Technology is the driving factor behind the change in the way every industry does business by helping to formulate efficiencies, provide better products and services, and save money.
FREMONT, CA: The retail business is endorsing technology to their advantage. The annual consumption in emerging markets is nearing $30 trillion by 2025, and the coming five years will witness the most significant market growth in history, providing eCommerce companies with more opportunity to flourish exponentially than ever before. The fashion industry, which is the fastest-growing retail segment in the e-Commerce market, is regarded to be at the limelight of this historical growth. This is possible if fashion brands seize the opportunity and progress toward meeting the ever-evolving demands of modern consumers.
Augmented reality and virtual reality offer various ways to enhance customer experience. Extended reality is already in use by several retailers today, starting from browsing their products to virtually trying them on. It can also provide the customer with additional information while browsing for products.
Google, being everyone's favorite search engine, is relied upon to find everything that is needed. Retailers who are equipped to meet their customers at the moment have a powerful advantage. Businesses can capture moments and allow the customers during their moment of need and also anticipate the requirement before their knowledge, with the help of digital access to consumers and robust analytics capabilities.
A powerful tech tool, a recommendation engine, helps customers find items they are unaware of and also to funnel options to a consumer at relevant times in their shopping journey. Recommendations keep evolving with time. For larger amount of data, the algorithms need to assess customer shopping behavior, and it betters itself.
Automated warehouses support to improve inventory control. Smart robotics and computer systems keep reliable stock data in real-time, as opposed to waiting for manual inventories. With the help of accurate data, retailers can manage stock flow, make smart decisions, reliable predictions, and forecasting, which, in return, improves the store's bottom line. Improved inventory management reduces the chance of wastage, spoilage, and even theft.
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