Digital Transformation is now affecting every aspect of human life, but the retail sector is experiencing a rapid change at the moment. Retail is more about the human behaviour of interaction and the consumption of life which makes it an exciting space for technological innovations. We have been going through a rapid phase of digitization, and now the retailers are looking for the next revolution in technology.
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Some of the emerging technologies that could evolve the retail industry in 2019 are
The global economy is entering into a complex and demanding domain with constant changes. Retailers are facing a herculean candidacy with clients demanding faster and definite processes, superior quality and lower pricing. Consequently, the quantum of data stored is at record high, as retailers initiate huge volumes of data from multiple customer touch points across different channels.
Big Data Analytics is the next imminent step in the advancement of the retailers in benefitting from slightest of details from data in making flawless decisions. Granular level data incorporates obscure data from websites, social media, sensors, devices or third parties.
By using Big Data, retailers can manage a store by assessing demand, managing stock, dealing the existing customer needs and simultaneously bringing in new clients. Retailers can make smart business decisions using advanced analytics technique on the kind of data obtained. It is a bare fact that Big Data will overpower the retail industry by generating income streams and customer interaction.
Internet of Things (IoT) technology is gaining a strong foothold in the retail industry. IoT describes the machine-to-machine connectivity, where hardware devices and sensors interact with each other and allows these devices to communicate, analyse and share data about the physical world around us via networks and cloud-based software platforms. The IoT is driving smart ideas and fresh opportunities in the retail industry by connecting each and every product, consumer and activity into the digital era.
Retail Market application uses the IoT in advertising & marketing, resource management , digital signage, supply chain management, smart vending machines, intelligent payment solutions, smart shelves & smart doors, real time or streaming analysis, and safety & security.
IoT will benefit the retail industry to unleash a much deeper level of insight about the growing businesses. Finally, IoT will be the tool that will bridge the gap between the physical and digital worlds as it provides the potential to obscure and use data in stores.
Reports predict that by 2020, 85% of the retailers will adapt IoT to transform their business. Shopping will be at the tip of the fingers with the blend of IoT, mobile and digital technology. It is getting around the corner where consumers can simply enter the store, tour around, take the products they want and just go without any hassles of queues and billing.
Artificial Intelligence is no longer a technology of the future – it will revolutionize retail at its core. AI will provide the retailers to retrieve powerful data insights even before they are available to them, through the use of advanced analytics, machine learning and cognitive interfaces in complex systems. AI will bridge the gap from intuition to action thus helping the retailers make faster business decisions in marketing, e-commerce and product management.
AI can predict a customer’s shopping pattern based on their previous purchases and can automatically alert the buyer to restore the regularly purchased items at the right time, thereby making their shopping experience more fruitful and efficient. With AI, world’s largest store is in every pocket.
Retail businesses can progress a lot using the AI technologies. AI helps in retrieving valuable insights which can be used to improve the inventory turnover, optimization of stock, prediction of future revenue and a lot more.
Augmented Reality (AR) technology is an interesting advancement in the retail sector. It is an interactive reality based display with the help of computer generated visuals, text, audio and effects to enhance the user’s real world experience. AR technology has been going around for a while but it will get even more sophisticated in the retail sector by 2019.
The AR provides try-and-buy experiences for shoppers. Customers can virtually try on clothing and footwear, preview products, and personalize products they want to buy and so forth from how they’ll look in a pair of jeans to how a particular shade of paint will look in their kitchen. Very soon we can also have lot of fashion stores with no clothes at all.
Augmented Reality offers a host of technology solutions to the retail sector to make the customer experience both versatile and virtual. It removes the barrier between physical and the digital spaces and supplements reality with engaging sensory experiences. Bringing together AR and Virtual Reality(VR) will bring a change to the existing shopping culture. Augmented Reality apps are also making a foray into retail, transferring the shopping experience onto mobile devices and tablets.
Personalization, localization and customisation will become a necessity in retail. Retailers will use data and AI to provide the customers with exuberant and satisfied shopping experience both online and in store while IoT and AR will bridge the gap between the physical and digital environment.
Mobile will become a mandatory tool in retail, both online and in the store. The evolution of technology will give retailers a competitive edge to stay ahead and for consumers it is comfort, fun and experience.
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