Find Out How Futuristic Technology Is Helping Retail Evolve

The Technological Metamorphosis Of Retail: A Look Into Retail’s Tech-Savvy Future

Technology has changed everything. From increasing our chances of survival to helping us learn about the marvels of the universe from the comfort of our homes, technology has brought about landscape changes in every aspect of human life. Healthcare, education, energy production, manufacturing, research, administration, commerce – there is not a single aspect of the human society that technology hasn’t influenced and enhanced. The retailing sector is one such facet of our society that integrated with technology perfectly and is using tech as the tool to reshape & mold itself for the future.

No other sector has reaped larger benefits by harnessing technology as the retailing industry. From the small local stores to the large departmental stores, technological developments have brought forth sweeping changes to the retail landscape.  Online websites boosted the reach of brick and mortar commercial establishments. The meteoric rise of e-commerce has only just begun as the analyst from several marketing firms forecast immense growth in the future of e-commerce retail.

Here’s what Statista.com found in its analysis of online retail trends in the UK.

The slight drop, near the end, coincided with the softening of lockdown measures and reopening of physical establishments. The drastic shift in the percentage share in sales is however noticeable, and experts predict this trend to continue well into the future.

Coming to the applications of technology in physical stores, innovative endeavors are allowing brick and mortar outlets to compete with their online counterparts and sustain themselves.

When it comes to supply chain visibility solution it’s important to understand that the accurate tracking of products is essential for retailers, especially those operating in the e-commerce space. Also, with consumers becoming more conscious about the sourcing of products and their ethical production, supply chain visibility solutions are imperative for retailers to maintain transparency in their operations.

So what are the reasons behind such widespread acceptance and implementation of technology across the sector? Let’s look into them briefly.

Impact Of Technology In The Retailing Sector

Irrespective of the scale of a retailing business, technology can transform and enhance them all.

• Technology enhances reach, market penetration, swifter expansion, easy exploration, and boost sales to the max.
• Automating the menial and grinding stuff with tech reduces costs and improves performance.

• Supply chains and procurement can be better monitored and improve substantially with the application of the right kind of technology.
• Digital marketing is one of the most successful methods of promotion today. Leveraging the power to reach millions of Internet users, digital marketing techniques such as pay-per-click advertising, social media marketing, influencer marketing, etc. play a significant role in the expanding the reach of the retail sector.
• Implementing the latest in energy-saving technology allows businesses to make their establishments more energy efficient.
• E-commerce websites allow customers to enjoy a genuinely personalized buying experience through user-specific buying recommendations & buying trends. An online assignment help service or a digital bookstore, e-commerce has now become a significant player in the retail sector today.
• Technology allows businesses to analyze a customer’s retail buying behavior. Offers and promotions reach a wider audience and increase brand exposure.
• Big data analytics, data science and AI are changing the way businesses operate. These technologies are helping retailers make accurate predictions and plan their way forward.
• Professional UX design companies can create user experiences for digital products like mobile apps.

Consider IBM Cognos Analytics, a web-based business intelligence suite of applications. The platform offers a toolset for reporting, analytics, metrics and monitoring. It acts as a data analytics app, BI tool, notification & report generator and workspace all rolled into one.

•  Omni-channel retailing is a trending phenomenon now. Technology enables businesses to improve customer experience by helping them convert seamlessly from one channel to another.

Disney is a brand that offers a near-perfect omnichannel experience to its audience. It allows visitors a complete user experience by using the marvels of technology to provide different services seamlessly. The Disney website, the My Disney Experience Tool and the Magic Band program are apps that defines effortless, multi-channel retailing.

• Virtual Reality, Augmented Reality and Sensor Data are three of the most effective techniques harnessed by retail businesses, both physical and digital. Allowing retailers to offer a unique brand and buying experience, these techs show how tech is transforming the retail sector and helping it evolve.

These are just some of the myriad of the ways technology is boosting sales and helping retail business offer a more satisfying & interactive buying experience.

