Technology trends that are transforming the retail industry

20 May 2022 By

When talking about technology and retail, E-commerce is generally the first and only thing that comes to mind. But at present, technology has advanced far beyond imagination — giving rise to tech trends that are making waves in the retail industry.

Two years ago, the retail industry took a major hit as a result of the pandemic, leaving businesses to scramble for new avenues that would allow them to continue driving sales. This was when tech masters came up with innovative solutions—that are now technology trends— to help retail businesses improve their systems, so that they could keep operating efficiently.

Here is a closer look at some of these technology trends that are currently revolutionizing the retail industry.

TECHNOLOGY TRENDS

  1. Point-of-Sale (POS) system

POS systems are advancing — and this shift in technology is providing businesses with greater flexibility, control, and intelligence like never before. From automating and streamlining the checkout process to tracking sales and inventory (both online & brick-and-mortar), the new POS system allows businesses to keep all reports and transactions in one place — ensuring that your business runs smoothly.

  1. Augmented Reality (AR) shopping

This innovative tool can level up your customers’ shopping experiences by enabling them to try out products virtually before buying them — that is, they would be able to see exactly how a certain outfit would look on them (without actually trying it on) — or if whether or not a certain piece of furniture would suit their home or office space. So, regardless of whether your customers are shopping online or offline, AR not only gives your customers an immersive and interactive experience, but also reduces the customer journey, and increases store conversions.

  1. Artificial Intelligence (AI)

Artificial intelligence can benefit the retail industry in several aspects such as inventory management, consumer behavior analysis, and demand forecasting.

  • Inventory management is the most significant discipline in retail that is known to require a massive amount of labor — but not anymore with AI saving the day!

A good example of inventory management powered by AI would be the “Amazon Go Grocery” model stores. The network of cameras and sensors in the store detect when a consumer takes a product off the shelf and places it into their cart. Then just as the customer exits the store, their credit card is charged for the items they bought — your inventory tracking, sorted.

  • Consumer behavior analysis – AIcan track the interests of your consumers by providing analytical data on what they are spending on — giving businesses an idea of what to keep on their shelves and how better to market these products to their target audience.
  • Demand forecasting by AI, leads to a more sustainable production and consumption of items — that is, if demand can be predicted accurately — which is what AI does — businesses can ensure that items are produced in accordance with the needs of their consumers.
  1. Robots

Robots have emerged in the retail world, and they are well on their way to turning into real retail disruptors. By taking over services like autonomous delivery, customer service, inventory management, and voice commerce, businesses are delighted with the way they can help cut costs while maintaining the highest quality of service, and allowing their employees to focus on work of higher value.

Technology has advanced enormously to aid the retail industry in a multitude of effective ways — all of which are quickly gathering momentum. So, while you should definitely hop on board as a retailer, it is also crucial that you choose the systems that is most suitable to your retail business —  so that your business operates smoothly and doesn’t get left behind.

All the best! We’re rooting for you!

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