Trends drive a lot of consumer purchases; therefore, the retailers have spent years learning to read the market and offer compelling new merchandise at the peak of excitement.
Fremont, CA: But, many retailers have safely waited to see what has staying power before they make a move when it comes to retail technology trends. To compete in today’s marketplace, the retailers must become agile, aggressive and insightful in selecting technology as they are in choosing products, so they can keep meeting consumers’ continually evolving expectations for a great shopping experience. Smart retailers are especially attuned to spotting technologies with the potential to disrupt current ways of doing business, so they can stay on trend rather than lose market share to more innovative competitors. Here are a few trends that are reshaping retail.
Store Associate 2.0
Highlighting, the role of the store associate pays off. Interacting with a sales associate makes customers 43 percent more likely to buy and 12 percent more likely to revisit, and their purchases garner 81 % more value for the retailer.
Breaking through the Screen
With stores striving to become more like digital, digital is working to become more like the store. Live commerce, for instance, combines streaming video along with e-commerce. One such Chinese e-commerce site enables consumer-to-consumer live streaming where viewers can ask questions of influencers and learn skills such as makeup application techniques. Meanwhile, another company enables shoppers to upload photos to help find merchandise via intelligent visual search in its Snap.
According to one contributor, both could be precursors to the real disrupter, the Spatial Web — a computing environment that exists in three-dimensional space, so users can build an exact copy of their physical reality in the virtual domain and bring the digital into their real situations.
Artificial Intelligence for Supply Chain
Seventy-four percent of artificial intelligence (AI) use cases in retail are focused on the customer experience, and it is estimated that retailers could save as much as 340 billion dollars by taking AI to scale across the value chain. AI can increase efficiency and identify and prevent mistakes while delivering predictive logistics, visual-aided picking, and warehouse robotics controls.
See also: Top Retail Tech Startups