Thu. Nov 26th, 2020
Retail Technology Trends

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.

retail IT spending forecast technology gartner Gartner (Source)

To compete, retailers should reimagine how they can use new technology to create value for their customers through store experiences—whether online, mobile, or physical retail. Executed well, these experiences will connect with the customer more effectively.

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.

shopping technologies shopping experienceNational Retail Federation (Source)

This is evidence enough to prove that you should be actively seeking out new, advanced retail technologies. Below we’ll look at two retail technology trends that have been making waves in the industry, how companies are using the technologies, and how you can optimize them for your business.

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.

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Article Credit: Software Advice

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