Tech Trends That Are Shaping the Future of Retail

As technology continues to develop, the retail industry has continued to adapt. Many business organizations are now incorporating the latest trends in technology to collaborate across multiple teams and to give the customer a personalized service. Many other companies are also investing in real-time capabilities to enhance consumer brand experience. A recent survey that was carried out by JDA concluded that digitization was a high priority for most of the big corporations and small enterprises. The study also suggested that 70% of the executives in these organizations were planning to increase their budgetary allocations in the coming year and months. Another study indicated that firms that are investing in technology would see a significant increase in their market share and will be able to build a loyal clientele. Consequently, such organizations will have a higher volume of sales, wider profit margins and a good return on investments. In this article, we are going to discuss the digital trends that are going to shape the future of the retail industry.

In-store mobile experience

According to a report that was released by Deloitte, 90% of customers are now using mobile devices such as tablets and smartphones in the shopping process. Another report by Think with Google has concluded that most consumers are now using their mobile devices as an in-store adviser on the shopping experience and research. The study also suggested that 80% of consumers research a product using their mobile devices before they can purchase the product. Another 25% of the respondents also said that they had declined to buy the product while they were in line in the store. This was after doing some research using their tablet or smartphone. Google has also suggested that over 45% of the regular web browsers have migrated from the traditional desktop to mobile gadgets. Progressive business organizations are now optimizing the websites for mobile use. This is to allow most prospective consumers to check out on their site.

Personalization of the shopping experience

Regardless of the technology that has been incorporated into the business operations of any company, the primary objective is to come up with more personalized consumer experience. The advancement of technology and its applications to business has been focused on an improved consumer brand experience. For instance, the customer relationship management (CRM) has become an essential tool for the collection of vital information regarding the tastes and preferences of the consumer. CRM records the interaction between the consumer and the business throughout their relationship. The data collected is stored for future use. With such data, organizations can have a more informed decision-making process.

Artificial intelligence and machine learning

AI and machine learning have been around for a while now. Progressive business owners and managers have incorporated AI systems in their operations. This enables machines to have cognitive ability, reason and make decisions like human beings. With the help of machine learning models, companies can identify patterns in consumer behavior and predict what will be the next big thing in the industry. AI has also given rise to chatbots. Chatbots communicate with the customer via the business website without the need for any form of human input.