In 2022, Black Friday offline shopping is expected to grow faster than e-commerce, a reversal of last year’s post-pandemic market. Looking at the 2021 Black Friday weekend, US omnichannel retailers were up 10%, while online sales were down following explosive growth in 2020 at the height of the pandemic.
This trend has changed, and by Q3 2022 sales through all channels grew 7.7%, with in-store and other offline sales increasing by 7.0%, and e-commerce sales up by more than 10%. Consumers are becoming more price sensitive and now display more demand for a balance between online and offline channels. In the future, consumers will have the expectation for more and more seamless omnichannel tools and strategies from retailers.
Optimization of both customer experience and store operations is indispensable to control costs and capture sales growth. To this end, Hanshow has the solutions necessary for retailers to take advantage of the fast growth in omnichannel and digital retail.
Empower Omnichannel Data with Hanshow’s ESL and IoT Solutions
In the age of digital and omnichannel retail, data management is the foundation for effective store management overall. Digital inventory management, order placement and fulfillment, and payment must be integrated across channels to make sure customers get the most efficient shopping possible.
One key challenge is that Black Friday is aligning promotions to reflect real-time inventory changes while supply chains with inventory shortages and gluts are still a persistent problem because of the Covid-19 pandemic. Some retailers are rolling out promotions later than usual due to the uncertainty of being able to deliver a promised promotion.
For offline retailers, the timeliness of inventory and pricing updates is a major pain point, with many still lacking the fundamental tools to ensure accuracy. One such tool is the electronic shelf labels (ESL). The ESL market will increase by nearly 20% per year and reach a value of over $2.5 billion per year by 2028. It is indispensable for retailers to update information across physical stores in real-time from a centralized platform without having to conduct tedious and time-consuming label swaps.
Hanshow’s ESL replaces paper price tags, has a battery life of up to 15 years, and includes a location lighting function that reduces in-store picking times for delivery by up to 68%. Hanshow’s Lumina LCD screens act as a dynamic content display designed for fresh food sections, which has led to marked sales increases and reduced food waste. When managed through Hanshow’s SaaS, based on Microsoft Azure, these ESL and digital screens also allow for entire store networks to update their prices in minutes from centralized locations.
Another key tool is the necessary hardware to build effective AIoT. Hanshow also offers AI solutions that use fixed cameras and mobile robots for on-shelf status monitoring and fresh foods management. Hanshow’s All-Star IoT digital solution platform provides customers with a one-stop IoT solution from IoT device management to digital operation, which can break the barriers between devices and applications, and allow retailers to work together efficiently across devices and systems.
Self-Service Technology with Hanshow Smart Trolley and Digital Payment Kiosk Brings the Convenience of Online Shopping Offline
Bringing the online experience into physical stores is a challenge for retailers, but it can be overcome with the right digital interface. Some estimates show that retailers lose more than $40 billion in revenue due to customers not being willing to stand in line for checkout.
An example now picking up steam is self-checkout and digital kiosks, but it can go further than that. Hanshow’s smart payment kiosk contains the top functionality on the market for this solution. It is a winner of both the Good Design Award and the Red Dot Design Award. The smart payment kiosk can seamlessly integrate with price labeling systems to ensure accuracy, saves floor space for promotions by reducing checkout lines, and reduces retail costs. All of these products are adaptable across a range of retail establishments, from supermarkets to electronics and apparel, and several are already in the proof-of-concept phase with several retailers in the US.
Hanshow’s Smart Trolley features a built-in screen and a basket base scale that allows for easy self-checkout along with in-store navigation, targeted promotions and advertising, membership benefits, and other store information. Hanshow Smart Trolley Solution reshapes retail customer engagement and the customer experience and realizes accessibility and insight into offline consumers.
Hanshow Is Leading the Digital Retail Transformation on Black Friday and Beyond
Retailers must learn to seamlessly integrate in order to take advantage of the omnichannel reality of retail’s future both this Black Friday and beyond. This means overcoming bottlenecks and enhancing store experience in all areas. It calls for frictionless product selection, pricing, payment, and convenience between online and offline channels. Better store operation and management to effectively realize omnichannel integration without needles spending on staff retraining or cumbersome refitting of store equipment is possible with Hanshow, and we strive every day to work with our partners to meet these new challenges.