Store inventory Management is the process of tracking and managing the flow of goods into, out of, and within a retail store. It’s a critical function for retailers of all sizes, as it helps ensure that they have the right products in stock at the right time to meet customer demand.
An effective inventory management can help retailers to:
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Increase profits by reducing inventory costs, preventing stockouts, and improving sales.
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Improve customer satisfaction by ensuring that the right products are in stock at the right time.
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Reduce costs by reducing inventory shrinkage, reducing storage costs, and optimizing transportation costs.
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Improving efficiency by automating tasks, streamlining processes, and improving visibility into inventory levels.
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Gain a competitive advantage by offering a wider selection of products, meeting customers’ demands more efficiently, and reducing the costs.
In today’s competitive landscape, it is more important for retailers to have a robust inventory management system in place. Retailers that can effectively manage their inventory are better positioned to succeed in the long run. E-commerce retailers are facing unique inventory management, such as the need to ship orders quickly and rapidly. Therefore, retailers that invest in new technologies experience an upgrade in their best practices and will be ready to adapt to meet the uncertain challenges of the future and succeed in the complete retail landscape.
Recent data shows that effective inventory management can have a significant impact on a retailer’s bottom line. For example, a study by McKinsey found that retailers that effectively manage their inventory levels can increase their profits by 10%. Additionally, a report by Forrester found that retailers that invest in inventory management software can see a return on investment of up to 300%.
How can GK Store Inventory Management help your business?
GK Store Inventory Management bridges the gap between the ERP system and store-level processes. It enables employees to handle all merchandise needs effectively and efficiently, whether in store, in the storeroom or with incoming goods, using any device.
Store-level merchandising processes are important for retailers using ERP systems like Inventory intake, which includes referencing documents for items received as support for the manual inventory intake, preliminary receipts and returns.
Some advantages of Store Inventory management include an increase in processing speed and data quality, both in stores and in the ERP systems. There is a high degree of automation in forecasting and replenishment, and the integration of the platform enables the use of data processing devices on Android and iOS. It can be integrated with SAP and any other ERP system with an optimal cooperation with CLOUD4RETAIL services.
Store Inventory management is a critical function for retailers of all sizes. By effectively managing their inventory, retailers can improve their profitability, customer satisfaction, efficiency, and competitive advantage. The complete solution is entirely platform-independent and can be used with virtually any standard hardware and any Java-enabled operating system.
New technologies and trends, such as artificial intelligence (AI) and machine learning (ML), are also emerging that can help retailers improve their inventory management. By investing in new technologies and best practices, retailers can position themselves to succeed in the future retail landscape.
Reach out to us today and discover how our Store Inventory Management software works!
EuroCIS 2024, Europe's leading trade fair for retail technology, will take place in Düsseldorf from February 27 to 29, 2024. GK Software SE, one of the world's leading providers of comprehensive retail applications for real-time omnichannel business systems, will be presenting its latest solutions and technologies together with innovation partners at booth C40 in hall 10.
Keeping customers and associates coming back
At the upcoming EuroCIS, GK will focus on how retailers can be supported in serving their customers according to their wishes and needs. To keep them coming back, the key is to create the right touchpoints, the right personalization for each consumer, the right prices for each product, intelligent loyalty programs and a shopping experience that meets customer needs. At the same time, employees need to be empowered with efficient solutions and manageable levels of automation so they can focus on the services that matter to consumers. All of this must take place in a secure and sustainable environment.
A standardized platform as the basis for the GK solution world
GK's answer to these challenges is the modern and open platform GK CLOUD4RETAIL, on which GK solutions such as GK OmniPOS, GK Mobile POS, GK Self-Services and GK Drive are based. Modern cloud technology enables retailers to offer personalized services and seamless shopping experiences at every touchpoint, wherever the customer wants them.
Curtain up for the new GK Engage loyalty solution
At EuroCIS 2024, GK will present GK Engage for the first time in Europe. The AI-powered solution aims to deepen customer relationships through relevant recommendations, a targeted approach and customized offers. The personalized campaigns take into account customer preferences, inventory, and retailer goals in real time and can be seamlessly integrated into the CLOUD4RETAIL platform. GK Engage is designed as an open white-label solution so that different services can be integrated directly into existing retailer applications.
