The retail industry will continue its state of constant disruption with the advancements of new technology. Let us look at these three trends that will lead the charge in 2020
FREMONT, CA: With technology disrupting the lives of people and the way they work, the consumer industry is also affected with this disruption to a large extent. Consumers, whether shopping online or in-store, want a personalized shopping experience that makes them feel royal. Retailers are highly embracing technology and using them to match consumer expectations that will make them win more customers.
The retail industry will continue its state of constant disruption with the advancements of new technology. Let us look at these three trends that will lead the charge in 2020.
Use of Augmented Reality
Retailers can now unite the virtual and physical environments to provide a seamless experience for consumers with the use of Augmented Reality (AR). AR enhances in-store experiences by helping consumers to find products and even bring the in-store experience to a customer's home, allowing them to know and experience the product from the comfort of their living room. A unique opportunity that AR provides the customers to 'test' the products in a real environment before even buying them is winning the customers worldwide. Customers can see what a particular product will look like and whether it will fit in their desired space at home.
Use of Chatbots
Undoubtedly chatbots are making the retailer's job easy, and it is important to note that even the customers prefer to chat with a chatbot than to call a dreaded customer service phone number. A study shows that 55 percent of Americans and 65 percent of millennials prefer chatbots in the customer service process, which is more efficient than any other customer service process. Chatbots are the latest advancements of machine learning and AI - like the development of natural language processing, which makes the computer interactions seem humanlike. These advancements are making chatbot communication almost indistinguishable to interactions with a human.
Use of Blockchain
Customer data and information are very sensitive, and it is the sole responsibility of the retailers to keep them safe from breaches and attacks. Blockchain technology allows masking of sensitive customer data to prevent such breaches, reduces the fraud from hackers, and provides the ability to track and authenticate all actions of a product for the improved supply chain management. Almost 50 percent of retailers are considering the deployment of blockchain technology. Consumers can benefit from the blockchain in the form of savings, increased trust, and higher-quality products.
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