It may be rewarding, and there may be money in it, but let’s face it: going into the retail industry is also plain hard. Intense competition, big overheads, a huge turnover of supplies and stock, an intense focus on marketing – and that dreaded statistic that 90% (or more) of every retail start-up fails within the RS Components first five years of operation. And if you happen to be in that lucky 10%, gulp hard once again – because 90% of those will fold within another five years.
But there is good news, because as every day passes in our rapidly changing and advancing 21st century, technology continues to speed ahead at an astonishing pace. Every improvement to existing tools and equipment, and every exciting new innovation, makes surviving and thriving in retail just that little bit easier – especially if you stay on top of the latest trends that lead straight to success. Luckily you can get most of these tools at global suppliers like RS Components.
- The latest accounting software
In the world of retail, there’s so much to do just to keep those shelves full and those customers happy that your business can stumble over the most fundamental of hurdles – like your accounting. Luckily, alongside ‘cloud’ options for your e-commerce offerings and other retail-related software, there’s plenty on the market to help you out these days. Once set up, your retail accounting software effectively automates all the most important tasks, including transaction management, finance history, accounts, financial reporting, payroll services, analytics, budgeting, forecasting – and much more.
- Innovative retail security
In days now past, a security camera in the corner and a guard at the door, checking bags, may have almost been considered overkill for a small or growing retail outlet. In our modern era, though, it’s not just technology that has evolved – the very way your customers interact with your store and your products has also changed significantly. For instance, the options to cover every aspect of your business from a targeted security point of view are now truly comprehensive – and your customers will barely notice. Today, security can be closely monitored by remote video provisions, impressive video analytics hones in on crime detection and auto alerts, items are automatically counted on the shelves, and RFID-style tagging safeguards and tracks your highest-value products.
- Super-modern adhesives
Are we talking about sticky tape here? You bet we are! If you’re new to retail, it won’t take long to discover just how many different kinds of adhesive tape you’ll use within your retail business – and you’ll also be stunned with how quickly this technological area is innovating. Yes, the materials and adhesive qualities are getting ‘greener’, but the quality is also heading skywards. You can get fully bio-based hot-melt bonds, sterile tapes that work in extreme temperatures for your food products, and pressure-sensitive latex for labelling. One of our favourite stand-out performers, though, is the latest generation of convenient double-sided tapes, like the nonoparticle, hydrogel, cross-linked hydrophilic polymer line of products that can not only be re-used a few times with high performance, but up to 600 times on different types of surfaces.
Ultra-modern double-sided tapes and self-monitoring super-secure shelves aside, the never-ending list of helpful, efficiency-boosting, productivity-lifting, money-saving retail tools, technologies and equipment goes on and on. From point-of-sale systems to digital price-tags and signage and so much more, continual investments in the latest and greatest in retail gear may cost a little today, but standing out from your competitors means you’ll be saving and making an awful lot more than that just around the corner.