The technology is changing the way business operates for the company and customers. Like all other industry spaces, the retail industry is highly influenced by the advancements in the world of technology. Technologies like Artificial Intelligence, Internet of Things and Robotic automation are digitizing retail industry at its core. Earlier the retail stores were the only destination for the customers to shop, and customers had to choose from the available assortment. This practice was marred with some inefficiencies like limited stock to choose from, insignificant price differentiation, and manual processing of information.
Emerging Technologies and Retail
Retailers are in continuous search for methods to add a new value proposition to acquire new customers as well as to retain the older one.
• Point of sales: The use of technology has made the payment process easier with contactless payments. The payment methods use RFID or NFC technology to allow the customers to make their purchase with their smart devices. Faster transactions usually lead to higher sales volumes that offer the remote point of sales and contactless payment.
• Customer service: Technology helps customers with self-help kiosks by increasing their satisfaction. It has also enhanced online shopping by providing a more personalized shopping experience. Companies offer virtual views of products through augmented reality. With these businesses have improved their customer experience an increase in sales.
• Inventory management: Managing inventory has always been a costly process in business. The employment of technology allows tracking inventory through its purchase cycle and offer real-time information about the product. This makes store merchandise more organized and reduces the potential for employee theft.
• Price auditing: It is a time consuming and costly process for business. Technology streamlines this process by automating price checks at the scanning of products. This creates more accurate pricing and is beneficial.
Soon the digital transformation will become mandatory for all retail businesses, small or big. The best strategy to survive and grow in this dynamic business world is to keep up with the changing technologies.