Can Technology Transform Retail Industry In 2020?

By: Retail CIO Outlook | Tuesday, December 31, 2019

In the upcoming technological platform, every retailer, irrespective of being big or small, will need to prioritize their customers' changing security needs. As a result, the retailers will have to leverage the appropriate technology to increase both revenues as well as CRM.

FREMONT, CA: Advanced technologies in retail have disrupted a few industries. From the enhancement of online sales to the mobile shopping experience, the retail sector has permanently adopted advanced technologies to accommodate the growing needs of the digital consumer.

As technology continues to transform, the landscape of retail also tends to change for the retailers who fight for a visit to their physical and digital stores. Below are some of the tech trends that can dominate the retail space in 2020.

Expanding Data Collection and Analytics

The retail industry is a type of enterprise that particularly stands to gain from the collection of data, as companies try to learn all about their customers' needs. Retailers have been able to widen the collection of data using both point of sale (PoS) and website cookies, but expect to grow in 2020 as more organizations take advantage of the IoT to learn more about their potential shoppers. Not only will the retailers need tools like customer relationship management (CRM) systems to keep it all straight, but they will also need to analyze and visualize all the information.

Visual Search and CRM:

Online customers have been struggling to put together the right combination of keywords to find the item or style the shoppers are searching for. Over the past few years, visual search technology has transformed the process, which now allows the customers to take pictures of their selected clothing, upload it to an engine like Google Images, and use that to drive the search with artificial intelligence (AI).

Mobile Purchase Platform:

While the physical in-store security has been a common practice for the retailers for years, the rush in app-based shopping has increased the standard of cybersecurity protection as well. Customers are aware than ever about the vulnerabilities of the data, which are entered on an online purchasing platform. Additionally, retailers in the present time have various solutions in place to put those shoppers at ease.