How Technology is Making Retail Shopping Experience Better
Retail Tech Insights | Monday, February 14, 2022
Shopping has always been a massive industry—with global retail sales estimated to exceed $26.29 trillion in 2019.
FREMONT, CA: Omnichannel has been the retailer's Holy Grail in recent years with justification. Despite the omnichannel approach's mostly united experience, it has been feasible to easily distinguish between different channels and touchpoints (e.g., e-commerce vs. in-store). Now, technology blurs these distinctions, bringing the online and offline world’s closer together and enriching people's daily lives.
Digital technology enhances physical channels while humanising digital media. As a result, the user experience becomes more tailored and engaging. This emerging trend is dubbed phygital: a shopping journey in which physical interactions and digital technologies complement one another.
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Here is some retail business technology innovations mentioned below:
Internet of Things
The Internet of Things (IoT) is a network comprised of literally billions of physical devices that communicate and share data. The IoT has enormous promise for the retail industry since it enables more engaging and inventive shopping experiences ever. Indeed, IoT is already being used effectively in a variety of fields. One of these applications is beacons, small Bluetooth Low Energy (BLE)-enabled wireless devices that emit a continuous signal. Smartphones can detect the signal and transmit it to a cloud server. After that, the cloud server can send targeted material to a particular smartphone. Micro location can even be used to zero in on certain aisles within a single store. The data collection potential is just enormous, enabling more precise client segmentation and customisation than ever before. RFID tags are another useful application of this technology. These intelligent barcodes provide complete visibility of products throughout the purchasing process.
Facial recognition
Identifying clients at the moment of sale—for example, through loyalty cards–is no longer sufficient for merchants. They want to know who the individuals in-store are before purchasing to provide a more personalised shopping experience. However, the majority of stores do not have the luxury of knowing every single person who walks through the door.
This is where facial recognition software comes into play, scanning hundreds of reference points across a person's face to determine their unique face print.
This method of client identification provides the retail team with insight on the types of things customers may acquire and the amount they are likely to spend–allowing them to extend VIP treatment to those high-value shoppers.
Facial recognition technology can also assist the sales personnel in responding more effectively to client needs by detecting changes in the customers' emotions and notifying the staff to help upset or confused shoppers immediately.
Augmented Shopping
Perhaps the most crucial technology for establishing a phygital future is augmented/virtual reality. And it appears as though customers agree.
COVID-19 measures have been instrumental in increasing demand for augmented reality systems by enabling customers to conduct “try-before-you-buy” transactions in their absence and assisting in replicating and improving the in-store experience online.
AR also has the potential to alter the in-store experience fundamentally. Smart mirrors will enable previously unimaginable levels of interactivity in fashion retail. Customers will no longer need to undress to try on an entirely new wardrobe, as virtual changing rooms will enable them to superimpose items and outfits and solicit feedback from friends via social media sharing.
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