Michael Scheibner, CEO of GK Software SE, points out: “Every year, EuroCIS is a showcase for the leading IT providers for the retail industry. We are very much looking forward to the exhibition because this year we will present a whole range of innovative solutions that address the specific challenges of the retail industry. With GK Engage and GK Drive we have two important new solutions at our booth, which will massively expand our offer”.
GK Drive opens the door to the future for the fuel business
After the successful market launch in the US market and productive installations in the four-digit range, GK is intensifying its efforts to adapt the cloud-based solution for fuel stations in Europe. As a result, the full functionality of the CLOUD4RETAIL platform is now available for the fuel station and convenience business, both for petrol companies and for retailers with their own fuel stations.
Innovation fireworks with partners
These core topics will be accompanied by numerous other innovations at the GK booth, which have either been developed in the company's own research laboratories or in cooperation with numerous innovation partners. For example, visitors can learn about AI-supported article recognition in connection with fraud detection scenarios at self-checkout terminals, intelligent shopping carts with integrated personalization or the new in-store fulfillment solution from GK. In cooperation with VR Payment, GK will also present an innovative solution for “Payment on Customer Display”. This solution will be demonstrated at the GK booth as well as at the VR Payment booth.
Acumera, the leading end-to-end managed network security and edge computing provider, is thrilled to announce its participation in the National Retail Federation's (NRF) 2024 Annual Convention and Expo. As a testament to its commitment to innovation, Acumera will be conducting demonstrations of GK Software's retail applications, hosted by the Acumera Reliant Platform, at Booth #6645.
The annual NRF event, Retail's Big Show, serves as a premier platform for industry leaders and innovators to showcase the latest advancements in retail technology. Acumera participates to underscore its dedication to empowering retailers with state-of-the-art solutions that enhance connectivity, security, and operational efficiency.
Key Features of the Acumera Reliant Platform that enables GK Software and many other use cases:
- Seamless Connectivity: "At Acumera, we understand that seamless connectivity with offline capabilities is the backbone of modern retail operations. Acumera Reliant Platform is designed to empower retailers with reliable and uninterrupted access to critical applications, ensuring they stay ahead in the fast-paced retail landscape," said Richard Newman, CRO of Acumera.
- Scalability: "Every business is unique, and scalability is a key factor in accommodating growth. The Acumera Reliant Edge Platform enhances turn-key availability with cloud to store automation to deliver innovative solutions offered by GK Software and other partners. It's not just a cost-effective solution for today but a strategic investment that grows with your business, offering the flexibility to adapt to evolving needs," highlighted Eddie Deyo, CTO at GK Software.
- Enhanced Operational Efficiency: "Operational efficiency is crucial for retailers to stay competitive. Acumera Reliant Platform provides the optimal foundation to support the delivery of innovative solutions such as GK Software, enabling API orchestration, observability, and integrated monitoring, all built to allow businesses to operate more efficiently and with higher resiliency. We believe that technology should empower, not complicate, and that's exactly what our joint solution delivers," mentioned Bill Morrow, CEO at Acumera.
For more information about the Acumera Reliant Platform, please visit www.acumera.com.
Uninterrupted growth in North America
In 2023, the company's customers were able to put over 25,000 new point-of-sale (POS) installations into production in more than 2,000 stores worldwide. These included large department stores and convenience stores in North America and Europe.
According to RBR Data Service's "Global POS Software 2023" report, growth was particularly strong in the U.S. GK realized around five percent of all new installations in the world's largest retail market. In the grocery sector, one in four new point-of-sale installations came from GK (26%). It is expected that GK's growth will continue to accelerate, particularly in North America, as six new customers were signed in this region in 2023, which together operate over 20,000 stores.
"There is clearly strong momentum at GK," said Greg Buzek, founder and president of IHL Group, a leading global research and advisory firm specializing in technologies for the retail and hospitality industries. "The flexibility of the company's approach, the investment from Fujitsu and the clear need in the market for retailers to increase their store count with frugal staffing should serve the company well."
Portfolio development with GK Engage
The new AI-supported customer loyalty solution GK Engage, which is designed to deepen the customer relationship at all levels through relevant recommendations, targeted promotions and other offers tailored directly to the individual customer, will be presented for the first time at NRF 2024: Retail’s Big Show. The solution’s personalized campaigns take into account customer preferences as well as the retailer's current inventory and goals. GK Engage is fully integrated into GK's CLOUD4RETAIL platform, allowing the solution to be accessible to consumers wherever they interact with the retailer – from mobile apps to self-checkout kiosks and traditional POS systems.
