Changing Landscape of Retail with Innovative Technologies
retailciooutlook

Changing Landscape of Retail with Innovative Technologies

By Retail CIO Outlook | Wednesday, February 26, 2020

Technology is one of the powerful tools that have the potential to make the customer experiences unique. Here are three such technologies whose doors have been knocked by the retailers to improve the customer experience and elevate business to the next level.

FREMONT, CA: Today's omnipresent customer, who is more tech-savvy, modernized, insta-lover, and more informed than ever, is really difficult to win over. Retailers and brands are heavily investing in technology to provide customers with the best and unforgettable experience across offline and online channels. Technology is one of the powerful tools that have the potential to make the customer experiences unique. Here are three such technologies whose doors have been knocked by the retailers to improve the customer experience and elevate business to the next level.

Artificial Intelligence

Top 20 Retail Technology Companies - 2019With a number of powerful use cases, AI has become the game-changer for the retail industry. Besides boosting the productivity and enhancing customer experience, AI enriches retailers with the wealth of data about the customers and their buying patterns. This data can be used to inform both merchandising as well as manufacturing decisions. Customers can no longer be looked at as segments. They are instead an individual segment. Every customer has their own choices and preferences and based on the past buying patterns, their experience can be customized, which customers are looking for nowadays. However, there is a misconception that AI is a replacement for human beings. That is not true, at least not for now.

Augmented Reality

Augmented Reality (AR) has the ability to superimpose computer-generated images over a user's view of the environment around them. With a number of use cases for retail, AR has the potential to change the landscape of fashion retail as well. Some big players have integrated AR into their mobile apps, thus allowing customers to try a range of products virtually before actually buying them. This provides a rich experience to the customers and has cut down drastically the cost of returns from unsure and confused customers. Not only in apps, but AR is also used for improving the in-store experience.

In-Store Displays

In-store displays are not a new concept and have been in the market for some years. These displays increase customer engagement when used in an omnichannel context, in place of regular displays. Customers can directly pick a sample, without hunting for exact size, scan its barcode in the screen and select size and get it sent directly to the dressing room. Isn't that amazing? These displays ensure customers feel like getting exactly what they're looking for.

See Also: Top AR/VR Solution Companies
 

Weekly Brief

Read Also