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Retail Business Review | Thursday, March 10, 2022
The field of retail technology is proliferating surrounding a wide array of tools that helps retailers to manage their operations.
Retail technology is a word for solutions that allow retailers to manage and optimise operations. These tools help retailers increase revenues, drive down costs, and advance vital metrics, enhancing customer satisfaction, decreasing returns, or increasing retail conversion rates. Billions of dollars are being invested in growing digital capabilities. The industry is expected to shift toward a focus on changing behaviour.
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Following are some of the major retail trends driving retail tech spending.
Brick-and-Mortar Is Not Dying
There’s a common misconception that brick-and-mortar stores are dying, but data shows that most retailers invest equally in e-commerce and in-store technology. While e-commerce provides convenience, brick-and-mortar stores offer experience. A physical presence carries confidence and financial stability.
The Increase of Automated Delivery Strategies Is Converting Stores into Warehouses
Retail is a viral trend in the industry. Many stores offer “click-and-collect,” allowing customers to place an order online and receive their purchases at a designated location. Vending machine applications have seen a rise in vending machine applications to use self-service retail store spaces. The progress in autonomous vehicles has left retailers excited about using this technology for goods delivery from stores to customers without human labour.
Using Beacons for Proximity Marketing and Analytics
With the increasing popularity of digital shopping, brick-and-mortar stores are putting effort into replicating the digital shopping experience; thus, they utilise beacon technology to transmit targeted sales, advertisements, and promotional information via their apps a customer enters the store.
Major Growth for Voice Assistants
With the quick increase in smartphone adoption, interact with voice assistants to manage day-to-day activities. Retail is no exception to this trend. The retailers collaborate with third parties like Alexa, Google Home, and Siri to stay in the game.
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