Some Innovative Tech Tools Reshaping Retail

Innovative technology is now allowing retailers to reach out to a bigger audience and create a better user experience. While the influence of technology in online retail is quite apparent, tech tools are now helping brick and mortar stores to offer something different from online stores.

Irrespective of the type, technology is transforming retail as we speak. Besides e-retailing, here are some of the most prominent applications of technology in the retail sector.

1. Uniqlo’s Neuroscience Stylist

Japanese retailers Uniqlo launched a unique “neuroscience” fashion initiative in Australia. The system used the company’s proprietary UMOOD app to offer styling options based on a customer’s current mood and wishes. The UMOOD app is integrated with a neuroheadset that provides an augmented reality experience to users and shows them simulations of the best fashion recommendations. These recommendations are all based on the current neurological status or mood of the consumer.

Sensor data detailing a consumer’s nerve impulse patterns are used to estimate their mood and make accurate buying suggestions.

2. Point-of-Sale Systems and eCommerce integration

Companies possessing both online and physical retail outlets will benefit in a big way from the amalgamation of POS and eCommerce. Solutions involving a perfect integration of both the critical aspects of retailing and can help businesses sync their operations across different channels.

3. Interactive Kiosks

Australian fashion retailers, General Pants have built interactive kiosks that bridge a customer’s online and offline retail shopping experience. Users can try on items in kiosks, photograph themselves in it and ask for instant opinions from other kiosk users. Tech tools allow users to get instant feedback on their fashion choices.

4. Interactive window displays

The clothing retail chain, Ralph & Lauren aims to convert casual visitors & passersby into potential buyers implementing interactive windows. Consumers get to use the touchscreen feature to mix & match color, designs and a whole lot of other things right at the outset. What’s more, these displays allows a shopper to buy stuff without even stepping their foot in the store.

5. Jaguar offers a personalized virtual experience

Jaguar Land Rover worked with IBM to offer customers a VR screen in their stores that can help them learn about a car model in astounding details. The technology gives consumers a 360-degree view of the interior as well as displays the technical specifics. Consumers can use the tool to make any real-time changes if they wish.

6. Mobile Point of Sales

Technology now allows retailers to eliminate queues at their shopping outlets. POS will enable consumers to buy at the physical outlet but pay online. As evident, these techs improve user convenience, build brand image & secure customer loyalty.

7. Social Media integration at offline stores

Displaying social media likes an item garners on in-store screens is an excellent example of technology bridging offline and online user experiences. C&A introduced a display in its stores in Brazil that was a like counter for customers to go through.

8. Augmented & Virtual Shopping

Probably the best implementation of augmented reality in retail, augmented shopping allows consumers to experience a frill-free shopping. From allowing users to shop in virtual showrooms to augmenting their shopping environment, AR and VR offer retail consumers a taste of the future.

The retail chain John Lewis uses Augmented Reality to help customers find out what a piece of furniture would look like in their room, how they would look like in a particular makeup, and more.

9. Interactive digital mirror

Another great in-store technological innovation is fashion retailer Rebecca Minkoff’s Interactive Dressing Rooms. The store has mirrors that double as interactive displays. A registered customer can prepare the dressing room as per their wishes. They can order food & drinks, change the lighting and modify their clothing choices using the Minkoff app.

10. Machine Learning in Forecasting Demand

Artificial Intelligence and Data Science are playing a significant role in analyzing data in retail. ML models are now used for analyzing buying behavior, predict trends and make accurate market forecasts.

Technology is transforming retail, like nothing else before. As we move into the future, tech tools are already helping retail evolve into its futuristic version.

Author-Bio: Suhana is a passionate blogger and digital marketing enthusiast. Suhana Williams is one of the most talented assignment experts who also provide assignment help through Assignmenthelp.us. She enjoys the ever-evolving world of digital marketing and loves to share her opinion on every possible update with her audience. When not creating magic with her words, you can find her sky-diving or trekking in the most bizarre locations.