Technology that will Revolutionize the Retail Industry in 2019

Retail Industry experiences a paradigm shift with technology that retailers must keep an eye on to meet the growing customer expectations.
Gone are the days when streets were crammed with small retail stores, with people overflowing and chasing their preferences across stores. While the consumers face issues with this brick-and-mortar shopping, they look for a better option that completes the task of shopping in the blink of an eye. In that way, online shopping serves better where consumers shop on their gadgets with just a click of a button instead of taking a trip down to the shopping mall. The advancements in the digital channels are leading to this explosive growth of online shopping. This shift attracts consumers a lot more than the traditional methods, and the retailers must adapt to the transformation to keep in pace with their consumers’ expectations. Here are some technology trends that retailers should keep an eye on to gain the competitive edge.
Check This Out: Top Retail Tech Companies
E-commerce
In a world, where consumers find it challenging to allocate time for shopping in their busy schedules, e-commerce is known to be a bandwagon in the retail industry. It allows consumers to buy products over the internet where they can find their interested products by visiting a website. In an online platform, consumers are given enormous discounts compared to retail stores along with facilities like cash-on-delivery that attracts huge consumers towards online marketing. Retail e-commerce has the provision for writing reviews, a way to analyze the product quality while helping others make decisions. Also, consumers can see product specifications, making people more aware of products while comparing it with other alternatives.
IoT
Interestingly, IoT connects over 11 billion everyday products like TVs, home speakers, and other home appliances to the internet, enabling the retailers to obtain hoards of data about the consumers’ preferences. This allows them to send relevant messages to their consumers, thereby promoting their product. For example, Beacons, introduced by Apple in 2013, are small Bluetooth devices that send recommendations such as discounts and other reminders for buyers based on location proximity. With IoT, it is possible to track products that a customer has been looking for and send personalized discounts to their smartphones when the customer is passing by that product at a physical store. Another important application of IoT is smart shelves. It gives the ability to shopkeepers to detect potential theft along with product information like if they are running low or are incorrectly placed in the racks.

Retail CIO Outlook

Retailers are increasingly recognizing that what has made them successful historically — getting the right product in the right place for the right price — is now the bare minimum.

Comments

Post a Comment

Popular posts from this blog

Strategies To Build Long-Lasting Relationships With Customers

Image
In this competitive retail business, mere producing a extremely good product is not enough. It is essential to recognize that beyond buy transaction, the agency also has to take care of purchaser relationships. Check out some methods to construct solid relationships with your clients. Good consumer relationships depend on appropriate customer experiences.  Customer relationships  are an indicator of how nicely your enterprise is performing. A profitable business enterprise spends time with their purchasers even after the preliminary purchase transaction, offering value, and building engagement and alignment. They continuously preserve discovering about the needs of their customers. An company wishes to build an emotional connection with its customers. As technological know-how becomes increasingly sophisticated, firms are required to work harder for discovering unique ways and boost techniques to meet customers’ needs. Following are some of the ways via which a...
Read more

Impact Of Integrated Supply Chain In Retail Enterprises

Image
I ntegrated provide chain allows the agency to streamline the whole system beginning from procurement of raw materials to production, and ultimately to delivery. The corporations will have the entire control over the built-in process permitting them to act hastily while making any decision. Traditionally, the  supply chain management (SCM)   has continually followed a siloed structure, which makes it challenging to preserve an account of all the trade-offs in demand and furnish planning. This ordinary system of the provide chain is reactive and lacks flexibility, adaptation, and sense, which sooner or later exposes the agency to demand instability. On the different hand, cutting-edge applied sciences have allowed many teams to share an integrated view of operations, that will allow them to make plans, in accordance to the perfect net price for the organization. The optimization creates a difference of opinion among the leaders and slacker. Supply chain, integrate...
Read more

IoT In Commerce And Payment Industry

Image
I oT devices are paving the way for connected commerce while transforming the  payments industry  simultaneously. All the major financial institutions have digital commerce as a part of their strategy toward the creation of the omni-channel environment for their end-customers. With less entry-barrier than ever, technology players are partnering with merchants and consumers for easier commercial model and their shorter innovation cycle. For staying relevant in the industry, conventional players must reshape their business model. The Transition from Digital Commerce to Connected Commerce Commerce in the digital world begins with a sensor extracting data from devices, analyzing and interpreting data to gain insights on user’s needs, providing the best-matched services or products with minimal user interference during the event. The global market for  IoT   products is positively impacted by factors such as evolving consumer’s lifestyle and increased pref...
Read more