Technology will transform retail resulting in the growth of brick and mortar retail. Check Retail Technologies trends that will help retailers survive.
Online Shopping vs Offline Shopping : A Comparative StudyRaja Sarkar
The retail sector is one of the fastest growing sector in India. It is one of the backbones of the economy and accounts for about 10 percent of the country’s GDP. The Indian retail market is estimated to be valued at US$ 600 billion and one of the top five retail markets in the world by economic value. The growth of retail sector in India is one of the fastest globally. Indian consumers are very particular about their products. The consumer choices vary based upon their preference towards online shopping versus offline shopping. The internet and traditional shopping both have their own advantages and disadvantages.Online shopping doesn’t require traveling long distances, offers more variety, remains functional 24*7, offers huge discounts and extend the facility of customer reviews. On the other hand, traditional shopping allows customers to physically examining products which otherwise online shopping lacks. Consumers may be use both the online and traditional mode of shopping depending on their preferences at a particular moment, which results in fundamentally different behaviours across the two mode of shopping. This article attempts to throw some light on the differences emerging out of online shopping behaviour and offline shopping behaviour.
The presentation focuses on the importance of Omni-Channel Retailing, overcoming hurdles & how emerging unified platforms empower retailers to successfully adopt Omni-Channel strategy. This was presented by Ananth Padmanabhan in the event 'RetechCon' 2015.
this presentation first define what is visual merchandising then deal about design elements and principle that basically support how to apply on retail store exterior and interior parts.
Retailing Management unit - 5 - IMBA Osmania universityBalasri Kamarapu
Retail Management Information System and Retail Research:
Retail Technology and Automations;
Retail Technology and CRM;
Human resources and Executive information systems;
Developing a research Methodology;
Retail audit
Online Shopping vs Offline Shopping : A Comparative StudyRaja Sarkar
The retail sector is one of the fastest growing sector in India. It is one of the backbones of the economy and accounts for about 10 percent of the country’s GDP. The Indian retail market is estimated to be valued at US$ 600 billion and one of the top five retail markets in the world by economic value. The growth of retail sector in India is one of the fastest globally. Indian consumers are very particular about their products. The consumer choices vary based upon their preference towards online shopping versus offline shopping. The internet and traditional shopping both have their own advantages and disadvantages.Online shopping doesn’t require traveling long distances, offers more variety, remains functional 24*7, offers huge discounts and extend the facility of customer reviews. On the other hand, traditional shopping allows customers to physically examining products which otherwise online shopping lacks. Consumers may be use both the online and traditional mode of shopping depending on their preferences at a particular moment, which results in fundamentally different behaviours across the two mode of shopping. This article attempts to throw some light on the differences emerging out of online shopping behaviour and offline shopping behaviour.
The presentation focuses on the importance of Omni-Channel Retailing, overcoming hurdles & how emerging unified platforms empower retailers to successfully adopt Omni-Channel strategy. This was presented by Ananth Padmanabhan in the event 'RetechCon' 2015.
this presentation first define what is visual merchandising then deal about design elements and principle that basically support how to apply on retail store exterior and interior parts.
Retailing Management unit - 5 - IMBA Osmania universityBalasri Kamarapu
Retail Management Information System and Retail Research:
Retail Technology and Automations;
Retail Technology and CRM;
Human resources and Executive information systems;
Developing a research Methodology;
Retail audit
This presentation aims to show the supply chain and sales and distribution of Pepperfry which is a Home & Furniture Omni-channel Retailing company founded in 2011 in India.
Created and presented by students of MET Institute of management of batch 2020-2022
Retail Operations and e-Tailing:
Store Operating parameter;
Using strategic resource model in Retailing;
Designing performance programme;
Online retailing, and
Online retail categories.
