They say, “The only constant thing is change.” I don’t know how true this is, but I can tell you that this statement is as true as the gospel when retail is concerned. From shoppers’ needs to marketing channels and strategies, every area of retailing is changing. I mean, the internet is driving brick and mortar stores to a corner.
Just as with any other industry, technology is at the forefront of the change agents. As innovations come up, so does retail change.
Let’s look at some of the technology trends that will play huge parts in what retail becomes in a few years.
In reality, these trends have already started to affect the industry but we are yet to see the full extent of their effects.
The gaming industry is not the only one affected by augmented reality (AR) and virtual reality (VR). Store owners have started to use these technologies to take customer experience to another level. A customer can have a 3D view of a product without leaving his or her bedroom and make a decision based on the experience. This technology is one that will put a retailer above the competition.
Artificial intelligence is another emerging technology that will have a huge impact on retail in the coming years. As online shopping becomes more and more popular, the need for AI will even become more pronounced. We have seen the high-level functionality of AI in virtual personal assistants such as Siri and Alexa. It is not too much of a stretch to think in a little while these virtual assistants can anticipate our needs and make orders for us.
Chatbots are already pretty much in use in retail today and the influence is expected to increase over time. Chatbots are virtual assistants that help retailers communicate with their customers. Instead of waiting to talk with customer care agents, Chatbots can answer common product-related questions, while the more difficult questions will be handled by humans. This makes for more efficient customer service.
You should expect the use of robots in retail very soon. Amazon has started using this technology, as the company has over 100,000 robots helping in packing and shipping items. This makes work more convenient and reduces the cost of operation in the long run, especially for large scale operations.
You are probably asking yourself the question, “what can I do?” Not to worry, as it is not too late to join this trend. All you have to do is focus more on these new technological innovations and how to apply them to your business.
If you don’t have an in-house development team, a smart thing to do is outsource your solutions so you can focus solely on your day-to-day business. FYGI is an excellent choice for outsourcing your retail technology solutions. Our goal is to create trending technological solutions for your retail problems. By partnering with us, we will usher you into the next generation of retail-driven by technology. All you have to do is contact us today.
Played active roles in commercial start-ups since 2001. Co-Founded 3 companies. Enjoy to share and to make things happen.