July 18, 2019
Advancements in retail technology have made it easier than ever before for retailers to improve their inventory management practices and meet customer’s expectations. New technologies are entering the market with increasing regularity, and retail executives must sort through the abundance of solutions to find the best fit for their store operations.
We're sharing the top 3 reasons why you should adopt retail robotics to improve operational efficiency, reduce operational costs, and increase customer satisfaction.
When it comes to inventory management, time is everything. Retail robotics strengthen store processes by eliminating time-consuming, repetitive inventory tasks typically completed by store staff. In just 90 seconds, a Bossa Nova robot can scan a 60 linear foot aisle with 94% accuracy. At the end of a scan, up to 1TB of data is translated into actionable tasks and made available to associates within 15 minutes. These data points guide focused and timely replenishments to remedy issues before customers are affected. Furthermore, the time associates would have spent performing these inventory tasks can now be invested in customer-facing duties, improving the retail experience for everyone.
In a study by Capgemini Research Institute, 98% of respondents using AI in customer-facing functions expect the number of customer complaints to reduce by 15% while 99% of respondents expect AI to increase sales by 15%. Mismanaged inventory and out-of-stocks don’t just mean lost sales. They impact customer loyalty which can further damage a retailer’s bottom line. Great shelving conditions lead to great shopping experiences which can lead to increased sales and customer satisfaction. Autonomous retail robots offer an efficient way for retailers to understand what’s happening in their stores and more specifically on their shelves.
In today’s retail environment, data is king. Retail robotics like Bossa Nova travel autonomously up and down aisles capturing detailed shelf images. AI algorithms detect and recognize everything the shelf from fixture structure to individual product facings and product labels. This information is then turned into actionable data points that help associates prioritize which shelves to restock, correct price discrepancies, and improve planogram execution.
Improving planogram execution is especially critical as minimal compliance is proven to be detrimental to a retailer’s bottom line. A study by ISI Share Group found that the total cost of non-compliance is approximately 1% of gross product sales - around $10-15 billion across the industry. Additionally, a study by P&G revealed that when customers can’t find a product they need, “31% will purchase from a competitor, 15% will delay their purchase, and another 9% won’t purchase the item at all”. Using associates to manually verify planogram compliance is time consuming and error-ridden. Consequently, more retailers have come to rely on autonomous retail robotics for accurate and actionable inventory management and planogram compliance data.
According to a study by InMoment, a positive interaction with store associates increases customer satisfaction by 33%. They also found that 54% of consumers value staff “who are knowledgeable of products and services and recognize past purchasing patterns and needs”. Great customer service is hard to provide when associates are busy with manual inventory audits, restocking shelves, and fixing displays. By automating mundane inventory tasks with retail robots, store associates are free to greet customers, help with product inquiries, and go the extra mile to ensure customer satisfaction.
A study by InMoment found that 77% of consumers, including 60% of millennials, have had a relationship with a specific brand for more than 10 years. While it may be tough for retailers to establish initial consumer loyalty, keep them satisfied and you’ve got an advocate for life.
Autonomous retail robots collect actionable data that acts as ground truth for stores and enables retailers to transform their store operations, influencing everything from the flow of goods, to the product replenishment process and ultimately, to the customer shopping experience. Whether you’re ready to make your first foray into the world of retail technology or just looking to bolster your in-store systems, we hope you’ll consider autonomous retail robotics like Bossa Nova.
Wondering if our autonomous inventory data solution is right for your retail operations? Contact a member of our sales team today!