Game-changing technologies for Retail.

Currently, we live in an increasingly interconnected, fast-paced, and data-driven world. What makes successful retail brands unique from those that fail?

The online retail industry is booming. Consumer choice has expanded enormously as retailers compete to engage their customers through digital channels and platforms.

Here are the forces shaping the future of the retail industry:

• Accelerated disruption.
• Consumer choice.
• Supply chain resiliency.
• Data security and privacy.
• The sustainability imperative.
• Data prowess.

How is technology a game-changer?

Keep an eye on the below major trends with examples that are challenging the future of retail:

1. Extended reality. 

Personalised purchase experiences can be created using XR platforms, which enhance conversion rates and reduce return rates. Virtual experiences are being enhanced by smartphones that can integrate augmented reality, artificial intelligence, and 5G technology. Thus, XR is also likely to bring about revolutionary changes in the field of virtual conferencing, product design, e-commerce, as well as the entertainment industry.  

Some businesses today integrate the visitor's mobile phone into their retail operations, acting as a remote control and allowing them to interact with the latest shopping technologies, such as augmented reality and machine learning, and experience exciting concepts such as virtual try-ons, purposeful shopping, and personalising physical spaces.

2. Geofencing. 

By leveraging the location of devices connected to the internet, businesses can target customers with personalised offers/discounts and messages, as geofencing has the potential to create an omnichannel digital marketing experience with customised ads designed around customers, to gain knowledge of consumers’ activities and behaviours that help drive foot traffic and sales.

3. Conversational systems.

The capability of Conversational Systems to provide instant and round-the-clock replies has the potential to revolutionise how companies engage with their clients. Consequently, in the future, these systems should become more efficient and be able to modify sales processes by recognising prospective customers and giving individualised recommendations.

4. Programmatic advertising.

This technology is transforming customer data platforms and customer relationship management. By employing algorithms and Artificial Intelligence, Programmatic Advertising will permit companies to access advertising space on multiple websites at the same time. It is envisioned that this software will eventually include identity resolutions that do not depend on third-party cookies in order to ascertain online user profiles.

5. Unmanned deliveries.

A substantial rise in e-commerce and expanding consumer anticipation of effortless final-mile delivery will create a path for unmanned deliveries. This technology will be utilised in intralogistics to improve manufacturing processes and internal distribution. More industries will invest in the evolution and implementation of this technology.

Related influential technologies for retail:

• 3D Printing. 
• Affective computing. 
• AI Avatars. 
• AI for everybody. 
• Conversational system. 
• Distributed cloud. 
• Distributed ledger technology. 
• Edge computing. 
• Extended reality. 
• Eye-tracking technology. 
• Facial recognition and biometrics. 
• Fintech.
• Geofencing. 
• Internet of behaviour and internet of thinking. 
• Machine learning & low-code platforms. 
•  No-touch payments. 
• Programmatic advertising. 
• Smart clothing technology. 
• Unified communications services. 

Why does your strategic plan need to start with modern technology?

The exposed technology trends help your business better connect the dots between these drivers of change, gaining a strategic advantage and anticipating opportunities. Let’s dive in with a couple of examples: 

1. If a customer wants to acquire further information regarding an item that is suitable for them, they can use their device to scan the food, apparel, or beauty product they are considering, in order to get a complete breakdown of allergens, components, and traceability. Many big brands are preparing for the possible revival of AR glasses or phone applications in the coming year, which will reshape the store experience, further fusing the digital commerce world with the physical one.

2. Another great example is that retailers will be able more easily and quickly interact with customers by making use of texting and video calling features to directly contact an associate requesting a new item. The associate can then pull up that customer’s entire virtual closet and suggest, say, shoes or a shirt that will match what they have. The associate sends a link, and the customer clicks and purchases.

Understanding your customer can pump profits. Figure out the best technology strategy for your business and improve.

Take trends & technologies to opportunities with Logixal, an award-winning technology partner offering exceptional IT systems, services, and support for retailers.

Take advantage of the most decisive way to easily enable cloud technologies without on-site hardware or database management. We've delivered effective SaaS solutions for businesses of every size with a comprehensive suite of technologies that are designed to fast-track business efficiencies. Plus, their easy-to-use features mean your team can use them to benefit your business almost instantly. 

If you like this post and need professional help scaling your SaaS and unified communications solutions, then do get in touch. 

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