Retail technology is the application of technology in the retail space to enhance the customer shopping experience, improve operational efficiency and increase revenue. Point-of-sale (POS) systems, inventory management software, customer relationship management (CRM) tools, digital signage, mobile payments, e-commerce platforms and other technologies are included in the broad category of retail technology.
According to retail technology expo, retail technology is growing in importance as customers expect a smooth shopping experience across all channels, including in-store, online and mobile devices. Retailers use technology to manage the supply chain, track inventory, analyse customer information and create customised marketing materials. Retailers can reduce costs, increase efficiency and improve customer service by automating and streamlining processes through technology.
Top 10 Retail Technology Trends:Immersive Artificial Reality. Frictionless shopping. In-store appointments. Retail media networks. Omni-channel shopping. Quantum computing for marketing. Decentralised web. green technology. Monitoring social media. Chatbots.
Immersive Artificial Reality: In an effort to deliver the digital world to customers, retailers are looking into augmented reality (AR) and virtual reality (VR). While not many businesses are ready to use these systems anytime soon, companies are already exploring interactive digital signage solutions to produce immersive experiences.
Frictionless shopping: as technology becomes more ingrained in our lives, it's no surprise that the way consumers pay for goods and services is now changing. With more merchants using cashless and contactless payments by 2023, we expect this market to continue to grow. According to research by the National Retail Federation, cashless transactions are becoming increasingly popular in North America, with 67 per cent of customers preferring card or mobile payment methods. In Europe and Asia, contactless payments are gaining more traction, accounting for more than 50 per cent of in-store purchases. According to retail technology expo, this trend is expected to continue to impact the retail industry until 2023 and beyond.
In-store Appointments: Customers can set aside a unique amount of time in-store to browse products when using Appointment Shopping. This retail sales technique uses both omnichannel (more on this below) and experiential elements. More personalisation and white glove service encounters are possible.
Retail Media Networks: In order to send targeted communications to consumers at scale, brands often need more data. By securely leveraging merchants' first-party data, retail media allows them to develop superior consumer profiles for customisation. Ultimately, this partnership provides better engagement with ongoing consumers and buyers throughout the buying process.
Omni-channel shopping: retailers must combine in-store and online offerings to remain competitive. Shopping through many channels is rapidly gaining popularity. Customers want to be able to shop in-store and conduct Internet research. Or vice versa.
Monitoring Social Media :Monitoring social media sentiment requires collecting and examining data about opinions expressed on these platforms about a company or brand. By actively participating in social media, retailers can better understand customer sentiment, preferences and attitudes towards their products and competitors.
Chatbots: the use of chatbots in e-commerce has also increased significantly recently and will continue to increase as our computer learning becomes more advanced. According to Gartner, by 2027, 25 per cent of businesses will use them as their primary customer service tool. Retailers can use e-commerce chatbots to: solve common problems, engage customers, automate customised buying experiences, and provide help with shipping and tracking details after an online sale, compile data and feedback, and support several languages.
BOTTOM LINE: Because the retail industry is so well-known and widespread, it's imperative that companies develop retail solutions that can meet the growing demands of the The future of retail technology, as well as the methods and tools to improve the efficiency of business operations and strengthen relationships with consumers, will be influenced by these evolving circumstances, in addition to technological breakthroughs.
According to retail technology expo, with all of these trends in focus, one of the most effective marketing strategies remains email marketing. However, many times, companies fail to effectively utilise this effective marketing tool.
Source:Emergen Research