Retail CIO Outlook Weekly Brief
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Retail industry is ever-evolving and understanding shoppers' changing needs and leveraging novel technologies will help the sector bag a futuristic revolution.
FREMONT, CA: To catch up with the advances in shoppers and their latest shopping sprees and behaviors, retailers have transformed over the past couple of decades. Technology advancements have been a game-changer for the retail business. The traditional means of selling have been taken over by modernized processes. New trends in the industry have forced brands to utilize AI-based software and tools to manage solid standing in new dynamic retail market structure. In the upcoming years, emerging technologies will modify the retail industry in many diverse ways. Shoppers will be interacting with their preferred brands differently and also explore personalized shopping experiences in top retail brands in the world. Here are a few tech trends, which will reshape retail in the future.
· Customization
Technology has made customization feasible for brands and customers. Personalization allows shoppers to design a product from scratch, which will enable them to customize a product to the very last detail. The trend has lately gained popularity among buyers from all over the globe as more retail brands are inclined towards it. Activewear brands have set next-level personalization for their customers, manufacturing the customer's accurate design specifications, and delivering impressive products. This personalization level has expanded sales, revenue, and customer retention.
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· Social Media
The development of social media users around the globe has increasingly supported brands to reach developed target markets. Social media apps enable retailers to interact and connect with potential clients easily. Many famous brands are social media platforms, vital components of winning marketing, and shopper engagement tactics. They use live streaming facility that allows the team members to interact with shoppers globally. They facilitate Q & A sessions and hand out prizes, drawing an immense amount of attention from social media users, attracting potential customers. Researchers believe the potential of social media can let retail brands do well in managing fierce competition from one another.
· Augmented Reality (AR)
Customers get perturbed with the wrong purchase, and this usually happens when they make large purchases like furniture. They tend to get perplexed about whether the furniture they are buying will suit the room's layout, as the wrong purchase can ravage the room's complete aesthetics. To help customers with such difficulties, well-known brands have commenced using AR apps that let the customer pick an ideal product. It provides 3D models of furniture pieces in the shoppers own home environment completely. Buyers can see the furniture from more than one angle to make the most fitting purchase and be 100 percent satisfied. AR technology has benefited retailers, enabling them to gain a high market share in their niche. They can now engage a diverse client base and eventually offer high levels of customer satisfaction.
· Relying on Robots
The application of robots is expanding in the retail industry. In the future customers will be interacting with robots that will guide them through stores, and even help them carry their picked items. Online sellers and brands have made an extensive investment in AI technology to come up with robotic applications that help pack and ship items. In the same way, chatbots will be utilized to answer consumer queries.
The retail business is evolving at a tremendous rate, and the brands are also proactively accustoming to the needs of shoppers to thrive. The key to grow and prosper in the retail business is to understand the shoppers' requirements to leverage suitable technology trends in the market. The advanced trends in retail are driven by the integration of an evolving technological aspect and the shifting inclinations of customers.
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