Retail Technology Trends-“The only constant in retail is change,” goes the saying. New retail models are surfacing from emerging technologies to engage a generation of discerning shoppers, in turn transforming the retail industry.
Already we’re seeing how advanced retail technology has pushed retailers to use artificial intelligence and machine-learning tools to adapt to today’s retail market.
According to Gartner, worldwide retail technology spending will increase 3.6% to $210.9 billion in 2020.
Why you should invest in retail technology
More than three out of five consumers say retail technologies have improved their shopping experiences, according to a survey by the National Retail Federation. Eight in 10 say they’ve had better interactions as a result of these technology investments.
Buy online, pickup in-Store (BOPIS)
The practice of offering the “buy online, pick up in-store” deliver option isn’t new to retail, but as shoppers become more comfortable buying online, retailers have continued to strengthen their BOPIS offerings.
Example of how Petco uses BOPIS through technology
The company rolled out its BOPIS service in about 1,500 stores nationwide through Yantrik’s personalized fulfillment platform in late 2018.