Trends that are Shaping Up the Retail industry

Trends that are Shaping Up the Retail industry

By: Retail CIO Outlook | Monday, February 11, 2019

Retail industryTechnologies are changing the way of doing business with opening up new channels and providing retail stores with new ways to improve customer engagement and satisfaction. Customers today demand quick services because of the availability of affluent resources to choose. One single device can facilitate searching for information, checking out new products, and ordering them. The services that the retail should offer to the customers:

•    speed and convenience of ordering

•    browsing convenience

•    saving time by storing all information in the first input only

•    sending push notifications to inform the customer about product updates or offers any time.

Check this out: Top Retail Tech Companies

Following are some of the trends that are transforming the retail sector:

Voice Shopping: Voice-operated tools can inform about weather report, provide mathematics solutions to the retail customer.

Augmented Reality (AR):  Retailers are taking benefits of AR-driven tools. Home decor and interior designs sites are some of the businesses that are the early adopter of AR. Its changing the landscape of the interactions in the e-commerce industry.

Blockchain: The technology offers a facelift to the e-commerce industry as it paves the way towards increased productivity, transparency while reducing time spent on mundane activities. The blockchain is making way for implementing innovative business strategies by breaking down administrative barriers. Also, it eliminates intermediaries and processes that restrict efficiency and lower profits.

Chatbots: Retail industry is using chatbots to increase customer engagement. Customers do not have to hire customer service personnel as chatbots can deliver product guidance to the customers through interactions.

Subscription services: Buyers are now after services that are tailored to their preferences and provide repeat delivery direct to their doors. Retailers should curate, select products and ship them to customers on a regular basis.

Retailers need to stay on the top of the race to survive the competitive market by delivering a high-end customer experience by continuing to invest in new technologies. 

Few Top Retail Tech Companies (Agilence, Celerant Technology, Diebold Nixdorf)

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