With new developments in technology, retail continues to hold a state of constant disruption and is leading with the same into the future.
FREMONT, CA: In today’s retail world, consumers wish to have a shopping experience that feels personal to them, irrespective of being in-store or on an online platform. Retailers are competing to use technology to level with consumer expectations and achieve more success in their business.
Since most consumers hesitate to call a customer service number, therefore companies have deployed chatbots in the customer service process to make it more efficient. The new developments in machine learning and AI, such as the advances in natural language processing (NLP), bring humanlike computer interactions. It also helps in providing appropriate answers to the queries instead of making it sound like reading a script. Retailers can now take advantage of the technology as they can deliver a higher level of humanlike customer experience while solving customer inquiries at lower costs.
Neither does e-commerce affect the brick-and-mortar retail, nor does it replace it. Microtrips that involve in-store shopping trips not longer than five minutes provide the retailers with an opportunity to integrate the online experience seamlessly with physical stores with a new multi-touch experience. In recent times, smart retailers are bringing together the benefits of online, as well as in-store shopping experiences, to gain more customers. Companies are offering multiple alternatives that involve both in-store and online shopping in-store, such as sensory shopping, in-store pickup, and convenient online and in-app shopping for customers.
Augmented reality (AR) allows the retailers to tie a knot between virtual, as well as physical environments, which can provide seamless experiences for consumers. AR has the ability to improve the in-store experience by helping the customers to shop for different products by experiencing them with their living room’s comfort. Consumers are inclined toward AR as it helps them to have a unique experience of testing the product in a lifelike environment.
Blockchain technology can mask sensitive customer information to prevent large-scale data breaches and extensively to bring down frauds concerned with fake loyalty points or coupons. Additionally, it also provides the ability to monitor and authenticate every action of a product in order to achieve an improved supply chain management. Furthermore, the advantages of blockchain can be conveyed to the consumer as well, in the form of savings, higher trust, and quality products.