Technology in the Retail Industry

22. August 2019

The retail industry is one of the fastest-growing industry today with projected sales reaching about $28 trillion in 2020. A sharp increase from $21 trillion in 2015. Retail has grown from just being garage startups a few decades ago to becoming a major contributor to the world economy today.
Just as with any fast-growing industry around today, the growth can somehow be attributed to the infiltration of technology. It is quite unlikely that you will succeed in this highly competitive industry without engaging in new technology trends.

Why do you need to introduce technology to your retail business?

Let’s take a look at how some brands have been able to successfully increase their business through technology.

Nike’s Speed Shop

I’m sure you haven’t forgotten about Nike House of Innovation 000, a flagship store that Nike opened to take customer experience to a whole new level. The store had various instant checkout points as well as customization studios. The “Speed Shop” is the ultimate attraction, which allows customers to make shoe reservations online and then try the shoes on in-store.

Customized could unlock their customized lockers with their smartphones and then checkout easily without any need to interact with any single person. Pretty cool right?

Audi’s VR Showroom

Since VR became a thing in our society, it has found various uses and Audi took advantage of this technology. Their VR showroom allowed customers to configure their dream car and explore the interior and exterior in realistic detail.

With this technology, customers can have a more immersive and dynamic experience when making their purchase instead of checking out boring videos on a tab.

Kroger’s digital price tags

Another introduction of technology into the retail industry that gained popularity is Kroger Edge. The tech introduced by Kroger to their stores digitally displays information and pricing of their goods. This technology also has an overall effect on energy cost, as it allows them to reduce overhead lighting in their stores.

What should you do?

Well, no one expects you to come up with VR showrooms like Audi or a speed shop like Nike. However, the popularity of technologies like the Internet of Things, Artificial intelligence, and so on, has created space even for businesses with humble resources. There is a huge potential in the retail industry even for small and medium-sized business.

All you have to do is know the right thing to do for your business. This is where a technology company like FYGI comes in. FYGI is a digital technology company that generates ideas and proffers technological solutions for retail businesses.
If you are looking to improve your brand identity and increase your retail business size using technology, all you have to do is contact us today, and we will create a technology-focused solution for your business.

Written by Espen Lippert

Played active roles in commercial start-ups since 2001. Co-Founded 3 companies. Enjoy to share and to make things happen.