Just like any other sector, the retail industry is also gaining profit by integrating technology into the mode of selling and buying. There are different ways in which retailers can remain up to date developments within the retail market. Let's have a look at some of the hot technology trends in the retail industry.
FREMONT, CA: As retail technology changes, the focus is being put back on the customer with a greater emphasis on personalization and offering customers with better service. With the development of new technologies, personalization is achieved remotely at a scale by using big data to gain in-depth customer insight. Retailers now can then use this insight to develop new services and engagements that can meet customers' needs.
Let's look at some of the retail technology trends every retailer must watch in 2020 and beyond.
In-Store and Online Experience
Retailers are merging the in-store experiences with online platforms, with one instance being the 'Buy Online, Pick Up In-store (BOPIS) service. BOPIS enables the enterprises to widen their delivery services to online shoppers, thereby creating a physical connection by accompanying the customer’s in-store and offering incentives along the way. Even though the BOPIS is not a new concept to retail, it is expected to expand further into the mass-market.
Internet of Things
In terms of the IoT, automated checkouts and cashier-less stores are anticipated to become more prevalent, with retailers using read tag systems that automatically deduct the cost of items from a user's mobile payment app. Ultimately, this can eliminate the process of standing in a checkout line.
Robots used in retail and smart shelves are also tipped to increase to minimize the number of lowly tasks requiring human employees, such as taking notes of out-of-stock and lost items.
Retailer apps are known as the leading mobile shopping trend to look out for, as almost 70% of the people prefer using them over mobile-optimized websites. UK retailers are now urged to develop mobile apps to give appealing content, capitalize on impulse purchases, and drive loyalty. Recent examples of retailer-own apps are UK beauty retailer Fragrance Direct and US footwear retailer Sketchers.
With the use of technology, retailers can allure people into the store and potentially enhance the number of sales thanks to the ability to use personalized data to upsell products. Meanwhile, the customer will benefit from a faster, more convenient, and personalized service. In short, the retail technology of the future will help both consumers and retailers.
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