The field of retail technology is proliferating encompassing a broad array of tools that helps retailers to manage their operations.

Fremont, CA: Retail technology is a term for solutions which allows the retailers to manage and optimize operations. These tools help the retailers to increase revenues, drive down costs, and advance a combination of other key metrics, enhancing customer satisfaction, decreasing the returns, or increasing retail conversion rates. Billions of dollars are being invested in expanding digital capabilities. Still, the industry is expected to shift toward a focus on changing consumer behavior to adopt these tech solutions more readily. Here are some of the major retail trends that are driving retail tech spending.

Brick-and-Mortar Is Not Dying

There is a common misconception lingering around that brick-and-mortar stores are dying and will soon cease to exist, but data shows this is not true. For example, the majority of retailers are investing equally in both e-commerce and in-store technology. A more substantial portion of companies is now pursuing omnichannel approaches, both online and in-store. While e-commerce offers convenience, brick-and-mortar stores offer experience. A physical presence helps fortify brand perception, serves as a marketing tool, and conveys confidence and financial stability.

The Rise of Automated Delivery Strategies Is Converting Stores into Warehouses

Automation is a viral trend in many industries, including retail. Many stores are offering “click-and-collect,” which allows the customers to place an order online and receive their purchases at a designated location. Furthermore, the industry has witnessed a rise in the efficient use of vending machine applications to use the retail store space in a self-service manner. And the progress on autonomous vehicles has left the retailers excited about using this technology for goods delivery from stores to customers without human labor.

Using Beacons for Proximity Marketing and Analytics

With the growing popularity of digital shopping, brick-and-mortar stores are putting effort into replicating the digital shopping experience; therefore, they are using beacon technology to transmit targeted sales, advertisements, and promotional information via their apps a customer enters the store.

Major Growth for Voice Assistants

With the rapid increase in smart device adoption, interacting with voice assistants to manage day-to-day activities is normal. Retail is no exception to this trend. The retailers are co-working with third parties like Alexa, Google Home, and Siri to stay in the game. 

See also: Top Retail Tech Startups