Collaborative Robots and the Future of Used Merchandise Retailers
Collaborative Robots and the Future of Used Merchandise Retailers
The use of Collaborative Robots or CoBots in the retail industry, specifically in used merchandise retailers, is anticipated to change the dynamics of the industry in the coming years. The section below will discuss these promising changes by highlighting the financial viability, customer engagement, inventory management, online marketplaces, and the challenges encountered.
Financial Viability: From a financial perspective, CoBots could deliver monumental savings. According to the International Federation of Robotics, the cost of operating a CoBot in 2020 was 60% less than in 2010 and it is projected to decrease by an additional 22% by 2025. CoBots offer a flexible, more cost-efficient, and safer solution to manual labor, improving the return on investment for retailers. They are also easier and faster to set up and configure than traditional robots, further reducing costs and improving efficiency.
Customer Engagement: In the domain of customer engagement, CoBots can revolutionize the model of handling customers. As per a study by Juniper Research, CoBots will drive customer engagement in retail up to 98% by 2024. This is possible due to the ability of CoBots to interact with the customers in a more engaging manner, explain products more effectively, and provide better customer service leading to higher customer satisfaction.
Inventory Management: Retailers dealing with used merchandise often struggle with inventory management. But CoBots have demonstrated an increase in inventory accuracy up to 95% as per An Intel-sponsored report. They can sort, classify, and manage the inventory more effectively than humans, reducing inventory management errors and time.
Online Marketplaces: The rise of online marketplaces has placed more demand on retailers to track, package, and ship used merchandise quickly and efficiently. Based on a survey by PwC, 70% of online buyers expect deliveries within a maximum of 3 days. The implementation of CoBots can expedite this process, thus fulfilling customer expectations efficiently.
Challenges: Despite the advantages, some challenges hinder the growth of CoBots in used merchandise retail. According to the IFR, 34% of retailers feel that there lacks a sufficient understanding regarding the implementation, operation, and maintenance of these robots. Measures need to be taken to eradicate this apprehension and make the businesses more CoBot-friendly.
Key Takeaways
- Collaborative robots (CoBots) can save up to 60% operational costs and this saving is projected to increase by more 22% by 2025.
- CoBots are poised to increase customer engagement by 98% in retail by 2024.
- CoBots can improve inventory accuracy up to 95%, aiding efficient inventory management.
- By speeding up shipment processes, CoBots meet the expectations of 70% online buyers who demand deliveries within a maximum of 3 days.
- Overcoming the challenge of a lack of understanding in implementation, operation, and maintenance is essential to make businesses more CoBot-friendly.
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