Technology Trends In Retail Industry
The retail industry is one of the fastest-growing industries across the globe. Over the last few years, it has gone through a tremendous change and adopted various new technologies.
Global retailers have adopted the trends keeping in mind consumer behavior and their expectations. However, some retailers are looking for the best trends to implement for their stores.
But, when they search online for retail trends, they come across a variety of trends and get confused to choose the best one for their stores.
We at GuruTechnolabs, have been developing websites and apps for the retail industry for a long time; hence, we are familiar with what works well in the industry.
Therefore, in this blog, we will walk you through some of the best trends in retail industry, which all the retail business owners can apply to their business and take it to the next level.
- Augmented reality to improve the retail store experience
- Use of point of sale mobility in retail stores
- Launch into Emerging Markets and form new channels
- Location-based services in the retail industry
- IoT services
- Voice Commerce
- Use of Blockchain to improve your retail business
- Provide omnichannel retail experience
- Data Science will change the retail industry
- Product Customization
- Improving Delivery Experience
- Contactless Payments
- Enhanced security in your retail store
So, let’s have a look at each of them in detail:
Augmented reality to improve the retail store experience
Augmented reality or AR has revolutionized the online retail buying experience. It allows customers to experience real-life shopping in the virtual world.
Many retailers are using augmented reality in their retail app to improve the shopping experience of their customers resulting in improving repeat buyer numbers significantly.
Here, retailers use augmented reality to help the customer’ try the product to see how it will look on them. For example, an individual can choose different make-ups and use them on a virtual portrait to see how different shades will look in real life.
Lately, brands like American Apparel & Uniqlo started offering virtual showrooms and fitting rooms to enable users to test items in virtual spaces.
Use of point of sale mobility in retail stores
If you are running a retail store and wish to provide more services to your customers, then the point of sale or POS would be an excellent addition to your existing retail store. POS has many advantages that allow the retail owners to not only provide enhanced services to their customers but also improve their ROI considerably.
Earlier, the integration of POS in retail business meant a massive investment in the hardware. However, with the help of advanced cloud computing, the system can be developed at a very competitive cost.
During the Covid-19 Pandemic, a vast number of businesses worldwide have started offering POS services to the customers.
Launch into Emerging Markets and form new channels
One of the growing trends in the retail industry is to launch services in fresh markets and channels. The latest technological evolution has made it possible for retailers to provide their services/products in regions that were not possible before.
In order to expand to more countries, retailers have to make and implement a strategic digital marketing strategy. Moreover, as per one research of Oberlo, there will be more than 2.14 online shoppers.
Also, various retailers across the globe have started expanding their operations in new countries, and in the future, we will expect more & more to come forward.
Location-based services in the retail industry
The usage of Geolocation services is increasing the retail industry year on year. A vast number of small, medium-scale, and big retail store owners have implemented geolocation services to target more users and increase sales.
If you have an off-line store and want to connect with your customers in a more personalized way, then we suggest that you invest in retail app development with geolocation services.
Moreover, location-based services are vital if you want to provide some extra information to your customers when they are near your brick and mortar store.
Some of the advantages of using geolocation services can help your retail business grow as follows:
- Geolocation services will help you a great deal in real-time marketing. You can offer your services to the customers when they are looking for it. This way, you can improve your conversion rate spectacularly by informing them about any new product, discount, services, or news that they can get from your retail store.
- Geolocation also allows you to collect data about how many people have come to a particular area. And how many among them have made use of the discount your company has offered them through the app. This will give you an idea of what new strategy you must adapt to improve your sales.
IoT is the next big thing that is going to happen in the retail industry. IoT allows you to control several home appliances like the air-conditioner, televisions, room heater, lights, fans, and so on remotely through an app.
If your retail online site/app sells white goods, then you should explore the possibility of providing your customers with some enhanced experience by incorporating IoT services in your mobile app itself to control various household appliances through their sensors.
With the advent of virtual assistants such as Amazon Alexa, Google Home Assistant, Microsoft Cortana, etc. we don’t have to open a particular app or browser, we can use our voice, and these apps decrypt our voice and provide relevant results.
