmart plans to remodel 1,000 stores to integrate digital and in-store experiences for shoppers.
What does retail’s digital transformation mean for service companies? We expect strong demand for updated point-of-sale systems to continue. But there are other needs as well, such as integrated and personalized experiences, inventory tracking technologies, and contactless interactions via self-service kiosks and biometrics (e.g. facial recognition and hand recognition-based payments). Of course, the networking infrastructure required to run all these is also critical. Together, these technologies are essential for an omnichannel consumer experience.