Companies that want to overtake their competitors should consider these retail tech trends. Discover the technologies that can help your business level up.
Digital transformation continues to influence customers’ shopping experience and expectations. It’s easy to see why many retailers are embracing retail tech trends that help shape their business’ future. Let’s take a look at seven technologies that can help transform the retail sphere in the next few years.
9 Retail Tech Trends Businesses Should Consider
1. Augmented Reality
Augmented Reality (AR) for retail allows customers to engage with products. For instance, certain apparel brands have been using AR technology to let their customers see how they would look in their products.
Customers can take photos of themselves with virtual products and share them on social media, too. This user-generated content helps promote brand awareness for the merchant and motivate conversations.
Even without making a purchase, customers can still help the merchant by providing free advertisement through the content. Merchants can then gauge which products attract the most engagement, allowing them to personalize and boost customer shopping experience and increase conversions.
While big data collection is a non-issue for most retail organizations, analyzing the data they have is often a challenge. Data analysis is crucial for retail businesses, especially if they want to address issues or come up with better solutions.
Here’s where predictive analytics play a crucial part. Today, retailers can analyze previous consumer trends and behavior to understand better what their customers need and want.
With this retail tech trend, retailers can cater to their customers’ needs based on their journey and personalize their experiences. Put simply, predictive analytics help transform retailers into more cost-efficient, smarter ones.
3. Omni-channel Retailing
Omni-channel retailing pertains to retailers with both a physical store and a multi-platform digital presence. With this retail tech trend, customers can have a cohesive experience at every touchpoint.
With omnichannel, retailers become omnipresent in several channels. They can sell their products or services on an e-commerce website, mobile application, a relevant marketplace, and a physical store.
Then, all of these things are integrated on the back-end. Customers can now add items to the cart using a mobile app, buy them on the desktop, and receive the item at home.
A reputable mobile app development company like dafa888 proves helpful when it comes to maximizing Omni-channel retailing. It hires highly-skilled technology experts that deliver top-notch mobile application development that can cater to retailers’ needs.
4. Internet of Things (IoT)
The Internet of Things (IoT) also helps revolutionize customers’ shopping experience. Today, customers demand personalized experiences and relevant information that can help them make better purchasing decisions.
Some retailers are using IoT to monitor customer satisfaction. For instance, color-coded buttons are connected to sensors to collect customers’ feedback right after they shop.
5. Recommendation Engines
Recommendation engines are also helpful for retailers. By using this technology, they can help customers find relevant items for their needs.
It’s also useful in filtering options for customers in their shopping journey. Another great thing about recommendation engines is they improve over time as more data becomes accessible to the retailer.
It’s easy to use as well, helping enhance customer satisfaction and increase sales. Spotify and Netflix are just two of the best examples of companies that use recommendation engines.
The retail sector also sees an increase in the adoption of customer service bots. Nowadays, customers prefer messaging over calls, making AI bots more relevant and valuable.
Chatbots, for instance, help enhance the customer journey by addressing issues even without human intervention. This retail tech trend offers a great way to bridge the gap between customers’ offline and online experiences.
7. Face Recognition
Facial recognition helps combat retail crime. Not only that, but this tech trend also paves the way for a personalized shopping experience.
For instance, retailers can use facial recognition for responding to their client’s specific needs. While privacy concerns are yet to be ironed out, several retailers already find this technology beneficial for their business.
8. Robotic Store Assistants
Robotic store assistants are changing the retail landscape as well. They can do several things like help shoppers find stuff they need and even provide in-store customer service.
While some retailers see it useful for enhancing workflow and productivity, it’s still important to consider whether your target market is ready for one. Developers may have to draw a visible line between machines and humans.
9. Stock Management
Automation can help enhance warehouse inventory management. Today, you can track your inventories in real-time using inventory management systems or robots.
Not only do they help supervise your stocks, but they also assist you in making smart decisions. As a result, you prevent wasting your goods due to spoilage or theft.
While it may take some time to adjust to the digital shift, it’s a wise decision to consider these retail tech trends for your business. Almost everything evolves, and innovation proves beneficial for companies that want to stay on top.
We are offering technology solutions you can find useful for your retail business. Get in touch with our team today to know more!