Share:

Retail’s core principle is deceptively simple: buy low, sell high, and outmaneuver the competition. But turning that principle into profit? Now that’s a challenge. Delivering value and boosting profitability often requires large-scale investment in technology, people, store design, online platforms and promotion.

But there is a way to work smarter and increase retail sales without a hefty price tag. Capitalizing on existing hardware and smart data capture technology to streamline and automate retail workflows can add immense value for your workers, customers and business.

3 of the top 5

global retailers trust Scandit to increase revenue and store efficiency with flexible and future-proof Smart Data Capture technology.

In this guide, we’ll explore this opportunity in more detail and highlight how high-performance smart data capture:

  • Offers a powerful and versatile solution for increasing sales and improving operational performance.
  • Enhances shopping experiences that drive customer loyalty.
  • Can be integrated easily using your existing technology.

Perfect pricing and promotion execution with real-time shelf analytics

Every retailer knows in-store promotions are crucial in engaging customers and increasing sales. On average, a 10% price promotion can grow short-term sales by 36%.

However, promotions can result in significant revenue losses if priced or executed incorrectly. For example, if an item’s price at the checkout is lower than its displayed price, retailers are legally bound to honor the lower incorrect price. This may be good for the consumer, but it’s bad for business.

Equally, retailers risk losing customer loyalty if items are unavailable in the store or goods are overcharged.

Therefore, the impact of optimizing pricing and promotions on sales cannot be underestimated. When done correctly, they are an incredibly powerful way to motivate consumers to purchase.

64%

of consumers highlighted promotional sales and discounts as one of their top factors for influencing purchase decisions.

Source: Radial 2023 Peak Consumer Survey

With 65% of consumers now actively looking for promotions and discounts when shopping, it begs the question, what can retailers do to maximise sales by ensuring promotions are implemented correctly every time and prices are accurate?

Scandit’s Smart Data Capture and analytics solution, ShelfView, transforms retail shelf management by automating the pricing process (making it 5x faster).

Accurate promotions can increase retail sales

It enables store associates to go from scanning and checking hundreds of individual items to capturing entire shelves and comparing shelf prices to the correct ERP system prices. This way, retailers realize the full potential of their pricing strategy and the resulting increase in sales.

Case in point:

Using ShelfView, one of the world’s largest office supply retailers detected an average of almost 10% label errors (1-2% being undercharges) at around $40-$50 per item.

Drive conversions with augmented reality-powered incentives

Personalization has garnered increasing importance in attracting, driving purchases and then retaining shoppers. What was a ‘nice to have’ is now a ‘must have.’

According to Gartner, customer experience “drives more than 2/3rds of customer loyalty” compared to brand preference or price consideration.

78%

of consumers are likely to make repeat purchases and recommend others from companies that use personalization.

Retail media also allows retailers to diversify revenue streams by influencing decisions with targeted offers at the point of purchase, potentially increasing profit margins by as much as 90%.

So how do you sell more by ensuring the right offers target the right people?

The answer lies in the insight drawn from customer data. High-performance Scandit Smart Data Capture and augmented reality (AR) capabilities, when integrated into shopping loyalty apps and mobile sites, enable customers to interact with items and offers, increasing sales in retail.

Data collected from customer scans during shopping interactions gives retailers a rich picture of their shopping habits and preferences. This data can also be sold to media outlets as an additional revenue stream. This enables more personalized targeting of future digital rewards/coupons and gamified experiences.

Case in point:

Watch how Nisa’s Scandit AR-powered ‘Scan & Save’ voucher app boosts sales by £100,000 a year while delivering over £30,000 of discounts to shoppers – converting 84% of their grocery retail customers into loyal repeat buyers.

Boost average basket sizes with high-performance self-scanning

Self-scanning within stores came into its own during the pandemic. Its popularity grew and is now mainstream in many retail stores, including a third of non-grocery stores.

160,000

the estimated number of stores will offer mobile self-scanning globally by 2027, up from 46,000 in 2021 to 36,600 in 2020.

Source: Retail Dive

Retail customers value the convenience and enhanced shopping experience of using self-scanning apps on their devices to scan items and check out.

Offering customers self-scanning is also good for business. It reduces the need for manual checkouts, and research shows that introducing a mobile self-scanning solution can increase revenue by an average of 10%.

