3 Pivotal Tech Trends that will continue to influence Retail Industry

By: Retail CIO Outlook | Thursday, June 11, 2020

FREMONT, CA:With technology emerging and getting refined continuously, the landscape is constantly moving for retailers who are fighting for each visit to their digital and physical stores. The following is a rundown of the tech trends that are worth watching in the retail space in 2020.

1. More stores will adopt the IoT

The growth in IoT has forced the retail industry to embrace the technology in its systems as well. Automated checkout, smart shelves, and personalized discounts are some of the advancements that are powered through IoT. Customers can also be sent alerts about the discounts which suit their interests when they come close to the store. Those stores can make use of IoT to better keep a check on the inventory and enhance proficiency.

2. AR and VR will be used increasingly

Stores are already utilizing AR for helping online shoppers to search for everything from shoes to furniture. The technology also empowers the users to see how the furniture will look in their house or how a dress will look on them.

It is becoming more accessible for retailers to integrate VR and AR, with platforms that specialize in assisting stores in creating their virtual worlds.

3. Extension of data collection and analytics will attract more customers

Retail is considered one of the industries that specifically stand to gain from data collection as enterprises search to learn whatever they can about the requirements of their customers.

Retailers are able to expand their data collection via both point of sale and website cookies. However, they are anticipating to expand it in 2020 as more organizations are taking the benefit of the IoT for learning more about the customers they are trying to attract. They will not only need tools, such as customer relationship management systems, to keep it all straight, but they will need to be able to assess and visualize all that information.

To conclude, retailers should incorporate the above technologies if they want to reach the peak of success.

See also: Top Retail Tech Startups