Digital transformations have revamped the working of the sectors unimaginably. Technological advancement has intensified the competition among enterprises, transformed business models and eliminated geographical barriers.
The retail industry has witnessed phenomenal changes due to technology evolution. The rise of e-Commerce platforms is forcing traditional retailers to modify their strategies and explore new forms of consumer engagement. Therefore, the retailers are adopting innovative technologies to blur the difference between the offline and online worlds.
Technologies that is essential for the Retail World
1. Internet of Things: With so many connected products making their way in the market, retailers can collect large data and actionable insights regarding customers’ product usage and preferences. It enables the marketer to provide a personalized experience to the retailer at every phase of the buyer journey.
2. Artificial Intelligence: The technology that is most likely to reshape the retail landscape is AI as the data is collected from the customers themselves. Virtual assistants and robots present inside the offline store also help in making recommendations which further adds value to the customer. Also, voice searches like Siri, Alexa and Chatbots are adding on to the customer experience.
3. Augmented Reality: AR is being increasingly used by stores and is expected to get even better in 2019. As AR technology matures, retailers will be more driven towards this technology. For instance, retailers are using this technology in the dressing room to provide a seamless experience to its users and are adopted by many beauty brands to help customers select the right products for them.
4. Big Data: Big data is continuously growing and assisting in decision-making. Progressive retailers are searching for new ways to leverage big data analytics to enhance every aspect of business- sales, marketing, and customer service and retail operations. Big data also helps retailers in predictions concerning the demand for a product, customize shopper experience and streamline supply chain.
5. Blockchain: The potentials of blockchain in reducing operating costs are a significant attraction for retailers. This technology can reinvent crucial business functions as it brings with it the trust factor and security in retail roles spanning across supply chain management, accounting and audit, and related account management process.
Retailers are striving hard to create unparallel, immersive customer-centric experiences in offline stores, enabling brick-and-mortar to compete with online markets. Winning here refers to adopting the strengths of both the markets and creating the best product for both the worlds.