Now, more than ever, global supply chains are under pressure to be agile and transparent, in the face of renewed consumer demand and the massive rise of Omni-channel commerce. In today’s digital world, your product information is one of your most valuable assets. Before your customers and trading partners ever see the physical product, they will have access to the digital information representing it. With the explosion of product information in the marketplace, the demand for quality, accurate product data has grown exponentially.
Did you know that *over $272,000 is spent online every minute and **72% of people are influenced socially through ratings, reviews and recommendations? Shopping behavior has changed significantly due to the multitude of online channels with information that is easily accessible to consumers to help make smart purchase decisions. Traditionally purchase decisions were influenced through advertisements and promotions directly from the brand owner or retailer. This trend is changing significantly and today’s shoppers increasingly leverage information from multiple online channels provided through mobile devices and social networks to enrich their shopping experience.
We’ve talked a lot about how the retail industry is going through a transformation in this blog. The consumer, and their desire to make informed purchase decisions are driving most of this change. As retailers begin to adapt to the connected consumer, many of their systems will begin to change in order to support the experience the consumer is demanding. The one system change that will likely take the lead in this change is the Point of Sale (POS).
Retail stores are doing everything they can to entice consumers to visit their location, and forego shopping online. The theory is that a superb in-store experience, combined with instant fulfillment, will make even the savviest connected consumer spend more time and money in the store. For this to happen however, there is a bar for convenience that has been set by the e-commerce industry that must be matched – checkout.