Breaking through to the future of retail

| By Ryan Hatfield, Portfolio Director, Smart Retail Lexmark

NRF and EuroShop have returned this year, and Lexmark has a lot to shout about at both events: it’s an exciting time to appear at our favourite retail fairs.

Retail Technology-NRF-Euroshop

TAGS: Retail

The retail landscape has changed profoundly since we last attended these events in person in 2020. Here are some of our highlights and takeaways and wider retail priorities for 2023.

1.       Retailers are braced and ready for the future.

The last few years have been a learning curve for retailers. With the pandemic shutting down many brick-and-mortar stores, retailers have had to quickly pivot and strengthen their digital strategies to ensure they remain relevant and profitable. As we continue into 2023, with a global recession looming, retailers will need to be as prepared possible, deploying their learnings from COVID.

2.       CX pressures will continue.

As consumers become more connected and digitally enabled, they are demanding a more personalised experience. Retailers need to work smarter, not harder, to keep up with these CX pressures. Having visibility over what is happening in and around a store in terms of stock or the ability to offer in-store digital marketing experiences to customers will start to bring the personalisation we experience online into the store.

At NRF and EuroShop this year, we are proud to highlight our new AI-driven Smart Retail Solution, allowing retailers to seamlessly connect their physical and digital worlds. The solution enables retailers to understand what is happening in and around their retail locations. This real-time understanding—which retailers have never had before—allows them to act proactively to engage with their customers in the moment.

3.       Data will drive success.

By understanding data, acting on it and engaging with customers accordingly, retailers can optimise store performance and deliver customer experiences in new and interesting ways. While most retailers gather data at a high level, that data is historic. When we demonstrated the new Lexmark Digital Desktop at NRF, we heard that, “gathering current data, and being able to action it in the moment, is unique” – and we expect similar feedback at EuroShop.

Store associates can access the Store Digital Desktop from any smart device connected to the internet. It then directs them to act on the insights from the real-time activity in and around their store. This enables associates to focus on the highest priority tasks at any given time—like back-end tasks during slower shopping hours, or long queues at the register which require additional staff.

It also gives headquarters staff visibility into what is truly happening in the stores. All levels of store leadership will have real-time insights into how the stores perform against corporate—and customer—expectations.

To see the Store Digital Desktop in action, check out this video from the show floor at NRF. And if you plan to attend EuroShop in Dusseldorf Feb. 26 – March 2, make sure you stop by at the Lexmark booth: Hall 6/Booth A21