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Retail Business Review | Thursday, March 24, 2022
E-commerce capitalized on consumers' desire for convenience, but its rise has induced a plague on brick and mortar stores. To stay open and competitive, they must revolutionize the way they operate. Some of the capable technologies that can influence the retail business are as follows:
Augmented Reality (AR) transforms the browsing experience of a customer at a retail unit, enabling the customer to catalog and compare numerous products or even see products in action that were previously implausible.
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The most substantial effect would be in the clothing sector, where smart mirrors, headsets, and other AR technologies could change the way shoppers consider their choices. AR videos could, for example, demonstrate how a product unit on display could work in real life.
Previously being implemented by retail giants, the scan-and-go cashless check-out model could quickly catch on to speed up and streamline the retail experience. In addition, with technologies like chatbots and remote voice operation, store clerks could be obsolete and integrate customer support into the customer experience.
Retailers can efficiently monitor customer needs and preferences using analytics and environmental monitoring. The time spent in various sections in a store, for example, or customer preferences and developing trends, can be tracked using AI and intense learning.
Efficient delivery systems compensate for the drop with a significant reduction in footfall in retail stores. While still in the earlier stage of development, drones could quickly find mainstream acceptance.
Stock availability, Inventory tracking, shipping details, and orders are moving to the cloud. With cloud computing, retailers can cut the expense of software development and process data at a much quicker rate.
Facial recognition technology can also support retailers in better recognizing customer preferences. It will track where customers gravitate within stores, decide customer demographics, and prevent theft. By monitoring where most customers early go to shops, business leaders can plan a store layout for their clientele.
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