Getting Better Connected with Smart Retail

Retail ecosystems are in a state of constant flux nowadays – as you’ll be only too well aware.

The pace of change accelerated in recent years as our sector was forced to hurriedly adopt new technologies to survive. That led to a flourish of innovation and differentiated customer experiences which is still happening and looks set to continue. Partner ecosystems have become crucial to success. Meanwhile, the wider economic outlook continues to be challenging, making every dollar of spending won from competitors critical.

As a retailer, you need to constantly adapt to this changing environment – keep your partners on course, be ready to handle anything that might come at you, and constantly maximize your revenues to fuel growth.

Keep moving to maintain momentum

Indeed, the dramatic acceleration in eCommerce activity over the last couple of years forced retailers to hastily embrace online operations. They now need to properly integrate their systems with their in-store operations to create a single seamless customer experience. While doing so, they also need to position themselves to become more agile, so they can respond to the unexpected. That might be another crisis event – like the COVID-19 pandemic – or changes in customer sentiment, or some new regulatory requirement.

However, to achieve that, retailers need an end-to-end technology platform that connects every part of their business, and reaches out to partners and customers. You need to be able to keep up to date with the latest trends so that you can foresee coming changes, and then you need to be able to adjust your trajectory as quickly as possible.

Look far into the distance

At the heart of it all is data and powerful analytics – with artificial intelligence (AI) and machine learning (ML) capabilities – to help you manage, interpret and extract meaningful insights. So, you need a single platform that enables you to capture data from your customers, whether they are active in-store or online. Who are you selling to? What are they buying? Who’s buying the most? What are their habits? The answers to these questions can all be found through the data you build up, leading to valuable insights. Moreover, you need to integrate that with data from your partners and your supply chain, whether for procurement, performance, pricing or anything else.

Once you’ve gathered this valuable data, you will be able to leverage it in ways that help you move your retail operations in a direction that benefits your brand, your associates and your customers. You’ll be able to spot trends in your customers’ behavior and spending, and identify areas for improvement in your operations. With the right intelligence, you’ll be able to see things that your competitors can’t and be the first that can respond to changes.

Take action from a single source of truth

Once your data has been analyzed, you can begin to make confident decisions, empowering you and your associates to take your retail operations to new heights and achieve greater business agility. That’s because changing direction frequently involves using your data in new ways. For example, creating a seamless customer experience, where customers can continue conversations on the sales floor that they started online, depends on your in-store associates having access to the online data. In another example, you can make your supply chain work far more efficiently when you connect it with sales data that shows exactly what needs replenishing. Additionally, services such as click-and-collect or curbside delivery depend on online data being shared with other parts of your business.

That is why you need a single platform that captures data from every part of your business. Then you must be able to also use that data in each of those parts of your business to help address whatever challenges are headed your way. Of the many roles your data will play in your business plan, among the most important will be to help you understand what the future holds for your business.

Rely on your strategic partners

Having data is priceless for sustainable growth, but you also need reliable partners that can open other ecosystems to help you achieve new goals. For instance, some of your strategic suppliers might be able to bring valuable partnership capabilities of their own. Honeywell, in addition to being able to provide the technology to achieve everything described here, can also help you deliver holistic business transformation with world-class software providers such as Google and SAP.

Honeywell can provide all the tools you need to transform your retail operations. You can gain access to powerful centralized data systems that integrate seamlessly with any part of your business operations. You can tap into our strong expertise of implementing in-store, eCommerce and mobile customer experiences, and benefit from our powerful handheld computers for in-store associates. With Honeywell as your partner, you can begin looking far into the future with advanced analytics that will give you the insights you need to become a more successful performer.

 Are you ready to discuss how Honeywell can help you reach your new retail horizons? Start a conversation with us today and learn about all your future potential.