Smart energy management is a clear path in an evolving landscape for retailers to benefit their bottom line and benefit the planet. Chain Store Age explores how smarter energy management is helping brick-and-mortar retailers to save cost and improve customer experience.
Commercial retail is a unique and rapidly changing space. With the rise of online shopping, retailers are creatively adapting to improve the experience of being in a physical store. Strategies like experiential retail make shopping a personalized and engaging experience instead of a simple transaction.
Retailers are also providing customers with a more tech-friendly brick-and-mortar shopping experience in response to online competitors – the prevalence of self-serve check-out stations being just one example.
Other tech-driven strategies are being used to improve operations. Smart energy management is of growing interest to retailers seeking to cut costs, and while many of these strategies don’t have a direct impact on the shopping experience, the upgrades ultimately benefit customers. Savings accumulated from strategic energy management are significant and can be used to improve operations or be invested in other areas. Energy is the fourth largest in-store operating cost for U.S. retailers, and decreasing energy costs by 20% can have the same bottom line impact as a 5% sales increase.
Read more about the trends in smart energy management for retailers here.