Consumer Electronics
Smarter than Smartphones — Nowadays smartphone technology is everywhere, and the consumer electronics retail industry is hard-pressed to meet the increasing demands of the tech-savvy consumer. Reinventing the retail space to accommodate today’s consumer and optimizing a store’s performance is the ongoing challenge. Consumer electronics retailers must create customer-centric spaces – a showroom of sorts – to exhibit the features and benefits of today’s hottest products. With the short product life cycles and often low margins on tech items, retailers are equally challenged with managing inventory efficiently. Out-of-stock items are the ultimate turn off and can damage a customer’s shopping experience. Organized crime, like fraudulent returns and counterfeiting, is also gnawing away at consumer electronics retailer profits. Results for these growing challenges start from within. And the smart, innovative retailer who focuses on the customer experience and store performance will gain the most.