We’ve touched before on how VR can improve retail businesses, but there’s more to retail technology than just virtual reality. While there’s plenty to come from VR, other forms of tech will also play their part in the development of the retail sector.
A survey by Vista Retail Support revealed that 67% of shoppers believe retailers should be prioritising the implementation of new technologies such as AI and AR, while 70% said they believe tech has the ability to transform our shopping experiences. However, 66% say they are yet to see these kinds of technologies in a retail environment. So, if you want to help push retail companies into the 21st century and be at the front of retail’s evolution into tech, these are the technologies you should pay attention to – they’re the future of retail.
AI
The biggest leap in technology we’ve seen hit to retail sector to date has to be the use of AI-based kiosks and self-service checkouts. This is where consumers can pay for their items easily or browse items and place an order in store without having to catch the eye of a customer service advisor.
Artificial Intelligence is beginning to pop up more and more in stores of all sectors, from supermarkets to fast food restaurants – and with good reason.
The biggest complaint by customers is a lack of service, which is why serving yourself becomes ever more appealing. Virtual assistants will soon become a reality in shops over the world, meaning project managers need to start thinking now of ways to incorporate such technology into their plans.
AR
Often confused with VR, Augmented Reality also enhances a shopper’s experience through the use of layered technologies. However, unlike Virtual Reality, AR requires the input of external factors – meaning you won’t become lost in another world, instead you’ll just augment the one you’re in.
We all remember the Pokémon Go period, where around the globe players would walk around their neighbourhoods in attempts to capture the elusive Charmander or Bulbasaur. The game kick-started a fever for AR technologies, which retail companies should grasp onto for fear of being left behind.
For some retail companies, use of AR has already become part of the everyday. For example, IKEA used the technology to enrich their catalogue experience. Scanning the page would allow consumers to view items in their home to get a feel for how it would look.
Energy saving
Along with the cool new tools being developed, there are more practical solutions that can be assisted with the use of technology.
As consumers become more conscious of the environment and their spending’s effect on the planet, it’s time for retailers to take into account the shopper’s concerns and use new tech to help them become greener.
Tesco are setting an example for other retailers as they look to reduce their energy use by as much as 80%. By upgrading their in-store cooling systems with the latest technologies by Cosaf, the supermarket giant is on course to become the UK’s most environmentally efficient grocery retailer by 2025.
Conversational commerce
Conversational commerce was a term coined by Uber’s Chris Messina in 2015. It refers to the intersection of messaging apps and shopping. For instance, many consumers may choose to interact with businesses through apps for customer support or to get personalised recommendations.
With a surge in use of chatbots, it has become a mixture of interaction with humans and chatbots that now customers experience.
The ease of tapping into Twitter to check what’s happening with an order rather than sending an email or making a call is much more appealing for customers. Retail businesses can be kept in the loop by upping their online support systems and investing in chatbot technologies.
Reviews
Along the same lines as conversational commerce are reviews. While reviews don’t usually involve direct conversation between consumer and producer, consumers are instead able to discuss the success of a product amongst themselves.
In the fashion sector, the future of retail will have reviews become even more important, with a recent survey reporting that twice as many Gen Z (those aged 20 or under) shoppers turn to YouTube to look at a product review than Millennials.
While there isn’t too much that retailers themselves can do for reviews, being responsive and helpful on social media and jumping in and commenting when a product receives a positive review all gives off the air of eagerness to please customers.
Is there any other tech you think will be shaping the future of retail? Leave us a comment below or head over to Twitter or Facebook and share your thoughts.