Strategic partnership with Fujitsu
At the NRF 2024: Retail’s Big Show retailers can learn about the new opportunities arising from the recently concluded global partnership with Fujitsu. Fujitsu is the majority shareholder, with over 72% of GK, and now distributes the company's solutions worldwide alongside SAP. At the neighboring Fujitsu and GK booths, NRF attendees will hear about the diverse retail and customer experience opportunities made possible by the portfolios of both companies.
Recognition by leading analyst firms such as Forrester, IDC and RBR
Last year, GK's work was recognized in numerous analyst reports as well as through several awards programs. Highlights include:
- In the RBR Data Service’s report "Global POS Software 2023", GK was once again listed as one of the leading providers. The company is now ranked fourth for all installations worldwide, after ranking fifth in 2022.
- GK was featured as a relevant provider in Forrester's Merchant Payment Providers Landscape for Q4 2023.
- In the IDC MarketScape: Worldwide Point-of-Sale Software for Large Apparel and Softlines Retail 2023 Vendor Assessment, the company was rated as a leader.
- GK was honored as a finalist in the "Best Unified Customer Experience" category at the 2024 VIP Awards.
- In the RIS Leaderboard 2024, GK was ranked number one in customer satisfaction for large providers and in overall retailer performance in Tier 1 and Tier 2.
- GK Software was honored by the EHI Retail Institute as Top Supplier 2023 in the Best Customer Experience category together with the reta Award (Retail Technology Award Europe) winner Coop.
“In 2023, we’ve decisively demonstrated our capability through a series of successful projects, expanding customer base, and numerous industry accolades. These are not just achievements, but testaments to our commitment to lead and innovate in retail technology,” asserts Michael Scheibner, CEO of GK Software SE. “Our path forward is clear: we will continue to strategically invest in the cutting-edge technology, robust partnerships, and exceptional teams that have already proven to be game-changers for our customers, ensuring we not only meet but exceed expectations in the years to come.”
To see GK Engage in action and learn more about the company's growth trajectory, visit GK at the NRF 2024: Retail’s Big Show. Visit booth #5402 or make an appointment here.
Full speed ahead on the project
“When GK showed us their timeline for the integration into our SAP system, we were skeptical,” reports David Cohn, CIO of the Shoprite Group. “But they were right. The integration into our merchandise management environment went not only as promised; it was done in a record-breaking eight weeks. The native integration of GK into SAP was remarkably painless and slick.“
What the CIO of the largest retailer on the African continent is so enthusiastic about is not a stroke of luck in the world of retail systems integration, but the result of a structured process that GK has already used as the basis for project launches at retailers worldwide. This enables us to integrate our solutions into existing SAP systems in the shortest possible time.
Productive in less than 8 weeks
This quantum leap in integration efficiency is made possible by the GK Model Company, a method we have developed to connect standard solutions in a pre-configured way along ideal customer processes. The POS software is preconfigured and defined to such an extent that a clearly defined result can be achieved during integration. We follow the SAP strategy of Rapid Deployment Solutions. It is based on retail-specific data streams between GK OmniPOS and the SAP systems CPI, CAR and S/4HANA.
Master data from S/4HANA can be used almost immediately in our solutions with the GK Model Company. Retail transactions, such as sales data, can be made available in SAP CAR with minimal effort via SAP CPI. Other systems, such as those for sales forecasting and order optimization, can also be used. Basically, we provide a service package that allows the customer to work immediately with their data.
Test environment in the productive SAP system
For this reason, many retail companies use the GK Model Company to get an idea of the benefits of GK solutions with their system data in the shortest possible time before the actual introduction of GK OmniPOS or GK CLOUD4RETAIL. This helps retail organizations with regional companies, international business and different sales channels to prepare themselves better for the introduction of GK solutions and to test them. This saves time and effort during the introduction of the solution suite.
The GK Model Company has already proven itself in practice at companies such as Shoprite and Sopharma. For the retailers, the ability to set up test environments with their live SAP system at the start of the project was a significant advantage. “We were able to see exactly what the target process would look like with GK in a prototype environment that was presented to us before the project started," commented Iliyan Tishevishki, Business Applications Manager at Sopharma. This allows us to conduct very precise fit-gap analyses with our customers at an early stage of the project, prepare the entire data architecture precisely, and thus save significant project costs.
