selfhelpshopping blog

By Oren Levy, CEO, Zooz

Here’s an interesting fact that retailers should take note of: According to the US Bureau of Labor Statistics, as of 2015, millennials are the largest generation in the American workforce (35%). If you combine that nugget of data with predictions that millennials - who are naturally technologically empowered people and digital natives - will be the main players in the upcoming retail era, it becomes abundantly clear that advertising and shopping experiences as we know them are undergoing a fundamental metamorphosis.

Old-fashioned advertising forms from the previous century such as hard copy advertising and even more progressive forms of digital advertising are about to hit the dust, and retailers who fail to meet shoppers’ expectations may be left behind.

A New Generation of Self-Helpers

In contrast to the forecasts of some pundits who believed that physical shops would become archaic, in-store shopping is still a popular part of the overall consumer experience. Millennials often combine it with other shopping channels such as mobile apps and online shopping – browsing in one channel, but purchasing in another.

Nevertheless, in-store shopping is rapidly evolving to meet rising digital self-help consumer demands. A recent study by InReality indicates that shoppers are seeking in-store digital implementations such as digital signage, kiosks and interactive displays in order to enjoy self-directed shopping experiences similar to those that they have online. 78% of the shoppers stated that they would be more likely to buy in-store if given self-help options to find a particular product.

In-Store Self-Help Technology and Payments

What kind of technological aids are these new consumers expecting, and how can payments help enhance this new form of shopping? Here are several technologies that are helping physical stores to meet the growing digital demands of the new generation buyer:       

  • In-Store Wi-Fi

Today’s digital consumer likes to use several shopping channels simultaneously. When equipped with Wi-Fi, the point of sale figuratively leaps from the register to the customer’s smartphone the moment he/she enters the store. With in-store Wi-Fi, customers can scan QR codes on tags and visit pages within the brand’s mobile app that feature reviews of products they are browsing in real time.

A mobile app might offer consumers the ability to tag an item seen in the physical store and have it placed in their online shopping cart. This way, consumers attain a win-win shopping experience; they enjoy face-to-face customer service as well as the convenience of shopping from home.  If the app accepts the shopper’s preferred payment method, it could even convert a browsing session into a purchase without the consumer ever needing to leave the app.

  • Mobile POS Technology

Digital self-help customers regard waiting in line as passé, an irritating and archaic holdover from the 20th century shopping experience. In order to contend with this issue, some of the larger brands are moving sales staff out from behind the cash registers to accelerate the payment process on the sales floor.

In addition to offering a one-on-one shopping experience, the salesperson can guide the customer through an easy and quick payment process via the mobile point of sale. A case in point is luxury retailer Nordstrom, which reported that the year after implementing its mobile point-of-sale system, sales increased by 15.3%.

  • Empowering Digital Communication

Digital communication with savvy customers can significantly boost sales. Nordstrom has developed a text messaging service called “TextStyle,” which enables buyers to make purchases based on recommendations texted by a staff member. This private message may include a description or image of the proposed product.

If the customer is interested, he/she can purchase the item simply by replying “buy” and entering a unique code. The payment is completed using the customer’s account at nordstrom.com. At no point does the shopper need to pull out a credit or debit card. Here, too, the payment process is a seamless part of the browsing and purchasing process.

  • In-Store Kiosks

Digital customers expect a completely holistic shopping experience in which all of the shopping channels are at their fingertips. Many physical stores now feature kiosks or iPads where customers can browse and order items that are unavailable inside the brick-and-mortar shop. This built-in convenience enables customers to order and pay for items that are not in stock at that particular branch of the store.

The ability of these kiosks to offer a missing product and immediately accept the buyer’s preferred payment method shortens the sales funnel and significantly increases conversions.               

  • Self-Pricing and Self-Checkouts

Some stores provide shoppers with price checkers that allow them to scan barcodes and discover the exact cost of an item. Electronic shelf labels show the price of the item and automatically update with changes or special offers.

Other retailers provide self-checkout lanes and payment terminals that enable shoppers to use their preferred method of payment, be it an alternative payment solution, an electronic wallet or a credit card.

  • Self-Help Shopping and Payments

All of these digital tools help the customer craft a new and independent type of shopping experience. Shoppers are attracted to brick-and-mortar retailers whose technology allows them to build their own customized journey.

If, in recent years, retailers have collected data about customer journeys in order to customize the omnichannel experience for shoppers, millennial customers now aspire to build their own self-determined shopping experience. In this paradigm, the retailer’s main role is to help the customer help himself. Using digital tools, the buyer constructs a more efficient shopping experience, from initial browsing to seamless payment options and flexible delivery.     

Natalie Knabach 0 0 2016-03-08T20:55:00Z 2016-03-09T20:20:00Z 1 1021 5559 150 31 6549 14.0 Normal 0 false false false EN-US JA X-NONE

By Oren Levy

CEO, Zooz

 

Here’s an interesting fact that retailers should take note of: According to the US Bureau of Labor Statistics, as of 2015, millennials are the largest generation in the American workforce (35%). If you combine that nugget of data with predictions that millennials - who are naturally technologically empowered people and digital natives - will be the main players in the upcoming retail era, it becomes abundantly clear that advertising and shopping experiences as we know them are undergoing a fundamental metamorphosis.

Old-fashioned advertising forms from the previous century such as hard copy advertising and even more progressive forms of digital advertising are about to hit the dust, and retailers who fail to meet shoppers’ expectations may be left behind.

A New Generation of Self-Helpers

In contrast to the forecasts of some pundits who believed that physical shops would become archaic, in-store shopping is still a popular part of the overall consumer experience. Millennials often combine it with other shopping channels such as mobile apps and online shopping – browsing in one channel, but purchasing in another.

