How can electronic signature help in the retail sector?

The digital transformation of the retail sector speeded up in the last year due to the lockdown as many businesses found the need to open an online shop, but it is not just about having a digital shop; it is about going digital in all processes and thinking that technology should go along with the business strategy. The electronic signature is just another part of the digital transformation process in the retail sector.

Today’s post tells you how this transformation process takes place in retail and how electronic signatures can help your business.

To what extent has the retail sector been digitally transformed during the pandemic?

COVID-19 pandemic has reshaped many things, and one of them is how people shop. According to Nielsen, many non-essential businesses remained closed for several months, and online shopping grew by 86%. According to data from IAB Spain’s E-commerce Study 2021, online shopping is growing steadily, reaching 76% of Spanish internet users aged between 16 and 70.

Among the aspects that Internet users value most in online shopping are price, ease of purchase or return, product quality, payment security and delivery time.

All this implies far-reaching changes in the retail sector that are underway since last year:

  • Online sales are on the rise. As the online shop provides detailed product information and the ability to compare products with a single click and benefit from exclusive offers, online sales have grown during the pandemic and are still on-trend.
  • Implementing omnichannel experience. Customers are demanding a choice between online shopping and home delivery or in-store pick-up. Therefore, retailers must strive to offer an omnichannel experience where the boundary between the physical and the online shops is blurred by integrating the two shops.
  • Adapting companies to new consumer demands by using new technologies. New technologies play a vital role in the retail sector and provide solutions that help a shop stand out from its competitors. In this regard, several technological solutions have been implemented, among them the following:
    • Creating shops with cash points so that shop assistants can devote their time to customers.
    • Mock experiences so that customers can enjoy the product without contact.
    • Use of electronic signatures to encourage sales. Let’s have a closer look at it in more detail below.

How does e-signature help in the digital transformation of the retail sector, and what is it used for?

The e-signature is a solution that assists in the digital transformation of the retail sector. Benefits can include the following:

  • Time-saving. Ease of Use and immediacy are two of the requirements that today’s users demand when making purchases. Electronic signatures cut down the time it takes to contract services or purchase products, thereby increasing customer satisfaction.
  • Customer focus. Reducing the time spent on each transaction by retail employees provides the opportunity for them to focus on delivering value to the customer and understanding their needs.
  • Commitment to environmental sustainability. Global warming, the Greenhouse effect and climate change is a matter of concern for everyone. Using electronic signatures by retailers is a clear move towards sustainability, as it reduces the use of energy, paper and other resources
  • Safety. Retail transactions need security, and e-signatures reduce the risk of fraud by using biometric data or one-time passwords, for example.
  • Versatility Electronic signatures can also be used for a myriad of tasks in the retail sector:
    • Signing sales contracts for products or services.
    • Signing supplier contracts.
    • Signing confidentiality and data protection agreements with workers.
    • Signing delivery or receipt of goods, invoices and estimates.
    • Signing of employment contracts with shop employees, holiday requests, changes in contractual conditions, dismissals, reprimands, dismissals and discharges, etc.
    • Signing franchise contracts.

In short, the digital transformation of the retail sector is taking place unstoppably and provides a competitive element that sets it apart from its competitors and customers, potentially leading to greater profitability and increased sales. Therefore, the electronic signature is the best tool to assist you with this transformation.

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