Specialty Retailers Level Up Their Tech Game to Compete with Amazon
As specialty retailers like Guitar Center and Sephora look for ways to stay ahead of Amazon’s growing dominance, they’re rethinking their tech strategies to stay competitive. From investing in emerging technologies like artificial intelligence and augmented reality to strengthening their omnichannel approaches, these retailers are finding innovative ways to differentiate themselves and attract customers.
The Click-and-Mortar Advantage
One key area of focus for specialty retailers is their omnichannel strategy, which integrates their online and offline channels to provide a seamless shopping experience across all touchpoints. This approach enables them to differentiate themselves from Amazon, which is less established in brick-and-mortar retail. Many consumers are Click-and-Mortar shoppers, preferring to engage both digitally and in the physical store.
Omnichannel retailing is becoming the norm
Retailers like Home Depot, Dick’s Sporting Goods, and Best Buy are boosting their focus on the omnichannel experience, recognizing that customers want to be able to research and purchase products online and then pick them up in-store or have them shipped to their doorstep.
Tech Investments Pay Off
Corning, a leading manufacturer of optical communications components, has seen its stock price soar 49.4% since the start of the year, outperforming the broader Computer and Technology sector. This success can be attributed to its strategic tech investments, including its focus on developing 5G technology.
Corning’s stock performance has been impressive
Meanwhile, Outpost, a network of managed semi-truck parking facilities, has launched a new technology platform that helps fleets and owner-operators book truck parking nationwide while giving fleet managers and operations teams visibility into their assets’ location and condition.
Outpost’s new platform is revolutionizing truck parking
As the retail landscape continues to evolve, specialty retailers must innovate and adapt to stay competitive. By investing in advanced technologies and enhancing their omnichannel strategies, these retailers can offer differentiated shopping experiences that attract and retain customers.
