Retail Advancement through Technological Transformations

Retail Advancement through Technological Transformations

By: Retail CIO Outlook | Thursday, February 07, 2019

Technological TransformationsOne of the ever-changing retail industry is all set to adopt new technological ameliorations in the proximate future. Innovations are redefining the ways of making a purchase. E-commerce platforms have deepened roots into the retail industry leading to new experiments for customer experience through technology. The ongoing change will continue to burgeon in future.

Merged Inventory Management

With the changes in customer behavior and demands brands have switched to omnichannel approach. Retailers with both online and offline stores have started to cater to customers with the facility of purchasing online and returning or picking the product from offline stores. This approach has speed-up the purchase procedure with customers enabled to check piece prior final payment or get it changed immediately. E-commerce merged with technology has allowed retailers to stride towards such mixed inventory management system driving better customer experience.

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AI for Mobile Checkouts

The technology holds more than data analyses and predicting trends. AI-powered tools are capable of providing personalized customer support which will rejig the workflow for better. AI enabled bots built within mobile devices are already providing assistance in the purchase, taking it a step further, soon they might become a tool for customers for faster checkouts. In-store and online, both platforms demand faster checkouts which certainly can be served by AI technology through mobile devices.  

Advent of Open Source

Open source software is a part of IT from long but could not find its reach in retail. But now with the advancements in sector advent of open source is being observed in the sector. This software can be modified as per the requirements of the company by making changes into the code. Open source system provides similar levels of ownership and customizability as a homegrown one. Retail industry talent gap will get covered as customization will pave paths for new talent onboarding. Experimenting with the traditional system was intricate but open source system new customer service tools will make their way.

AR and VR For Better Customer Experience

Augmented reality (AR) and virtual reality (VR) together have started to reshape the buying experience and will continue the same. Customer behavior and experience are evident to upswing as these technologies have enabled buyers to experience the product before purchasing in online retail. Both together are paving paths for breakthroughs that will lead upheaval of the traditional approach.

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