Customer Footfall Analysis
February 12, 2025
Uber is already a well-known brand across the world. Technically, the company is still a startup. However, Uber has a valuation of close to $70 billion. Also, the company is planning for an aggressive IPO. It is estimated that Uber’s post IPO valuation will be close to $120 billion. This is phenomenal given the fact […]
The Bank of Japan has recently decided that it will cut its rate below the zero percent mark. Bank of Canada has also hinted that it may also join the Bank of Japan in this extreme step and drop its interest rates below zero as well. However, most average people in the world are dumbfounded […]
In April 2019, the stock price of Amazon had taken a beating because of the news of the divorce of its billionaire founder. Jeff Bezos, the charismatic billionaire founder of the company, was reportedly involved in an illicit romantic relationship with an acquaintance. When the news of this relationship reached Jeff’s wife Mackenzie Bezos, she […]
The Silicon Valley Bank ceased to exist when it was declared bankrupt after a bank run. At this point in time, the regulators stepped in, took control of the bank’s assets and liabilities, and appointed the Federal Deposit Insurance Commission (FDIC) as the receiver of the assets and liabilities. Then later, these same assets and […]
Taxes can be classified based on which class of the population pays the most. The purpose of taxation is to redistribute wealth from the rich to the poor. Taxes that help the government do the same are called progressive taxes. The corporate tax has been levied on the premise that it is a progressive tax. […]
The retail business runs on wafer thin margins. As a result, every additional dollar that the store is able to generate in sales or save by reducing costs matters to the bottom line. It is for this reason that retail stores across the world have felt the need to automate their in-store operations.
Retail automation has been linked with many financial benefits such as increased sales and lower costs. It has also been linked with other benefits such as a higher engagement rate. There are many such other benefits that accompany a high degree of in store automation. This is the reason that despite higher costs, retailers around the world are continuously investing money in automation of in store experience.
In this article, we will have a closer look at some of the financial benefits which are commonly derived from in store operations. The list of these financial benefits has been mentioned below:
Hence, retailers which follow a more technology intensive business model are able to scale up their business and open stores in new locations at a faster pace as compared to others who take a more manual approach.
More operational hours generally translate to more customer satisfaction as well higher sales in general.
There have been several surveys conducted which confirm the fact that automation does lead to both a positive customer experience as well a higher footfall. Both these parameters tend to influence the bottom line in the retail business. It is for this reason that in store automation is highly valued by some retailers.
However, since retailers are required to pay higher wages in developed nations, they have a greater incentive to lower the costs by implementing automation. This is the reason that retailers are implementing automation on a larger scale in such countries.
A higher degree of automation means that most customers pay with credit cards using self-checkout counters. As a result, there isn’t much cash present in the store which reduces the probability of theft or robbery happening within the store.
Hence, it can be said that in store automation in the retail sector provides many monetary benefits to retailers. Also, companies need to ensure that they maintain some kind of balance when it comes to automating retail stores as well as warehouses. If they continue to automate any one of these without paying attention to the other, it could lead to financial losses. This is the reason why there has been an increasing trend of deploying in store automations as well. However, there are certain downsides to such automation as well. These downsides will be discussed in the next article.
Your email address will not be published. Required fields are marked *