The challenge of every software solution implementation - that different companies have different processes and requirements - is increasingly met by combining a solid standard as a basis and agile development according to individual customer requirements as the crowning glory. This in no way detracts from the increase in efficiency achieved by the GK Model Company. Master and POS data must flow smoothly between back-end and front-end systems in every retail company. Regardless of which innovations or additional applications our retail customers have to supplement the checkout process or task management for employees on the sales floor. Thanks to the integration with our partner SAP we were able to provide different companies with different processes and requierements the appropiate software solution implementation.
To make the implementation of GK CLOUD4RETAIL or GK OmniPOS even more efficient, we have developed the GK Model Company in different versions for different retail segments. In addition, the GK Model Company can be easily adapted to specific business requirements in a concrete project with a retail company. All of our customers who have already gained experience with the GK Model Company agree: Having an integrated architecture right from the start of a project makes every implementation significantly more efficient.
Would you like to find out more about the GK Model Company or discuss further solutions for implementing a store platform with us? Please contact us here.
At GK, we care what our customers think. We create and evolve our innovative solutions based on their unique needs and preferences. We hire our team members based on their ability to offer best-in-class expertise for retailers in every sector we serve.
But you don't have to take our word for it. Recently, our retail customers proved the impact of our approach in the 2024 RIS Leaderboard. This annual ranking by RIS News gathers data on software providers across key areas like return-on-investment, innovation, support, service and customer satisfaction. The feedback for the ranking is derived from the software users, making the Leaderboard an unparalleled tool for other retailers striving to make smart technology investment decisions.
When compared to over 100 of software providers in these head-to-head rankings, GK was ranked very highly for its customer satisfaction, implementation process and offerings for tier one retailers across all sectors.
Customer Satisfaction Is Central to GK's Mission
Whether we are working with a global top 50 retailer (GK works with 22%!) or a regional convenience store chain, we are dedicated to meeting and exceeding our customers' expectations.
In this year's leaderboard, GK was ranked #1 for customer satisfaction for large vendors and targeted solution vendors. We also earned the #2 spot for software reliability. These findings are especially strong considering 49% of retailers reported regretting at least one software purchase made during the last 18 months, according to Gartner.
Even more impactful, these rankings align with the direct feedback we receive from our customers regularly. According to Rob Wilson, CTO, Smyths Toys, the company's implementation with GK increased store operational efficiency with less queue time, less administration time and greater customer satisfaction.
Similarly, the director of IT application services at Savers Value Village said, "GK has made it incredibly easy for us to adapt our business processes to new and future market conditions, providing responsive and adaptable payment capabilities that support great customer experiences in our stores. With GK, we have true partners who know our business and care about our success."
Ease of Integration With Dedicated Service and Support
At GK, we understand how much retailers have on their plates. We believe that technology investments should ease their challenges, not add to them. Fortunately, the Leaderboard rankings highlighted the impact of this initiative.
GK was ranked as #2 for ease of administration and maintenance, and #3 for ease of installation and integration. And this ease is compounded by our single-source full-service approach. Retailers ranked GK as #3 for both quality of support and quality of service.
Finally, once integrated, GK customers reported seeing strong financial benefits. Compared to dozens of other solution providers, we were designated as the #4 vendor for return-on-investment and #5 for total cost of operation.
Top Quality for Retailers of Any Size and Sector
GK currently serves over 450 customers in over 60 countries. Our 570,000 (and growing) product installations span across convenience/fuel, grocery, general merchandise/specialty retail, hospitality, fashion/department stores and mass merchandise sectors.
Regardless of this wide reach, every retailer in any sector is shown the utmost consideration for their unique business needs. Case in point, GK was recognized as a top three solution provider for customer satisfaction by grocery retailers.
In addition, GK was deemed an exceptional solution provider for tier one and mid-size retailers across these sectors. We received number one rankings from these retailers for overall performance, return-on-investment and recommendations.
Reach Out to GK and Learn How Our Offerings Can Exceed Your Expectations
The GK team believes in being true partners for our retailer customers. We support them every step of the way from the initial inquiry through the implementation and beyond.
To see how GK can bring innovative technology to your retail business with top quality support and service, reach out to us today.
GK Software, a leading global provider of comprehensive retail applications for real-time omnichannel business systems, today announced it was named a leader in the RIS Software LeaderBoard 2024 across multiple categories focused on customer satisfaction, overall performance and more. The strong showing solidifies GK’s position among the industry’s best solution providers.
