Choosing the Right Retail Technology Partners

Did you know that the average enterprise executive believes their company is using over 20 retail technology applications while employees believe they only use 13 on average?

What’s even more concerning? The actual number of applications an enterprise organization uses is north of 200. Does that number surprise you?

It doesn’t shock us. Our team recently attended NRF, and at one point, we counted a 17:1 ‘service provider: retailer’ ratio*.

These statistics highlight a few key problems businesses face regarding the role of technology in retail:

• Executives think their company is more ‘tech-enabled’ than they actually are.
• Over time, enterprises are inundated with technology that is duplicative or underutilized.
• Employees are unaware and/or undertrained in the technology they have available to them.

*This wasn’t a scientific study; simply our observation at a point in time while walking the floor 

Better Understanding How Technology in Retail Works for Your Enterprise 

Talk to your employees - This ties into the above. To fill out that table, you’ll need to get an understanding of what every department is using and how they’re using it. This can get even more convoluted when going down to store level and talking to the teams there. But it’s a necessary step because it’s a safe bet that different departments are using duplicative or similar tools. 

The other thing to consider while you’re going through this process: are there any technology solutions that aren’t being leveraged that would benefit your people? A hot one that’s in the news right now is of course AI. What that means for each organization and function would differ, but to give one example, just imagine how valuable it would be if each person (from executives down to associates) had an effective AI Digital Assistant that could answer questions about any internal systems, applications, policies, etc.

Bridge the gaps - At this point, you have a much better understanding of the two most important things in solving these problems: what you’re paying for, and how your people are using the technology. Now it’s time to act on what can be eliminated or consolidated to make technology in the retail industry work better for you, rather than the other way around.

About ReStore for Retail

ReStore for Retail is an independent operating unit of Hilco Global, one of the world’s leading retail authorities. To learn more about how ReStore for Retail’s tech-enabled solutions and proven playbooks can rejuvenate brick-and-mortar operations and maximize sales and margin opportunities, please visit www.restoreforretail.com.