Digital transformation in the retail pace has completely reshaped shopping, online experiences, and even customer expectations.
FREMONT, CA: As entire countries come under quarantine orders and customers around the world start to shun human contact, retailers are scrambling to embrace. They recognize the response to the novel COVID-19 virus will have a massive impact on their business. They understand the situation is altering daily. And they have little time to respond. The COVID-19 pandemic has turned the industry upside down, bringing with it unmatched technological innovations. Here are some critical tech trends that will change the retail sector's future for years to come.
- POS Systems
E-commerce has increased during the COVID-19 pandemic due to restrictions and fears surrounding in-person shopping. This has motivated businesses to streamline their e-commerce platforms to accelerate their online sales processes. Unfortunately, lockdowns and health risks created by the pandemic have resulted in a record number of retail closures in 2020. Simply having an online option and an in-person option will eventually synchronize with e-commerce and POS integration. This will enable them to best integrate online and offline transactions, inventory, and promotions across all in-person locations and online stores during the pandemic.
- Machine Learning and Demand Forecasting
COVID-19 has greatly changed customer demand in the retail sector. Understanding how to predict and benefit from these shifts is a vital component of staying on top of the sector. ML-powered demand forecasting approaches are more versatile and adaptive than their conventional counterparts. Since machine learning can be deployed much more quickly, it can better follow customer demand trends. By optimizing demand forecasting systems with NLP, it is possible to enhance demand forecasting accuracy.
- Virtual Fitting Rooms
Virtual fitting rooms are one of the most interesting innovations in the retail sector that uses augmented reality. Since the "try-before-you-buy" method is more complex to manage while adhering to public health mandates during the COVID-19 pandemic, augmented reality is in a unique position to assist customers in making choices on products. By leveraging virtual fitting rooms, customers could 'try on' their products with their smart phones.