What Technological Advancements Can the Retail Industry Expect in 2020?

By: Retail CIO Outlook | Monday, December 09, 2019

To stay alert in a highly competitive market, every retailer needs to understand and keep up the pace with technological advances and learn how to utilize these technical innovations to increase the business goals.

FREMONT, CA: There has been continuous evolution of technology in the retail sector, right from the established brands that test new customer experiences to the ever-changing face of delivery. The retail innovations for the coming year will help retailers enhance customer relationships as well as increase revenue. Here are some of the trends that are set to transform the retail industry.

IoT

IoT or the internet of things has significant implications for in-store marketing efforts of retailers and brands. Connected devices are not just changing the way consumers work, but they're also dramatically transforming the entire retail industry. The IoT movement offers retailers opportunities in three critical areas: customer experience, supply chain, and new channels-revenue systems. The retail industry leaders have started to transform their business practices, and in time, IoT will touch almost every area of the retail sector and customer engagement platform.

Big Data

The retailers, at present, are continuously finding transformative and innovative ways to grab insights from the increasing amount of structured and unstructured information that is about their customers' behavior. Data gathering and analytics play a significant role in shaping retail. Usage of data and analytics to understand the consumers better will lead to an improvement in branding, product management, tracking customer behavior through loyalty card information, and making better pricing decisions are the significant features.

Omnichannel Retail

Multi-channel refers to producing content and considering consumer experience on multiple channels. Omnichannel is about knowing and optimizing the entire journey across the complete channels. For consumers, it enables them to connect consumers by making it easier for them to access information and compare product details.