Bleeding-edge technology helps retailers boost sales
Date: Aug. 24, 2015
Published on: BIV.com
Below is an excerpt of the original article, found here.
Helping customers find what they want quickly has long been a goal for retailers who know they’ll lose sales if a store layout or website is cumbersome.
“The physical store is in a bit of an identity crisis right now,” said IQmetrix CEO Christopher Krywulak. “Retailers are asking, ‘What is the role of the store?’ and ‘What are the barriers between online and the store?’”
Krywulak’s company’s 2014 revenue of $108 million was generated by selling software that provides customer relationship management, supply chain tracking, customer loyalty programs, point-of-sale invoicing and e-commerce to companies that operate more than 14,000 wireless-products stores across North America.
Some of the stores have additional in-store technology, including high-resolution touch screens that customers can use to find products that might not be in stock. As they browse, recommended items are suggested below.
Krywulak pointed to Amazon.com statistics showing that 35% of its sales are for products that were recommended to customers who were looking for other items.
Krywulak intends to expand this technology and is in talks with a major U.S. conglomerate that has retail stores.