Technology is changing the way every industry does business by assisting to generate effectiveness, save money, and improve better products and services. Retail businesses are also adopting technology to their advantage. Here are the top 8 retail technologies trends that will transform shopping in 2020.
The COVID-19 outbreak reshapes not only our every-day life but also the way of doing business. The world was wobbling from the effects of a recession, Amazon was beginning to challenge the likes of Walmart and Target, and the buyer was only just starting to utilize their mobile phones for more than calls and texts. In early 2020 retailers can see the heat of consumer expectations: Amazon has made free and one-day delivery in the default, and mobile shopping isn’t just omnipresent— it’s grown to include new shopper behaviors like looking for product reviews, comparing prices, and store locations. For retailers, observe and ahead of the competition means understanding how your competitors are strategizing and then planning your investments intelligently. Below are the top 8 retail technologies trends involving immersive technologies, delivery, and fulfillment, and shifting customer shopping habits that will impact the retail technologies by the end of the year.
1. AR and VR
Famous brands such as Toyota and Amazon pointed out that Augmented Reality (AR) can not only improve customer experience. These retail technologies can also be specifically effective when it comes to diminishing the number of returns from online customers. This means retailers keep more of their sales because customers more fully understand what they’ve purchased at the initial point. The isolation due to COVID-19 quarantine has very quickly increased the demand for AR systems. Being guided by the “try-before-you-purchase” approach augmented shopping appeal to shoppers by supporting them to interact with items online. Some famous brands used this retail technologies trends before the pandemic. Lacoste, American Apparel, and Uniqlo opened virtual showrooms and fitting rooms to allow consumers to try products in virtual spaces.
One of the trends that will impact your business most in 2020 retail technologies is Micro-Moments. Think about how you use Google or your favorite search engine. You can depend on finding what you need in the moment, whether that’s for a celebration, how to fix something, or solve trouble like where to search a restaurant for your hunger or Italian food. Retailers who can respond to customers “at the moment” have robust benefits. As a result of direct digital access to customers and strong analytics abilities, businesses can capture moments and assist consumers during their moment of need and even predict what a shopper might need before they even know it.
3. Predictive Analytics (Big Data)
Retail business has never had difficulty in gathering lots of data, but analyzing it and using the data to fix problems or generate new solutions has been a struggle. Predicting analytics changes that. Now retailers can predict the future by analyzing customer behavior and trends from the past. When retailers well analyze data, they can see crucial information about customers purchasing behavior, personalize the shopping experience, meet a customer’s needs based on where they are in the customer journey, boost effectiveness and cut down costs of supply chains, and more. Predictive analytics assist retailers to be more intelligent more effective and decrease costs.
4. Voice Commerce
Another retail technologies trends are voice commerce. In retail and e-commerce, voice-supported technologies help to increase sales through voice recognition technology. It’s known as “voice commerce” now, which conception is close to an e-commerce store. Instead of typing in a search query, users utilize voice commands to find products or any required information. By using voice recognition technology, Walmart generated the Walmart Voice Ordering service. Retail technologies trends are very easy for users. They can place orders by using voice commands. Shoppers can utilize any devices and platform powered by Google Assistant or Siri.
5. Shopping is about to get social
As consumers, we can all recognize the advantages of a seamless online or in-store experience, and most of us also see the power of social media in our purchasing decisions too. It’s because of the growing overlap between these two areas that in 2020 we can believe visual customer journey technologies and the concept ‘social shopping’ to both achieve a lot more reach and wide-spread traction. Let’s try to imagine taking a photo of a dress you see someone wearing on the high-street or being able to click the bag that your favorite Instagrammer is holding in their latest post and then seamlessly buy it. Due to the developments of smarter, more simply integrated AI abilities over the last 12 months and the eCommerce vision of platforms like Pinterest, Instagram, and Facebook, social shopping is one step nearer to becoming the norm for customers all over the globe.
6. Robotic Store Assistants
One of the trends that will impact your business most in retail technologies that are changing shopping is robotic store assistants. Robots like Pepper can help customers find the products they are looking for and answer questions. They can even email special offers or coupons. Home improvement store Lowe’s has the LoweBot that helps with in-store customer service.
7. Face Recognition Retail Technologies Trends
One of the retail technologies trends is Face Recognition. Many of the most successful retailers own an online and offline presence. Facial recognition technologies trends allow retailers to proactively battle shoplifting and retail crime. Moreover, it can provide a personalized online shopping experience to the brick-and-mortar location. When a customer is recognized through facial recognition technology, the staff can better respond to that shopper’s unique needs. There are certainly legal and privacy concerns to be worked out, but there are several benefits for retailers who using facial recognition technology.
8. Flexible payment methods
The idea of a monthly payment plan for purchase isn’t new. What’s new is that now almost every almost retailer is proving the flexible payment form or “buy now, pay later” on their checkout pages for a variety of products. About 40% of customers said they would be more willing to finish a transaction if an option to finance the purchase at checkout was provided. The growing increasing concept for “buy now, pay later” is especially widespread among younger shoppers, such as Gen Z and millennials, who want more options for how they pay for things.
Buy now, pay later: H&M cooperated with global payments partner Klarna, released a “Pay Later” payment plan to offer a “frictionless and flexible checkout” for shoppers. Members of its loyalty program can shop and pay later online and in-store with the H&M app.
Installment payment plan: Through loan company Affirm, Walmart provides consumers installment plans of over 4, 6, or 12 months for purchases ranging from $140 to $2,000.Consumers can check their eligibility through Affirm’s site and a determination will be made in real-time. Once customers choose their preferred payment installment term, they’ll be introduced to the amount they need to pay each month, interest-free.
The future of retail and shopping involves a merging of physical and digital worlds. Providing retail technologies trends to drive in-store experiences and meeting customer expectations for rapid delivery and flexible payment methods are crucial this coming year and beyond. Regardless of what challenges the Coronavirus disease 2019 brings to us, we can think about it as an opportunity for renovation. If you select to follow your vision and be the one to offer customers new value — we can be of help with our MAGENTO CONSULTING AND E-COMMERCE STRATEGY