Case in point:

Maxima Estonia, the largest retailer and employer in the Baltic region, transformed its self-scanning mobile app with Scandit Smart Data, increasing the average basket value by 50%.

 

The only downside to mobile self-scanning is if the software powering the shopping app doesn’t live up to the job. Friction and frustration caused by failed scanning can result in reduced sales, shrinkage and a loss of customer loyalty.

Take the test – See how much of your revenue is at risk if you power your mobile self-scanning app with a non-enterprise-grade scanning engine.

Scandit’s Smart Data Capture offers the necessary features to ensure a seamless and assured self-scanning app experience:

  • Scan with unmatched speed and accuracy on both higher and lower-end smartphones.
  • Capture data in any retail environment, including awkward shelf placement, poor lighting conditions and even damaged barcodes.
  • Have the option of advanced capabilities such as augmented reality to add interactive shopping experiences to your self-scanning app.

Case in point:

Aeon Retail, Japan’s largest retail corporation, gamified its shopping experience with the self-scanning RegiGO app powered by Scandit, increasing in-store sales by 5%.

 

Learn more about other examples and best practices regarding the benefits of mobile self-scanning for retailers.

Improve product availability with multi-scanning and counting

Inventory management is a balancing act. Too much stock drains profits because of markdowns and storage costs, while too little stock can lead to stock-outs and lost sales.

With many demands for the same items coming from different sources (in-store pickers, shoppers and online), it’s essential to know what items are in stock, out-of-stock and in the process of being shipped and returned.

employee in a warehouse

According to IHL research, inventory distortion (the combined total cost to a retailer of overstocks and out-of-stocks) costs global retailers $1.7 trillion. Factors such as poor demand forecasting, theft, and damaged goods are cited as causes of inventory distortion.

However, one of the main causes is errors due to manual inventory counting and outdated real-time data collection processes.

Scandit Smart Data Capture allows store workers to capture data in real-time on any smart device, from its receipt in the back of the house to its display in the front of the house.

With specific out-of-the-box software, Scandit MatrixScan Count, multiple barcodes can be scanned simultaneously, making inventory receiving checks up to 10x faster than single barcode scanning.

This level of automation and inventory visibility enables retailers to tackle inventory distortion head-on, reduce stockouts and increase product availability to optimize sales.

Case in point:

VF Corporation, one of the world’s largest apparel, footwear, and accessories companies, increased revenue by switching to Scandit Smart Data Capture to manage inventory levels accurately. By eliminating stock shortages, they could serve more omnichannel orders, increasing revenue and customer satisfaction.

 

Read more about how smart data capture solves inventory distortion.

Confident clienteling with meaningful real-time insights

Great customer service is a surefire way to sell more. It often boils down to the ability of the store associate to get to know a customer and anticipate what they might need or help them find the right item. Clienteling apps on smart devices convert store associates into high-value sales associates.

With real-time data at their fingertips, engaging more meaningfully with customers and increasing retail sales is much easier.

According to our study into the future of fashion in-store engagement, most fashion retailers (93%) recognize the importance of ‘experiential retail’ in future retail – including the ability to deliver personalized information and advice to customers while enabling customers to purchase items immediately.

A store associate conducting an mPOS transaction

To understand the transformational impact of clienteling apps and mobile point of sale (mPOS), you only have to learn from other businesses. 46% of retailers from our future of fashion research said mPOS had reduced walkout rates.

Arming store associates with a single, smart device equipped with Scandit Smart Data Capture and the advanced functionality of augmented reality opens up many opportunities for enhancing a customer’s in-store experience. They can:

  • Answer questions with real-time stock and pricing information.
  • Easily locate items in store for the customer.
  • Complete mobile purchases anywhere in the store with mPOS.
  • Quickly and accurately pick and pack online orders, ready for collection.

Case in point:

A North American fashion retailer processed 30 – 40 more transactions per hour during peak season by scaling up mPOS operations using Scandit-powered iPads.

The solution to increased retail sales is easily within your grasp

This guide highlights ways smart data capture technology can unlock restricted or untapped retail revenue streams. Implementing Scandit Smart Data Capture is a smart move to greater accuracy, efficient workflows, intelligent insights, and enhanced customer experiences.

There’s no need for large investments, new technology, or store remodeling. It’s fast and easy to integrate, so you can reap the rewards of increased retail sales in a short space of time.

See for yourself with this Express Free Trial and start scanning today.