The RIS Software LeaderBoard provides reputable, head-to-head rankings that help retailers make smart investment decisions in an increasingly competitive technology marketplace. The prestigious rankings primarily consider customer satisfaction, based on retailers’ assessments of the provider’s support, service, value and more. Other considerations include the company’s revenue and breadth of retail technology offerings.
GK earned top three rankings for numerous categories, including but not limited to:
- Customer Satisfaction for Large Vendors (#1)
- Leaders in Overall Performance by Tier One & Mid-Size Retailers (#1)
- Leaders in Overall Performance (#2)
- Leaders in Quality of Support by Tier One & Mid-Size Retailers (#2)
- Leaders in Ease of Administration & Maintenance by Tier One & Mid-Size Retailers (#2)
- Leaders in Quality of Service (#3)
- Customer Satisfaction for Grocery Vendors (#3)
- Customer Satisfaction by Tier One Retailers (#3)
“The LeaderBoard is a months-long rigorous process each year,” said Jamie Grill-Goodman, editor in chief, RIS News. “To place anywhere on the LeaderBoard is a testament to the company’s customer satisfaction and value. This year’s winners truly represent the technology titans of the retail industry.”
GK’s exceptional rankings conclude a strong year for the company. Earlier in 2023, GK announced a strategic investment from Fujitsu, a new AI-powered loyalty solution called GK Engage and a composable commerce architecture for its renowned CLOUD4RETAIL platform. The company also hosted its first-ever U.S. customer event in Sept. 2023; the U.S. Retail Innovation Summit brought together over 150 attendees and showcased GK’s strong relationships with its global customer base.
“We strive to keep our customers’ needs central to everything we do, and these rankings prove that our retail customers are reaping the benefits of that initiative,” said Michael Jaszczyk, CEO, GK Americas, and chief digital transformation officer, GK Software SE. “This year’s notable recognition in the RIS Software LeaderBoard is proof of the fantastic team we have at GK, from the solution developers and sales team to the client representatives and support teams that deliver on our customer satisfaction objectives. We’re excited to continue this momentum into 2024 and beyond.”
To learn more and review the entire RIS Software LeaderBoard 2024 report, please visit: https://risnews.com/leaderboard24.
About GK
GK Software breaks down the barriers to unified commerce with its open CLOUD4RETAIL platform and a broad portfolio based on it, like OmniPOS for point of sale, self-checkout, mobile POS, GK Drive for forecourt control, mobile customer engagement and a full range of store/back-office solutions. The company is a recognized leader in omnichannel retail, offering a single, global software platform for all retail formats and touchpoints. Ten of the Top 50 retailers worldwide rely on GK, and GK is the fastest growing global POS provider in new installations over the last three years. For more information, visit www.gk-software.com.
About RIS News
RIS is the essential source of information for retail executives, connecting them with relevant content to identify top business solutions and strategies to make smarter IT and business decisions. Not only does the diverse and award-winning RIS portfolio provide retailers with access to the tools and intelligence they need to thrive, but it also connects them with their peers to share, learn, and grow as leaders. Benchmark research, exclusive industry coverage, innovative storytelling, and best-in-class events all provide today’s leaders with assets to grow their knowledge, profits, and productivity. RIS also produces weekly newsletters (subscribe here) and readers can follow on Facebook, Twitter and LinkedIn.
To learn more about RIS News, visit risnews.com.
About EnsembleIQ
EnsembleIQ is the premier resource of actionable insights and connections powering business growth throughout the path to purchase. We help retail, technology, consumer goods, healthcare and hospitality professionals make informed decisions and gain a competitive advantage. EnsembleIQ delivers the most trusted business intelligence from leading industry experts, creative marketing solutions and impactful event experiences that connect best-in-class suppliers and service providers with our vibrant business-building communities. To learn more about EnsembleIQ, visit ensembleiq.com, or follow EnsembleIQ on LinkedIn.
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Every season brings new challenges and opportunities for convenience stores. While these retailers do indeed have regular daily customers, such as local commuters, major travel seasons are sure to shake things up.
There are two main travel seasons in the U.S.: the unofficial summer months ranging from May to Aug. and the winter holidays between Nov. and Jan. In fact, 80% of Americans reported taking a road trip last summer. Similarly, according to IPX, nearly half of Americans (44%) traveled for Thanksgiving 2023 and 84% planned to travel in Dec.
To support these high traffic seasons, c-store retailers need to tailor their offerings to the unique needs of consumers. Fortunately, with the right technology in place, convenience stores can be a valuable respite for weary travelers at any time of year.
