Advanced technologies have revolutionized the retail industry, and the retailers are investing significantly in technology. With technology enhancing daily, e-commerce platforms are also becoming matured.
FREMONT, CA: Several industries have been disrupted by emerging technology. The retail industry has shifted to accommodate the digital consumer's improving needs from the enhancement of online sales to the mobile shopping experience. As technology continues to emerge and be refined, the scene is likely to keep moving for retailers who are fighting for every visit to their physical and digital stores.
Data Collection and Analytics
Concerns over breaches to a collection of data, information is a topic both for news and in the boardroom. Retail is one such industry that particularly stands to attain from data collection as firms look to learn all they can about the customers' needs.
Vendors have been able to expand their collection of data through both points of sale and website cookies. They expect to grow in 2020 as more companies take advantage of the Internet of Things to learn more about the shoppers they're trying to lure in. Tools like customer relationship management systems are needed to keep it all straight, analyze, and visualize all the required information. Platforms such as Microsoft's Power BI, Splunk, and Tableau help organizations understand the data they're collecting to optimize profits.
Online shoppers have been frustrated trying to put together the right combination of keywords to find the item or style. Over the past few years, visual search technology has revolutionized that process, allowing shoppers to take a picture of an article of clothing, upload it to an engine like Google Images, and use that to drive the search with artificial intelligence.
Automated checkout, personalized discounts, and smart shelves are all advancements that are powered through IoT. Customers can be sent alerts about discounts relevant to them when they get close to a store, and those stores can use IoT to keep track of inventory better and increase efficiency. IoT can help brick-and-mortar stores create customer experiences that rival that of online stores.
See aslo: Top IoT Companies