How Small Retailers Can Profit From Cashierless Technology
As technology advances, the world sees everyday tasks, like grocery shopping, transform into something completely new.
Cashierless technology is turning the shopping experience on its head by ultimately removing the need for a cashier, a cash register, and the whole check-out process. Individuals simply walk in, scan an app, pick up what they need off the shelves, and walk out.
Gone are the days of cranky cashiers, long lines, and grannies counting exact change in pennies.
However, with giants like Amazon starting this new trend in supermarkets and convenience stores, where do small retailers fit in? How can they benefit from this new technology as well?
Below are eight ways small retailers can profit from cashierless technology.
1. Reduce Theft
Contrary to what some might believe, cashierless technology actually means less theft in your stores because every camera and sensor will be able to keep track of who is doing what.
You’ll no longer need to rely on faulty human eyes to watch your merchandise. When people pick up things and take them, they’ll be charged accordingly.
Less theft means less money coming out of your pockets.
Additionally, you’ll have virtually no cases of embezzlement as well, since your small pool of employees won’t be handling money very often (if at all).
2. More Productivity
When you’re not relying on human cashiers to complete your customer’s purchases, and there are no lines, you will have greater productivity. Transactions will be quick and effortless, and customers can leave just as quickly as they came.
The more customers you have coming in, the more income you will be bringing in each month.
Also, you won’t have to worry about human cashier errors that could cost you money, such as giving the wrong amount of change back, which could lead to your cash registers coming up short at the end of the day.
3. Minimal Robberies
Because you do not need any cash in your store, you won’t have to worry about losing money in the event of a gun robbery. You won’t need to worry about carrying around large amounts of money to the bank either.
This is excellent news for convenience stores and gas stations that stay open late, often getting robbed. If you do happen to get robbed, the thieves won’t be able to steal much besides merchandise, and the cameras will catch them red-handed in the process.
4. Happier Customers
Your customers will enjoy the fact that they no longer have to wait in line to check out. They’ll enjoy the convenience of being able to walk in, get what they need, and walk out.
The amount of customer service complaints will decrease profusely.
Satisfied shoppers will keep returning to your business and spending their money there.
5. Easier Data Tracking
With everything being recorded digitally, you’ll be able to keep track of essential data that can reveal your customers’ shopping habits, such as which items are the most popular, when your store receives the most traffic, and so much more.
Using this data could help you determine which items you should stock up on and which items you should have less of in your store.
Data can also help you to offer better personalized services to your customers, as personalized information and newsletters may allow customers to stay interested in shopping at your store.
The app will keep a record of what consumers purchased from your store and what they tend to buy, so it will be effortless to personalize each customer’s service.
The data collected from the app may help you improve your business in many ways that you couldn’t have in the past.
6. Reduce Employees
The sometimes harsh reality is that having a small cashierless store can significantly reduce the number of employees you will need, which means you will use less money for employee pay and benefits.
You’ll be able to keep more of the money and use it for other things. As a result, your annual revenue will steadily increase.
In addition, fewer workers mean fewer employee related issues, such as incompetence, laziness, and drama (all of which decrease productivity, customer satisfaction, and revenue). As many small retail stores are family owned and managed, this may also mean less night shifts and more freetime for you.
7. Get a Leg Up On Competitors
It never hurts to get ahead of your rivals as a business owner by keeping up with the latest technology. The world is changing drastically, and not keeping up could eventually lead to the death of your store.
Many retail giants have had to close all their stores down because they failed to keep up with new technology and trends. Please don’t become one of them.
Cashierless stores are the future, and some predict that within 5-10 years, they’ll be the most common type of store.
Already, giant retailers like Walmart are moving in this direction to compete with Amazon. Smaller convenience store franchises, such as 7-Eleven, are doing the same.
It may cost you money initially, but it will be worth it in the long run when your store remains open while others do not.
8. Lower Stress
With so much going on and so much to keep track of as a small retailer, cashierless technology can help you to reduce stress by making your job easier. You won’t have to worry about employees quitting suddenly or major thefts/robberies.
Data collection won’t be so difficult to keep track of anymore, and you’ll know exactly what is in stock and what isn’t.
You’ll also have peace of mind knowing that you are staying current with retail trends, which will help protect your business.
Most importantly, your customers will be happier and enjoy coming to your shop.
Conclusion
If you are still on the fence about utilizing cashierless technology in your stores, remember that it is an investment for the future with all the above benefits.
As you are well aware, sometimes it’s necessary in business to take risks to reap the rewards.
A growing business must remain relevant in order to keep consumers from shopping and spending their money elsewhere. Otherwise, your small retail business could end up becoming history.