Targeted Recommendations for Holiday And Summer Travel
Shopper behavior varies drastically through the seasons. In the summer, shoppers may run into a convenience store for sunscreen and a slushy. Winter shoppers may be in search of a hot chocolate or hand warmers.
Regardless of the time of year, convenience retailers can demonstrate value to their shoppers through relevant recommendations.
To do so, retailers can analyze customer and transaction data from the same holiday time periods from previous years. Then, they can rely on AI, such as through GK AIR Personalization, to determine which personalized recommendations would be most effective. They can also use this same data from throughout the year to select the best outreach channel for each shopper; mobile, email, etc.
For example, if a consumer is using the c-store’s mobile app to order food in advance of their visit, they can be shown personalized recommendations. If someone orders a sandwich in the summer, they may be recommended their favorite cold drink at a discounted price. This will increase convenience for the consumer while increasing basket sizes for the retailer.
By anticipating seasonal behavior changes, retailers can make the most of all seasons.
What Do Holiday Road Trippers and Summer Vacationers Have in Common?
The most important aspect of a c-store pitstop is always the convenience. Whether the shopper is in a hurry to catch a flight to the Bahamas or rushing to make it to Grandma’s house in time for Thanksgiving dinner, the c-store should not slow them down.
To support shoppers and get them back on their way quickly, convenience retailers should invest in point-of-sale (POS) technology that reduces lines.
For example, scanless or self-scanning technology can remove lines altogether by empowering shoppers to take what they need and leave, automatically paying on their phones. This can free up employees who would usually staff the checkout counter to focus their efforts on other ways to improve the customer experience, such as by offering food samples or supporting shoppers who need extra help.
Other retailers might prefer to invest in self-scanning kiosks or mobile POS options that require less of a habit change for shoppers.
In addition, as convenience stores incorporate more EV touch points, these retailers should consider their unique seasonal needs. The storefront may serve as a chance to cool down in the summer or warm up in the winter while their car charges.
By personalizing the promotion of these seasonal comforts, alongside other unique in-store experiences, retailers can ensure they secure heightened market share during peak road trip seasons.
How C-Stores Can Meet the Ever-Changing Needs of Shoppers Across All Seasons
The convenience store is always evolving. What once was a brief pitstop is now an experience that includes EV charging stations, quick service restaurants and an engaging mobile customer journey.
As convenience retailers continue to advance their business, they must keep in mind the needs of shoppers year-round, especially during peak travel seasons.
To ensure your convenience and fuel business is prepared for next summer’s travel rush, contact GK today!
- Retail innovation specialists move up to fourth place for installations among all POS software providers worldwide
- Strong growth in grocery in North America: GK accounts for more than a quarter of all new implementations there
GK is one of the most important providers of store software worldwide, with considerable market significance in Europe and significant growth in North America. In Europe, GK is the number one vendor for new installations in the year to June 2023 and moved up one rank to fourth place for the total number of installations worldwide among all vendors. This is according to the recently published study "Global POS Software 2023" by the strategic research and consulting firm RBR Data Services, a division of Datos Insights. For the study, analysts evaluated the number of installations of more than 120 POS software vendors in 48 countries. Only retail companies and projects with more than 1,000 POS systems were included in the study.
GK is the number three POS software provider in the global grocery sector, comprised of supermarkets, discounters, and non-fuel convenience. In Eastern Europe, the specialists from Schöneck lead the ranking of all providers in terms of all POS software installations.
With customers such as Lidl, by far the largest retail chain in Europe, as well as Coop (Switzerland), Migros and US chains such as Hy-Vee, GK is one of the most important POS software providers in Europe and is expanding its presence in North America. In North America, GK accounts for 26 percent of all new POS software installations in the grocery retail sector.
RBR Data Services provides clients with independent and reliable data and insights through published research, consulting, and bespoke data services. Its global research covers the cards and payments, retail technology and banking automation sectors and is used by the leading market participants, analysts, and regulators.
Whether it's Black Friday, Cyber Monday or Cyber or Black Week - these days mark the start of the strongest sales period of the year for retailers, which flows seamlessly into the Christmas season. Retailers in almost all sectors use this time for special offers and discounts to attract customers and boost sales.
Sales expenditure on Black Friday and Cyber Monday in 2022 amounted to 5.6 billion euros. In Black Friday's country of origin, the USA, online sales peaked at 9.1 billion dollars in 2022. And for this year, the current forecast for Germany is 5.8 billion sales.
