Technology Trends In Retail-Technology is changing the way every industry does business by helping to create efficiencies, save money, and provide better products and services. Retail businesses are also adopting technology to their advantage. Here are 10 of the top tech trends that will transform shopping.
Virtual and augmented reality offer retailers several ways to enhance the customer experience. From browsing products to virtually “trying them on,” extended reality is already in use by many retailers today. Teen surf and sports clothing retailer Tilly’s offered its customers a back-to-school scavenger hunt experience that helped their customers explore different clothes and accessories. Extended reality can also provide additional information for customers when they are browsing for products such as the “Living Wine Labels” from Treasury Wines Estates. The IKEA Place ARKit app helps you determine if the furniture you want to purchase will fit and look good in your home. In the future, extended reality will eventually enable consumers to be able to share their virtual reality shopping experience with others.
Predictive Analytics (Big Data)
Retail organizations have never had an issue collecting lots of data, but analyzing it and using the data to solve problems or create new solutions has been a struggle. Predictive analytics changes that. Now retailers can be proactive about the future by analyzing consumer behavior and trends from the past. When retailers successfully analyze data, they are able to understand important information about consumer purchasing behavior, personalize the shopping experience, address a consumer’s needs based on where they are in the customer journey, improve efficiencies and reduce costs of supply chains and more. Predictive analytics helps retailers be smarter, more efficient, and reduce costs.
Think about how you use Google or your favorite search engine. You rely on finding what you need in the moment, whether that’s for a celebration, how to fix something or solve a problem like where to find a restaurant to satiate your hunger for Italian food. Retailers who can meet customers “in the moment” have a powerful advantage. Thanks to direct digital access to consumers and powerful analytics capabilities, businesses can capture moments and help customers during their moment of need and even anticipate what a customer might need before they even know it.