The Technology Investment Retailers Must Make to Recover After COVID-19

A retail worker using a tablet that is managed and secured by the SOTI ONE Platform

We are all aware of the negative effects COVID-19 has had on our world. For the retail industry specifically, global retail growth fell by 5.7% and it is projected that lost sales could reach $2.1 trillion due to the pandemic.

Yet, there is a silver lining, based on SOTI’s latest report, From Bricks to Clicks: State of Mobility in Retail 2021 Report: it was found that consumers are willing to return to traditional brick and mortar retail locations under two conditions: when they feel it is safe to do so, and if retailers adopt in-store technology to create a fast, seamless and COVID-proof shopping experience.

Armed with that information, the retail industry must determine what in-store technologies their customers want to utilize and how to best implement it.

What in-store technology are customers looking for post COVID-19?

Find out in your free copy of From Bricks to Clicks: State of Mobility in Retail 2021 Report

In-Store Technology Retailers Invested in Before COVID-19 Is Different Than What Consumers Are Looking for Today

Prior to COVID-19, retailers spent $3.7 billion on in-store technology. The bulk of those investments were on things like beacon technology, scan-as-you-shop devices and facial recognition software.

These in-store technologies will still be vital in the post-pandemic shopping world, but customers want retailers to focus their efforts on other elements. If they do, people will return and spend:

  • 55% of global consumers say they want to use an electronic payment solution in-store once the pandemic ends.

  • 38% of customers are willing to return to brick and mortar stores they view to be technology innovators.

  • 12% of global shoppers will consider spending more in stores which use technology to improve the customer experience.

Lining up at the front of the store to pay with cash shouldn’t be the only checkout option, as 31% of worldwide shoppers want associates to use mobile point of sale (mPOS) devices that allow them to purchase items on the sales floor instead of at the register.

Meanwhile, 62% of consumers say they expect in-store safety measures put in place for the pandemic to remain once COVID-19 ends. It’ll be incumbent upon retailers to use technology to get customers in-and-out of brick and mortar locations as quickly as possible.

COVID-19 Has Ushered in the “Cashless Generation”. How Can Retailers Adopt and Adapt? How Can SOTI Help? Find Out Now

From Bricks to Clicks: State of Mobility in Retail 2021 Report interviewed 6,000 shoppers across eight global markets: U.S., Canada. Mexico, UK, Germany, France, Sweden and Australia.

It offers a detailed and diverse snapshot for retailers to take advantage of when determining which in-store technology solutions to adopt, both now and once COVID-19 ends.

It’s a must-read report for any retailer looking to truly understand what customers want and how it can potentially generate a tangible return on investment (ROI).