Not only on Black Friday, but especially before this high-turnover period, retailers are faced with the question: What can I offer consumers to make them buy from me and not from the competition?
In order to survive in the highly competitive market, the relevance of the offers for the customer is an important decision criterion - because only if a product is really relevant for the consumer will it be shortlisted. To achieve this, personalization is the right tool.
Here are seven tips for a relevant and positive shopping experience through the use of personalization:
1. Inspire your customers with smart campaigns
The newsletter remains one of the most important means of communication in customer contact and is also relevant for the purchasing process. The proportion of people who read product newsletters they receive will increase from 70 percent in 2019 to 76 percent in 2022. In addition to regular newsletters with personalized product recommendations, it is worth using other formats in the run-up to Black Friday. For example, promotional newsletters with products from the recipient's favorite category including a matching tutorial or blog post. Or even after a visit to the online store: if customers do not make a purchase, they receive a campaign newsletter with recommendations from their favorite categories shortly after their visit. Our customer WMF also uses its customer newsletter in this way.
2. Individual campaign schedule for each customer
The campaign periods are getting longer from year to year. While a few years ago Black Friday was the main focus, retailers now offer discount promotions several days before or after Black Friday. Customers can lose track in the mass of deals. With an individual landing page and selected deals in defined periods that perfectly match the interests of the respective customer, they feel well advised and the likelihood of purchase increases.
3. Hand in hand: personalized customer approach in online and in-store business
Special offer days in November are popular with retailers in both bricks-and-mortar retail and e-commerce. It's great when the personalized customer approach goes hand in hand here and individual offers match the customer's interests, especially on Black Friday & Co. This is how the Swiss retailer Coop does it, for example: customers of the omnichannel platform coop.ch receive individually relevant category and product recommendations based on their purchases in the supermarket and online store on the "My Coop" landing page after logging in with their Coop Supercard ID in addition to the existing personalized areas of the online store. This allows customers to quickly find the products that are relevant to them, which saves time and improves customer service, and not just on Black Friday.
4. Include products on the wish list and frequently purchased products in the Black Deals
Products that customers would like to buy or that are on the shortlist often end up on the wish list. Perhaps they are too expensive at the moment or the customer needs time to think about it. And sometimes these items are forgotten again. So remind your customers of the products they still have on their wish list by including them in your Black Friday offers. This can sometimes be the final impulse to buy.
5. Increase the basket value with personalized product bundles
A product bundle consists of two or more products that are related to each other or to the customer. A coffee machine and the matching filter papers; two books from a special book series, a bicycle combined with a bicycle trailer: customers are offered a "product bundle" - e.g. because these items are often clicked on or purchased together in the online store. Brick-and-mortar retailers have always used this combination of several products to create new incentives to buy. The advantage in online retail is that the combined offers can be designed in a more differentiated way online and respond better to customers' current interests. A valuable use case not only on campaign days to leverage sales potential, as our customer Würth also did on the product detail page in the online store.
6. Entertain and inspire customers through content personalization
Depending on the retailer's intention, personalized content can inform, entertain, advise or inspire. There are no limits to the retailer's creativity when it comes to the form of the content. Examples include topic-specific articles in the blog of a DIY store or a fashion retailer that sends out personalized print advertising in which the customer receives tailored articles on styling topics including product recommendations based on their click and purchase behaviour in the online store. Find out more in our blog post.
7. Reduce shopping cart abandonment through marketing automation and personalization
There are many reasons for shopping cart abandonment: the ordering process is too complicated or involves too many clicks, fees or shipping costs are only displayed during the ordering process or the selection of payment options is too small - to name just a few.
Abandoned purchases on days when sales should actually be soaring are particularly annoying. If you recognize early on which filled shopping cart is highly unlikely to make it to the checkout, you can set appropriate incentives for the customer. An AI-based solution with a scoring process does this: It analyzes customers' movements in the store in real time and uses this to create forecasts for future behavior. If a certain forecast value for "purchase abandonment" is reached, the respective customer receives a targeted incentive. This can be, for example, the display of suitable incentives such as free shipping. But also the display of a complementary product that the customer can purchase together with the item in the shopping cart at a favorable price.
Would you like to find out more about these use cases and our seven tips? GK offers the right expertise when it comes to personalization. Please contact us directly, we look forward to hearing about your use case.
