December 12, 2019
Top retail cash trend for 2020: Improving the customer experience
Balance Innovations introduces Cash Insights, a series covering retail cash trends, industry developments and innovations. This is the second in the series, written by Darren Knipp (bio below).
Retailers who are content to do things the way they’ve always done, risk losing their business to more progressive retailers and online shopping options. Change is not optional.
As a new decade starts, optimizing and improving the customer experience is a key to staying competitive in a crowded marketplace. For example, progressive grocery operators are finding new ways to make shopping a compelling experience. They’ve built stores within stores, with each department having a unique look and a variety of gourmet products, often sampling them on site. Some even have full-blown restaurants within the supermarket to help make shopping more entertaining and convenient. Creating a one-stop shop that meets the needs of busy consumers.
The physical presence of stores in a community is a strength that retailers can build on, no matter how diverse the stores or shopper demographics may be. Their proximity to customers is a huge advantage. Some are creating a more interesting environment within the store, while others are partnering with pure-play ecommerce retailers to offer shoppers more convenience.
Amazon, the world’s largest online retailer, is partnering with neighborhood stores to manage merchandise returns for consumers. Amazon spends more on returns than most retailers make – $17 billion annually in merchandise returns. The consumer who needs to return an item obtains a bar code online from Amazon. Then they can simply take the merchandise to a return bar located within a participating store and drop off the item – no packaging required. Their account is instantly credited. While offering a convenient service to consumers, those retail/online partnerships also create traffic in partner stores that lead to new customers.
Innovative cash management
Progressive retailers are also turning to an innovative software solution – our transformative VeriBalance™ platform to help them manage cash across their operations. The labor savings alone in retail stores is freeing up employees’ time to devote to more high value tasks that better serve customers. It’s also saving retailers money – for large retailers, tens of millions of dollars – they can use for building a better experience that keeps customers returning to the stores.
The legacy approach to managing cash has grown over the years and it’s piece-meal, siloed and outdated. It’s very labor intensive and costly. The powerful platform we’ve created results in store-level efficiency in managing cash and gives the corporate offices a clear view of currency operations in real time.
The system integrates diverse point-of-sale systems and other cash handling and storage devices within the store into one seamless system. The retailer records the sales transaction in their point-of-sale system and we take it from there – where the money is routed, where it’s stored, where and how it’s counted, how it’s secured, when to order money from the bank, and how to forecast cash needed across thousands of devices and stores.
Our base platform can be configured to each customer or store, providing the individualized solutions they need, but with the same economies of scale that result in significant savings, both in terms of the hours spent on such tasks, and of course, in the other costs of managing cash.
The savings in automating cash management add up to a big win for retailers: freeing up time and money to create an improved customer experience to drive success in the coming decade and beyond.
Will you be at NRF Big Show 2020? Schedule a demo to See Beyond cash uncertainty and inefficiencies and how this can lead to improved customer experience within your stores.
Next: Retail trend for 2020 – Leveraging automation for new efficiencies
As SVP of Brink’s Enterprise Solutions and President of Balance Innovations, Darren brings his passion for creating customer focused solutions towards helping retailers revolutionize their approach to managing cash.