- From big data analytics to recommendation engines, know about all these latest tech trends and reach six figures in your business easily by incorporating them.
Advancements in technology are transforming the retail industry. Retail businesses are investing huge sums of money on automating various operations and developing sophisticated software with the help of professionals. Nowadays, several IT and mfg staffing agencies train people about the latest industry-related trends and apps. So, it is always better to hire knowledgeable personnel through agencies rather than relying on online portals.
So, here are few retail tech trends and insights that will effectively guide your business decisions and investments:
According to the Retail Tech Stack report, the majority of the retailers (about 51%) believe that information overload is becoming the new norm. They believe that this information overload is going to be the major driver of investments in technologies that enhance customer acquisitions and product management capabilities.
In many retail stores, we are already witnessing the integration of Virtual Reality and Augmented Reality technologies. These technologies enable the customers to virtually try the clothes on. Tilly’s is one brand that featured a scavenger hunt virtual show to help the customers choose clothes and accessories easily.
For rare products, these technologies can help to provide more information to the customers. Not only that, but they can also accurately pick the best-suited furniture for your home. In the future, we can expect customers to virtually share their shopping trip with their loved ones.
Big Data Analytics
With the introduction of the Internet and social media platforms, it has become very easy to reach your target audience and collect the desired information about them. However, analyzing this information has not been that easy.
Luckily, with the development of big data analytics, retailers can analyze this data effectively and use it to understand market trends and consumer behavior. Through this information, retailers can devise strategies to personalize the shopping experience for their customers and cut back on their unnecessary investments at the same time.
More Investment in Customer Acquisition
Because of intense competition, many retailers are investing heavily in various customer acquisition strategies and tools in 2020. These are the steps involved in this process:
- Attracting the audience to the website
- Convincing them to make a purchase
- Reengaging them to buy more products
- Satisfying customer requirements
According to the Retail Tech Stack report, retailers invest about 63% in social media marketing, 55% in marketing software, and 47% in affiliate marketing.
The latest tech technologies and advanced analytics enable retailers to accurately understand consumer behavior. Thus just like Google, retailers can understand their needs and suggest solutions/products to resolve their issues. These analytics can even help the retailers anticipate a customer’s need and develop the right product for him/her.
More Investment in Fraud Detection
Retailers are investing more and more on the order fulfillment process according to the Retail Tech Stack report. The top investments include online payments (62%), shipping option (55%) and fraud detection software (49%). These investments are helping retailers cut back on the unforeseen costs like order cancellation or fraudulent orders.
One of the most valued fraud detection technologies of 2020 is the face recognition software. It is enabling retailers to stay safe from unforeseen crimes such as shoplifting. So, this technology will only allow known customers to enter the shop. Not only that, through facial recognition, but retailers can also gain unique insights into customers’ preferences and needs.
Automated Stock Management
In the past, stock management has been a real matter of concern for most retailers. With new technologies, retailers can easily manage inventories. Robots and computers can manage the stock data in real-time. This also helps retailers to make product-related predictions for the future. This, in turn, helps in reducing waste, theft, and spoilage.
Managing customer support has required huge capital investments in the past. Nowadays, retailers can rely on chatbots to effectively manage customers’ queries. Through messages, chatbots will accurately respond to their concerns and also suggest their product/services according to their needs.
Just like Netflix and Amazon’s recommendation engines, retail’s recommendation engines can help customers choose the right products. Recommendation engines are powerful tech tools that make it easier for customers to find their desired products. Not only that, but they can also save each customer’s shopping behavior/purchased product information and use this data to facilitate their shopping the nest time.
Smart AI store assistants can help the customers find their desired products/ gadgets quickly. Not only that, but they can also answer their product related queries and provide them information on discounts and coupons via email. Lowebot is one such store assistant at Lowe’s.
While most of these technologies are too expensive to purchase right now, you can purchase some of them to gain maximum benefits. For-example you can incorporate big data analytics in your business and hire customer support experts with the help of IT and telecommunication staffing agencies instead of using Chat Bots, to take your retail store up a notch.