The IoT, AI, and VR are just some of the technologies driving the retail industry. Retailers that invest in new technology are reaping the rewards in terms of gaining access to customer wants and needs, understanding buying patterns and creating more loyal customers.
Trends that Shape the Future of Retail
The world of retail has experienced profound changes in recent years. Trends such as the proliferation of e-commerce and omnichannel retail and marketing have brought unprecedented convenience, and consumer demands have pushed brick-and-mortar retailers to adapt to this new landscape. As competition intensifies in this industry, retailers are turning to technology to provide enhanced customer experience.
Artificial intelligence (AI), for instance, is bringing hyper-personalisation to retail by analysing big data and providing retailers with amazing insight into the behaviour and preferences of their customers. AI chatbots enable companies to offer 24/7 customer service, and developments such as the ubiquity of smartphones have also affected this sector, with mobile payment becoming increasingly popular worldwide.
Retailers are also turning to immersive technologies such as AR and VR to provide customers with unique experiences and allow them to try products in a virtual setting. And the Internet of Things (IoT) helps customers to easily find products in-store and allows retailers to send personalised offers directly to their smartphones. Robots will also have a significant impact on retail in the future, with warehouse robots speeding up packaging and delivery and social robots helping customers in-store.
These and other innovative technologies will shape the future of retail, and we’re excited to be a part of it. Prepare for a world of hyper-personalisation, enhanced convenience, and super-fast delivery.