Do your customers outnumber your staff? You’re not alone. Still, most sporting goods retailers don’t continually invest in optimizing and renewing their footwear operations to keep up with demand. As the global footwear market is estimated to gross 220 billion dollars by 2030, “business as usual” won’t cut it anymore. Here’s a list of the four most effective retail technologies that will boost your revenue – without breaking the bank.
As a sporting goods retailer, you’re most likely looking for retail technologies that tick the right ROI-related boxes. But at the same time, you’re probably cautious about investing because of less-than-successful ventures in the past. So what solutions will give you a fast return on investment while also providing an excellent customer experience?
1. Use new technology to help customers find the perfect fit
Helping your customers find the best available fit is crucial for your profitability, but still, 70% of all returns are caused by poor fit. Customers have to take a leap of faith when shopping, particularly online, and standardization of sizes are still a long way away.
Retail technologies that use AI to help customers find the right fit are growing in popularity. For the underwear segment, Savage x Fenty set a new standard by matching AR body scans with Fit:Match to help shoppers find the best-fitting underwear.
For the sporting goods retailer, Volumental’s foot scanners combine AI and 3D foot scans to find the best-fitting shoes based on eleven different fit measurements. The results are then matched through the world’s leading FitTech™ platform. This method decreases the typical cost of in-store customer acquisition from 30-40 U.S. dollars per customer to 15 U.S. dollars per pay with unlimited scans.
2. Create memorable, unexpected in-store experiences
As brick-and-mortar retailers are recovering from the challenges of the Covid pandemic, the customer demand for experiences that are “something extra” is high.
Retail technology can, when used correctly, create experiences that flip the script for a whole industry. In the apparel space, the Zara flagship store in Madrid removes the friction points usually associated with in-store retail. Enabling customers to pre-book a fitting room online, order items ahead of time, and check out themselves are just a few examples of how Zara maximizes everything through their retail technology.
For footwear retailers, the best way to exceed expectations is to make the fitting process easier and more accurate. With Volumental, your staff scans your customer’s feet (or have them do it themselves through the self-service option). The result is a complete visual of their foot profile and personalized recommendations based on the data – and the shopping basket value of scanned shoppers increases by 32% compared to unscanned ones.
3. Develop your omnichannel strategy
Omnichannel retail aims to create a seamless experience for your customers, whether shopping in your physical stores or online from a desktop or mobile device.
Look no further than adidas for inspiration. Their omnichannel strategy is based on their app and rewards program, allowing users access to exclusive content and product drops. It keeps track of the order history and creates a seamless experience that turns shoppers into ambassadors.
Volumental also complements your omnichannel strategy by helping your customers find the perfect fit in exchange for their email address. As you access the customers’ unique foot profile, you can continue providing user-friendly omnichannel experiences by sending personalized recommendations, increasing customer loyalty and lifetime value. 79% of shoppers open their post-scan email, and 50% view their foot profile an average of 5 times within six months of the scan.
4. Improve your inventory management
Bracketing reduces the sizes and designs available in your store, and your product value drops by 66% during return processes. Therefore, keeping returns to a minimum and ensuring effective inventory management is crucial to boosting your revenue.
Bold Metrics is a good example of retail technology that helps you reduce returns in the apparel industry. They leverage machine learning technology and AI by capturing the human form in detail – no measuring tape or photos required. That way, they help customers find the right size and design based on their actual measurements while also helping brands design better-fitting clothes.
That’s similar to the Volumental process. After the Volumental scanner has analyzed your customer's foot, it recommends the perfect fit based on what you have in stock. The customer walks out with a purchase they’re happy with, increasing the NPS by 15-20% while ensuring the availability is at full capacity. No need for your customers to bracket anymore.
Get the guide
If you’re a sporting goods retailer looking for ways to provide high-end experiences to your customers, here’s a guide on the 3 most common challenges you face in the process – and how you solve them – with the help of an AI-powered 3D scanner.