The retail industry has undergone a major change in the last year of 2019. We the normal people have not seen any changes. But retail experts like us have paid a detail & very close attention to the changes undergone in the retail industry.
The retail experts have seen that some technologies have revolutionized this retail industry. Among those technologies, Augmented Reality is right now dominating the market. This augmented reality technology is creating a huge buzz and positive impact among retail customers.
According to a survey conducted by a big marketing watchdog, Augmented Reality (AR) is used by more than 60% of retail consumers. These consumers are using this AR technology to improve their shopping standards.
Top Retail Brands are Using The Most Retail Technologies
Well known retail brands like Nordstrom and Nike are mostly using the latest retail technologies. It’s good news for shoe buyers. Technologies used by shoe brand Nike have helped customers a lot.
The technology used by Nike can help their customers to choose their next shoes. For that purpose, this technology uses the size and shape of their customer’s feet.
Even the retail brand Nordstrom is also not lagging. They are also using the latest technology which can help their customers to try hundreds & thousands of lipsticks without even opening any of them.
Another retail brand has progressed further. They have developed an app which is fully supported with AR technology. This app can create virtual tents which will make the customers feel that they are inside realm tents.
1. Accessing the Mobile Augmented Reality Feature
In this year 2020, it is expected that augmented reality will be highly used in the latest mobile handsets. Now consumers are widely using this AR to do shopping. It is surprising that some consumers even don’t know about this technology. But they are using it on their mobile even without knowing about it.
Even it is surprising that major social media giants like Facebook and Snapchat are also using this AR technology to attract more users and user engagements.
As it is seen that this AR technology is widespread so more & more retailers must use it and invest in it. They must create a smooth AR shopping experience for their users and customers. Then it is assured that AR will increase the brand value of your retail store.
Another advanced retail technology is right now launched in the market. This is Microsoft’s HoloLens2. It’s a wearable device which Microsoft has built for big enterprise applications.
Wearable technologies invented by Microsoft and Apple are used to enhance the shopping experience of customers or shoppers.
Apart from AR, technologies like Hololens, AI, IoT are also creating a deep impact in the retail business.
2. Technology which is Interconnecting Retailers to Consumers
Nowadays, customers love to check the prices of products and the standard of inventory items on their mobile devices. Cost optimization and merchandise planning are creating offers for the customers which are best in the market. Even the retail stores have services based on location which will help the customers.
In a retail store, technology can help us to understand the traffic in each department. It helps to understand the complete journey of shoppers in the store.
Generally, retail stores are used to be quite big. Even technologies are helping the retailers to transport the products within the hook and nook of the store efficiently.
The last year was for Augmented Reality. It has dominated the entire retail hub space. It has provided an immense impact on the customers.
3. Retailers are Giving More Importance to IoT Now
IoT is a booming field. IoT used with analytics can create wonders. Retailers can use IoT combined with analytics to improve the retail shopping experience of their customers.
IoT can be used in several ways to improve the retail experience:
- Content delivery methods
- Marketing personalization
- Tracking customer movements
- Tracking customer behavior in-store
- Tracking the performance of retail employees
- Different types of payment options
- Controlling the warehouse robots
- Providing personalized discounts
- Checkout processing with automatic feature
- Completely wireless shipment tracking
- Voice-based shopping for customers
Today is the trend of voice search. Gone are the days when Millennials used to search with typing the keywords in browsers or mobile.
Now the next generation is very much active with voice-based searches. It has become a common practice. It is predicted that within the next decade, the voice-based search will capture around more than $50 billion markets.
USA and UK have invested around $2 to $3 billion in voice-based technologies. Different marketing think tanks have different opinions in this regard. Juniper has predicted that retailers have invested around more than $90 billion in this technology. It is also observed that more than half of the internet users used to search for products based on voice.
4. Impact of Artificial Intelligence
Presently, retailers are giving more importance to Artificial Intelligence. The investment in AI will exceed $8 billion within the next decade. But why they are investing so much in this technology?
Retailers are doing this to improve the standards of content engines, search performances and data science platforms.
AI is rapidly capturing the entire retail market space. There is no such place where AI is not used. Ranging from product and service life cycle to product assembly and customer service, AI is used in all the departments of retail.
Retail technology is very crucial in improving the relationship between businesses & consumers as well as customer experiences.
AI can use customer behavior and their shopping patterns to create a great shopping experience for shoppers. AI can create a bridge between the physical and virtual sales channels.
AI is used to tackle the Errors of Humans
AI will increase the standards of online customer service in several ways. AI will help the retailers to eradicate human-based errors during the retail operations.
AI even helps retailers to handle trillions of customer data.
Even most of the latest retail POS systems are equipped with the above latest technologies.
Some Final Words
Finally, it can be said that technologies like Machine Learning, Robotics, Augmented Reality, IoT etc. will shape the future of the retail industry in the coming decade.
About The Author
Miss Amrita Singh is a retail expert who has more than 10 years’ experience in writing contents on the topics of retail & restaurant technologies. She is an expert content writer for Chronito Technologies, a leading retail POS development company in Kolkata, India.