Innovative retail technologies are surprising new sales channels. Let's go through a few trends that will shape physical retail in the coming years.
FREMONT, CA: Retail is one of the largest industries across the world. The transformations the technology has brought in other segments, the retail sector has shown swift adoption of the technology. In the past few years, the advancement of retail-tech, fintech has bought in massive changes in the way small to big players run their business.
Since its inception, online shopping space has adopted two fundamental metrics of price and selection to snatch shoppers from offline retail. Over the past years, they have been successful in price leadership with deep discounting. It has been challenging for the individual's stores to maintain a big selection of products that the online players are readily able to continue through the product catalog.
Adopting new technologies, physical retailers can provide themselves and create pricing propositions and more extensive selection in-store. They are also able to change upon conversion rates by delivering better prices over the online platforms with the aggregation of a vast network using the technology. Retailers are also providing massive selection of overall online platforms put together with technology solutions like Virtual Inventory.
The competitors from every side of the market are rigorously eyeing the next potential consumer, making an active brand recall is imperative. They need to ensure that they are available to the target audience for shopping, not just through a big outlet but also through digital channels with an integrated consumer outreach. It is going to be one of the most crucial consumer acquisition and engagement strategies for all retailers and brands, small or big.
VR and AR
Augmented Reality and Virtual Reality have not been fully taken advantage of by the retail sector at large. Those who are experimenting haven't been disappointed. Many home furnishing and fashion brands have tasted success-using AR/VR. But not many have sustained its use in business apart from one or two stunts on and off.
See also: Top E-commerce Technology Companies