Is Retail Lacking Technology or Is It Lacking Confidence?
In the past 4 months, being active on Quora and answering a few questions, I noticed something. There were many retailers out there asking for the “best” or “affordable” software out in the market to handle their retail stores.
Having answered a few questions and reading some of the existing answers, I realized that retail and technology were something people started understanding and demanding. So, technology is not something people aren’t aware of. Retailers, especially SMBs retail, are aware of the technology out there. They realize that retailers need proper reporting tools to manage their work. But what stops them from progressing? Is it their lack of funds? Is it their lack of knowledge? Is it their lack of manpower? Or is it something else?
While the questions stated are contributing factors when it comes to a stagnant business, the biggest contributor isn’t either of them. It is their confidence that is shaken due to the overwhelming competition in retail. They are not willing to risk it.
In my previous articles, I have written quite a lot about technology and retail and how they are supposed to go together, but I never considered the person who is supposed to manage, i.e., the retailer. An existing retailer, running a fairly decent retail outlet in today’s world is a coddled child. He/She lacks the will to risks since they never got out of his comfort zone, possibly frightened to get out of their “metaphorical cot”. They either inherit their family business or are too busy handling their existing work, unable to take time out to expand their business.
Not only that, the average retailer is sensitive to price and risks. To all salespeople trying to sell their products to retailers by lowering the prices or just showcasing the product, targeting the retailer would be an utter waste of time and effort. One needs to somewhat understand the fear of retailers before tapping him/her. They need to wear the same shoes the retailers are wearing, walk around for a while, and then think of them. Handing out your product and expecting them to understand that within a few months will not keep the retailer satisfied.