Moreover, with each passing year, the craze for smart speakers is increasing. As per Statista, the market revenue of smart speakers is anticipated to reach 35.5 billion by 2025.
In the retail industry, Voice search apps help to increase sales through voice recognition technology. This is also referred to as voice commerce. By integrating voice-enabled technology, retailers can increase the sales of their retail store.
For instance, 7-Eleven Inc, an American international chain of convenience stores has lately integrated the voice search feature in their app 7NOW delivery app.
A user can open this app through a smart assistant app like Alexa, place an order and get products delivered at home.
Use of Blockchain to improve your retail business
Blockchain is one of the leading retail trends. It will change the scenario of the retail sector.
Blockchain technology will be very much useful in various things like enhancing customer loyalty, improving supply chain transparency, protecting customer privacy, improving logistics, providing more payment options, etc.
By implementing blockchain technology in their store, retail businesses can achieve new heights.
Provide omnichannel retail experience
One of the highly essential trends in the retail industry is the omnichannel experience. As per one research, an average shopper owns 3.64 connected devices and checks a product on all of these devices before buying it.
This indicates that customers have a wide gamut of channels through which they can buy a product online. Therefore, as a retail store owner, if you want to target this segment of users successfully, then you need to provide them with the omnichannel buying experience.
The omnichannel experience can include selling through the kiosk, online retail, and call centers.
Out of which, your mobile app can become an integral part of your omnichannel marketing strategy wherein you can use the mobile app to reach out to our large audience.
Data Science will change the retail industry
The latest data science technologies and machine learning have a great impact on the retail industry and have assisted in offering personalization services.
In other words, data science and machine learning provide recommendation engines that show users their desired product before they even search for.
Various eCommerce giants across the globe such as Amazon, eBay, Alibaba Group, etc. are using these technologies to enhance the overall user experience.
Moreover, data science offers many advantages to the retail industry, such as risk management, better performance, improved brand awareness, etc.
A product that is unique and made to fulfill the needs of a person is considered a classic symbol of luxury.
A vast number of brick & mortar stores across the world are offering a vast number of options for customizing the product to the customers, which includes alphabets to sketch arts to embroidery styles.
Customization enables shoppers to buy a product/item personalized based on their demands and style.
An example of this can be Levi’s, as it provides tailor-made embroidery on jeans and denim jackets.
Improving Delivery Experience
Talking about online shopping, the expectations of customers are increasing. They want instant gratification. For instance, users were previously fine with 2-day delivery from Amazon; however, they want their product the same day.
Also, nowadays, people want to know the exact details of their product right from when it is shipped to when it will arrive at the destination.
Due to this reason, retailers should look forward to improving the delivery experience.
Contactless payments have been introduced into the market for a long time; however, retail stores around the world have adopted them lately.
Moreover, due to the Covid-19 pandemic, there is an upsurge in contactless payments because people don’t like to make contact while paying for particular products.
Hence, in the 21st century, all the retail stores that haven’t yet implemented contactless payment should integrate it as soon as possible.
By doing this, retail store owners would be able to attract as well as retain more users.
Enhanced security in your retail store
Data security is one of the most important trends in retail if you own a mobile app for your store.
You have to ensure that all the data related to your customers like their geographical location, their profile, their buying pattern, and their banking information are kept safe and secure.
Data breaches are one of the most critical elements that any customer worries about. If you can convince them about the tight data security procedure you follow, then their loyalty towards your E retail business will grow, and you will be able to retain them and get their repeat orders.
To improve security, you need to integrate a system that enables clients to enter hard to break passwords that include numbers, upper and lowercase alphabets, and special characters.
Make use of SSL encryption to secure your online app from any prying eyes.
Here we conclude our list of best retail industry trends that will grow in the next decade.
So, if you want to enhance customer experience, improve retail store sales, simplify internal operations, etc. for your retail store, then you should consider these trends.
One of the best strategies is to develop a mobile app for your store and integrate these trends into it. However, if you already possess a mobile app, then you should integrate these trends, as they will be beneficial to you in the long run.
Choose the best trends and then reach out to a software development company. We at GuruTechnoLabs have a team of designers and developers who can provide you with the best solution for your retail store.
You are welcome to share your requirements, and we would be happy to help you.