Nevertheless, in-store shopping is rapidly evolving to meet rising digital self-help consumer demands. A recent study by InReality indicates that shoppers are seeking in-store digital implementations such as digital signage, kiosks and interactive displays in order to enjoy self-directed shopping experiences similar to those that they have online. 78% of the shoppers stated that they would be more likely to buy in-store if given self-help options to find a particular product.

In-Store Self-Help Technology and Payments

What kind of technological aids are these new consumers expecting, and how can payments help enhance this new form of shopping? Here are several technologies that are helping physical stores to meet the growing digital demands of the new generation buyer:       

·       In-Store Wi-Fi

Today’s digital consumer likes to use several shopping channels simultaneously. When equipped with Wi-Fi, the point of sale figuratively leaps from the register to the customer’s smartphone the moment he/she enters the store. With in-store Wi-Fi, customers can scan QR codes on tags and visit pages within the brand’s mobile app that feature reviews of products they are browsing in real time.

A mobile app might offer consumers the ability to tag an item seen in the physical store and have it placed in their online shopping cart. This way, consumers attain a win-win shopping experience; they enjoy face-to-face customer service as well as the convenience of shopping from home.  If the app accepts the shopper’s preferred payment method, it could even convert a browsing session into a purchase without the consumer ever needing to leave the app.


 

·       Mobile POS Technology

 

Digital self-help customers regard waiting in line as passé, an irritating and archaic holdover from the 20th century shopping experience. In order to contend with this issue, some of the larger brands are moving sales staff out from behind the cash registers to accelerate the payment process on the sales floor.

In addition to offering a one-on-one shopping experience, the salesperson can guide the customer through an easy and quick payment process via the mobile point of sale. A case in point is luxury retailer Nordstrom, which reported that the year after implementing its mobile point-of-sale system, sales increased by 15.3%.

·       Empowering Digital Communication

 

Digital communication with savvy customers can significantly boost sales. Nordstrom has developed a text messaging service called “TextStyle,” which enables buyers to make purchases based on recommendations texted by a staff member. This private message may include a description or image of the proposed product.

If the customer is interested, he/she can purchase the item simply by replying “buy” and entering a unique code. The payment is completed using the customer’s account at nordstrom.com. At no point does the shopper need to pull out a credit or debit card. Here, too, the payment process is a seamless part of the browsing and purchasing process.

·       In-Store Kiosks

Digital customers expect a completely holistic shopping experience in which all of the shopping channels are at their fingertips. Many physical stores now feature kiosks or iPads where customers can browse and order items that are unavailable inside the brick-and-mortar shop. This built-in convenience enables customers to order and pay for items that are not in stock at that particular branch of the store.

The ability of these kiosks to offer a missing product and immediately accept the buyer’s preferred payment method shortens the sales funnel and significantly increases conversions.               

 

·       Self-Pricing and Self-Checkouts

Some stores provide shoppers with price checkers that allow them to scan barcodes and discover the exact cost of an item. Electronic shelf labels show the price of the item and automatically update with changes or special offers.

Other retailers provide self-checkout lanes and payment terminals that enable shoppers to use their preferred method of payment, be it an alternative payment solution, an electronic wallet or a credit card.


 

Self- Help Shopping and Payments

All of these digital tools help the customer craft a new and independent type of shopping experience. Shoppers are attracted to brick-and-mortar retailers whose technology allows them to build their own customized journey.

If, in recent years, retailers have collected data about customer journeys in order to customize the omni-channel experience for shoppers, millennial customers now aspire to build their own self-determined shopping experience. In this paradigm, the retailer’s main role is to help the customer help himself. Using digital tools, the buyer constructs a more efficient shopping experience, from initial browsing to seamless payment options and flexible delivery.

     

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  • SAN FRANCISCO and SAN DIEGO, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Kinnate Biopharma Inc. (Nasdaq: KNTE) (“Kinnate”), a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers, today announced the pricing of its initial public offering of 12,000,000 shares of its common stock at a price to the public of $20.00 per share. All of the shares of common stock are being offered by Kinnate. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Kinnate, are expected to be $240.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. Kinnate’s common stock is expected to begin trading on the Nasdaq Global Select Market on December 3, 2020 under the symbol “KNTE”. The offering is expected to close on December 7, 2020, subject to the satisfaction of customary closing conditions. In addition, Kinnate has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of its common stock at the initial public offering price, less the underwriting discounts and commissions.

  • NEW YORK, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Biogen, Inc. (NASDAQ: BIIB), JOYY, Inc. (NASDAQ: YY), Berry Corporation (NASDAQ: BRY), and Pinterest, Inc. (NYSE: PINS). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

  • NEW YORK, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Raytheon Technologies Corporation (NYSE: RTX), Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT), Neovasc, Inc. (NASDAQ: NVCN), and Interface, Inc. (NASDAQ: TILE). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

  • NEW YORK,, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Bayerische Motoren Werke AG (“BMW”) (Other OTC: BMWYY, BAMXF), Zosano Pharma Corporation (NASDAQ: ZSAN), Celsion Corporation (NASDAQ: CLSN), and Citigroup, Inc. (NYSE: C). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

  • HOUSTON, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Houston Wire & Cable Company (Nasdaq: HWCC) today announced that it has entered into a definitive asset purchase agreement for the sale of its Southern Wire business, a leading wholesale distributor of wire rope and rigging products, for a purchase price of $20 million, subject to a working capital adjustment. HWCC expects to use the net sales proceeds to reduce debt.

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