A few decades ago, shopping meant going to a retail outlet and finding what you needed. Then, international shopping was a preserve of the super-rich since only they could get the best retail items in the world’s leading destinations such as New York, Paris, and London. But as tech takes over, shopping internationally is now a default possibility since anyone can shop online. Since we are all shoppers, this post explores the top 10 tech trends that are revolutionizing this industry. So, before talking to our cheap essay writer about your writing needs, welcome on board to discover everything for yourself.
Table of Contents
Less Reliance on Cash
Money is the primary medium of exchange in the retail sector, and hence, we start our journey there because, without payment, there is no commerce. One of the trends shaping this industry is the diminishing reliance on cash. As the world becomes more digital, online and traditional stores are turning to cashless payment platforms to enhance convenience. For example, we see the emergence and penetration of biometrics such as voice, hand movement recognition, and facial features take the center stage. The following reasons are behind the advancement and adaptation of these technologies:
- The advancement of machine learning is one of the leading reasons why retailers are adopting these methods
- Also, the need to deal with fraud in previous payment methods such as credit card fraud drives these technologies
- The need to eradicate or limit paperwork
- The need for transparency
- The desire to have more scalable payment systems
- The advancement of apps in the retail sector
- The decreasing number of cashiers at most retail outlets
- The desire to save costs by retailers
- Reliable solution for money transfer in case of foreign exchange
Flexible and Agile Supply Chain
Another trend ruling the retail sector is the flexibility and agility of the supply chain. Many retailers are resorting to improving their supply chain business processes by making them sleeker and leaner. Also, we are seeing direct delivery to store, real-time delivery, cross-functional integration, and the integration of third-party logistics.
Integration with Online Payments
Initially, all non-cash payments were the preserve of the bank. Then, the credit card was the king of such payments. But as tech takes retail trading to the next level, online platforms and even some brick-and-mortar outlets are integrating online payment gateways such as PayPal and WorldPay.
Digitized Data Management
Data management lies at the heart of all retail processes. With the advancement of tech, retailers are resorting software that enhances data management such as product information. Also, such digitization assists in linking customer orders in stores to identify customers on social platforms to allow for easy targeting and personalization.
Customer mobility is another trend that is now a default establishment in the retail world. Since the world is already mobile, retailers are now turning to mobile devices to reach their customers. For instance, around 65% of all Internet users access the Net using their mobile devices. That is why retailers, online and offline, are rushing to create apps that allow their customers to do anything. For instance, they can view items, purchase, review products, and make inquiries. Also, retailers are using them as marketing tools for retaining their presence in their customers’ minds.
As tech takes over, analytics integration is also taking root in many retail outlets. With the arrival of analytics in the retail sector, retailers are now taking advantage of this trend to optimize their operations, predict and anticipate demand, give customers the products they want, and adjust their prices.
Multi Channeled Customer Experience
Never before have we had an emphasis on customer experience as we have following the invasion of tech into the retailing industry. Retail outlets are now rushing to ensure that their customers have multi-channeled experience. For example, they are striving to give their users the best of what cloud, the social media, and cloud technology offer. This way, retailers can empower their sales channels to enable more cross-channel activities such as online buying, accepting customer returns, issuing buyer refunds, and product payment. With these elements in place, customers can enjoy greater technology interconnection while retaining the human side of their experience.
Increased Mobile Purchases
With the advancement of mobile commerce also comes an increase in numbers. For instance, up to 20 percent of all holiday season sales in 2017 occurred on mobile gadgets, according to eMarketer estimated. It is also estimated that the figures were as high as 25% on Thanksgiving and Black Friday.
Social Targeting on the Rise
When the social revolution dawned, many dismissed it as a mere passing cloud that could hardly live to see its 10th birthday. However, the opposite has proven to be true with this online platform accounting for most of the visits people make online. That is why retailers are adjusting their outreach and customer experience strategies and approaches to make them “socially correct.” This is not per se a new phenomenon since the social media only took our social nature to the Net and provided it with a tech-savvy platform of expression. Therefore, all serious retailers are plunging into the social media vortex to listen to customers, learn their trends, and correct their own mistakes. Moreover, retailers are using this platform to cement closer and less formal relationships that don’t have a heavy selling push.
Lastly, tech is changing the way we used to perceive and experience showrooms. Initially, customers needed to go to retails outlets to see what their offers. The farthest they went was placing adverts in the media and on billboards to showcase their offerings. With tech, retailers can showcase their latest arrivals in real-time without needing to get customers to their outlets. They only need to visit the showrooms by clicking a few buttons on their mobile devices and computers.
There you go with the tech trends shaping your experience as a retail shopper. We hope you utilize them to your best advantage.