Innovations in business operations, customer service, and artificial intelligence are paving the way to immensely improve the retail industry from the inside out. Traditional methods are fading away and being replaced with more seamless approaches to managing shops and all-around customer experience. These are exciting times indeed, and it’s highly beneficial for both retailers and consumers. Here’s to Retail 2020..
So what are the innovations that are changing the retail landscape? Lifelong Learners show us how these five innovations are making its way to a store near you.
Stores will behave more like websites, and websites more like stores
Retailers are making the most out of their omnichannels to make the shopping experience more seamless. This also results to maximising profits in all opportunities in the market. Get into a store, and you’ll find tools and apps that will help you browse through products easier. Websites will also make it easier for you to pick up items in store, or have certain features which will be like entering a store at the comfort of your own home.
Remember those town-famous mom and pop shops where the owners know you for years and know exactly what you want to purchase? For big retailers or stores in high traffic areas, this might be impossible. Devora Rogers, VP of Account Management at Murphy Research, says that it is possible through data. Analyzing data can help retailers understand customer behavior in order to provide better product and service. Facial recognition can also help businesses know more about their customer’s mood at the moment. Processing immense market data to create better solutions will put the retail shopping experience to a whole new level.
Artificial intelligence may disrupt the job market, but it will propel industries to generate more jobs that expand the human potential. Robot Assistants will be the lifesavers when it comes to laborious tasks in all business operations. People can automatically check product prices, know more about the product, and track spending with the help of AI. Businesses can track consumer habits, increase productivity, and make operations easier with AI innovations.
Imagine looking at a mirror and it will be your virtual reality tool to know what looks good on you and how you can mix and match. Smart Mirrors, such as the ones at Oak Labs fitting rooms have smart displays that can be your virtual changing room. It helps shoppers easily decide on what items to buy, and also help retailers know more about customer expectations.
It may sound like you’re shoplifting, but shopping at your local grocery store can be as easy (and also legal) as getting your item and leaving without the need for checkout. Amazon is already doing this, with supermarkets where you purchase your items on a mobile app and pick the item up in-store. No more queues, checkouts, or hassles. Impatiently waiting to have your turn in the checkout counter while wondering if the other line is faster can now be a thing of the past.
Retail, and the technological advancements pushing its boundaries, continue to evolve. More and more discoveries are being made and innovations developed each day. We can be at the forefront of it in order to evolve with the changing trends.
Join us at the New Retail ’19 this coming February 2019 for an all-around access to cutting-edge developments in the industry. This three-day programme involves Retail Expansion, Retail Fulfilment and Retail Leaders that will take you by the hand into an investigation of the future in retail. Book your seats now or partner with us here.