How to Use Technology to Get an Advantage Over Your Competition

There is so much new technology out there today – and more innovations are being introduced every day. In the ongoing struggle to carve out your market share, retailers are finding new ways to create competitive advantages with technology. Here are just a few ways it's being done.

In-Store Diagnostic Systems. Many retailers are bringing in sophisticated diagnostic tools to help customers find the product that is perfect for them. One of our furniture store clients just installed sleep diagnostic tools in all their stores. They already had an advantage of lager mattress selection, a price guarantee and a better quality reputation. But it was still important to create another advantage.

Mattresses are such a blind item for consumers, making it hard to choose the right one. Bringing this technology into the store not only helps consumers narrow down the large selection, it gives the salesperson a tool to sell a higher ticket item – due to the scientific evidence that the higher quality mattress best fits the customers sleeping position and body type.

In-Store Inventory Location Apps. A number of retailers have developed apps that help you find inventory in their store – if they have it, where it's located, what it costs, etc. Most notably, Walmart's Search My Store app offers a combination of real-time online inventory and indoor location to create new types of in-store, digitally-enhanced experiences for shoppers. It can even pinpoint where you are in the store and show you how to get to where the item you want is located, giving it another advantage (than low prices) over some of the other big box general merchandise stores.

Virtual Fitting Rooms and more! Now shoppers can try on products without actually changing clothes. You can use technology to flick your fingers and outfit your image in a mirror with different outfits. It was only a few years ago that I saw a group of students locally at the College for Creative Studies working on an idea for these virtual reality shopping experiences, now it is a reality. Watch the video below for more on this and other ways retailers are using technology to enhance sales.

Why Retailers Turn to Technology as a Sales Tool

These are just a few ways retailers are turning to technology to gain a competitive advantage. More are appearing every day. I'd love to hear what other technologies you've come across. Please let me know in the comment section below.

Mike McClure, Constantly amazed by new technology