Australian consumers are speeding up the retail industry’s transition into the digital world, embracing different technologies that allow them to spend without cash.
A report on capturing digital spending from PayPal Australia has examined how retailers big and small can adapt and prepare for the future.
Jeff Clementz, managing director of PayPal Australia, said technology development has driven deep structural change in Australian retail.
“Where one there were few retailers that could truly be called omni-channel, today there are many connecting with consumers in-store, online, and on the go,” Clementz said.
With the latest figures showing that the online retail market has grown to almost $37 billion, it’s more important than ever for Australian retailers to capture a piece of that market.
Point of sale systems are at the forefront of the push towards retail, changing the way consumers interact with merchants.
The report highlighted the transformation of smartphones and tablets into POS terminals as a game changer. The use of tablets as register replacements is also driving hardware innovation. Bluetooth-connected handheld barcode scanners, in-store sensors to identify customers, and on-cart customer tracking and checkout devices have been developed to help retailers.
Software innovation is also expected to rise. The report predicts that front-end software on the register will evolve along with back-end software for inventory, customer response management, financials, and supply chain management.
As the amount of online spending continues to grow, bricks and mortar retailers must continue to invest in evolving technologies to drive engagement.
“In the past three years, the Australian retail industry has embraced change and the conversation has now evolved to centre on powering solutions for the technology enabled consumer,” Clementz said.