5 Technology Trends To Watch in Retail Business
As new technology trends emerge, the wisest decision for any business is to keep up and adapt.
To stay competitive, traditional retailers need to consider how adopting digital technology can improve the in-store customer experience.
In this article, XIMIVOGUE discusses five retail technology trends you should consider incorporating into your retail operations and explains how they can improve your business.
1. Use a retail inventory control system
By using a retail inventory control system, retail stores can save money by avoiding product shortages and overstocks, while achieving balance in inventory levels. As a result, they can save more money and can use this money to fund the development of profitable businesses.
An inventory control system can also make tracking your inventory across multiple locations much simpler if you have multiple distribution centers or locations that store an item.
2. In-store customer behavioral analytics
Collecting in-store customer behavior analytics involves collecting information about customer behavior during their store visits. Analytics includes noting things like the number of visits per hour of the day, the number of new and returning customers, and the impact of different ads on customer visits.
Retailers can benefit greatly from behavioral analytics, which tracks customers' past searches and purchases as well as their interactions with customer service representatives.
3. Touch-free checkout
Thanks to innovations in artificial intelligence and Internet of Things technology, touch-free checkout is more advanced than ever. It meets today's customer preferences while also speeding up in-store operations.
The technology uses an app and sensors to scan each item picked up by a customer. After completing their purchase, customers can leave the store knowing that their credit card will be automatically charged. There's no need to wait in line or ask cashiers to touch customers' products, ensuring a cleaner, more convenient retail experience.
4. Scan QR codes to provide an interactive experience
Instead of just scanning a QR code to get standard information, this also means providing a more interactive experience by sending specific and relevant information back to the scanner.
For example, customers who scan a QR code can receive personalized product recommendations based on their last interaction with the retail brand.
Or, when customers scan a coupon QR code on their smartphone, they'll be taken directly to your newsletter signup page. You get their email address and the customer gets a coupon to use at the store. It's a win-win for everyone involved.
Speed, efficiency, and agility have long been associated with business success.
AI and AR are expected to take the digital space by storm and fortunately for business owners, their benefits will be far-reaching in the retail sector.
For example, AI can provide immediate support to customers, directing them to the exact location of a product in the store while also suggesting related items that consumers may be interested in. AR can help customers more easily see the products they are considering buying and extend the time they interact with a particular product.