Standard Operating Procedures(SOP’s)
and
Checklists for Store Operations
Some important practical terminology
Impulse Products
Ticker (Used to count foot falls)
F&V Dump
FIFO
UDL (Uniform Distribution Load in shelves)
Ethylene generating Vs Ethylene sensitive F&V
Average Bill Value = Total Sales/No. of Bills
Private Labels
TI/TO Register (Transfer In/Transfer Out)
To find success, retail managers must continue to motivate their employees:
Motivators for online shopping
Advantages of online retailing
Disadvantages of online retailing
Strategic Retail Model
Establishing and Maintaining a Retail ImageSuyog Somani
What attracts customers, product, services or something else?
Apart from products and services, how a brand maintain and showcase the store is important. it includes visuals in store, the music, the placement of products, the fresh and sweet air in store, etc.
Basics of Retail Math + Retail InterviewJulia Orsa
Retail Terminology, Math and Interviewing tricks you need in 1 hour. Full Free voiceover e-lessons at:
http://jules-o.thinkific.com/collections/retail
In one go, you will acquire the retail knowledge that takes years to master on the job, solve business problems with skills equal to any senior VP, A+ your first industry Interview, & pass that tricky Retail Exam.
This presentation gives an overview about the concept of Category Management in Retail. It covers topic such as Visual Merchandising, Planogram, CM in Grocery Store vs Apparel Store
Best planogram practices to increase beverage salesAnoop Ashok
Improving beverage sales is a great way to drive sales at your stores. Shelf placement can be done easily with the help of planogram software. It helps retailers with proper shelf planning and placement to improve beverage sales.
After viewing this project one can have a outside knowledge of what is category management, why it is important in retail perspective, how category manager perform his duties in a daily roster map.
Technology will transform retail resulting in the growth of brick and mortar retail. Check Retail Technologies trends that will help retailers survive.
Retail Technologies and Retail Trends That will Define The FutureRosalie Lauren
Technology will transform retail resulting in the growth of brick and mortar retail. Check Retail Technologies trends that will help retailers survive.
This presentation aims to show the supply chain and sales and distribution of Pepperfry which is a Home & Furniture Omni-channel Retailing company founded in 2011 in India.
Created and presented by students of MET Institute of management of batch 2020-2022
Retail Operations and e-Tailing:
Store Operating parameter;
Using strategic resource model in Retailing;
Designing performance programme;
Online retailing, and
Online retail categories.
Standard Operating Procedures(SOP’s)
and
Checklists for Store Operations
Some important practical terminology
Impulse Products
Ticker (Used to count foot falls)
F&V Dump
FIFO
UDL (Uniform Distribution Load in shelves)
Ethylene generating Vs Ethylene sensitive F&V
Average Bill Value = Total Sales/No. of Bills
Private Labels
TI/TO Register (Transfer In/Transfer Out)
To find success, retail managers must continue to motivate their employees:
Motivators for online shopping
Advantages of online retailing
Disadvantages of online retailing
Strategic Retail Model
Establishing and Maintaining a Retail ImageSuyog Somani
What attracts customers, product, services or something else?
Apart from products and services, how a brand maintain and showcase the store is important. it includes visuals in store, the music, the placement of products, the fresh and sweet air in store, etc.
Basics of Retail Math + Retail InterviewJulia Orsa
Retail Terminology, Math and Interviewing tricks you need in 1 hour. Full Free voiceover e-lessons at:
http://jules-o.thinkific.com/collections/retail
In one go, you will acquire the retail knowledge that takes years to master on the job, solve business problems with skills equal to any senior VP, A+ your first industry Interview, & pass that tricky Retail Exam.
This presentation gives an overview about the concept of Category Management in Retail. It covers topic such as Visual Merchandising, Planogram, CM in Grocery Store vs Apparel Store
Best planogram practices to increase beverage salesAnoop Ashok
Improving beverage sales is a great way to drive sales at your stores. Shelf placement can be done easily with the help of planogram software. It helps retailers with proper shelf planning and placement to improve beverage sales.
After viewing this project one can have a outside knowledge of what is category management, why it is important in retail perspective, how category manager perform his duties in a daily roster map.
Technology will transform retail resulting in the growth of brick and mortar retail. Check Retail Technologies trends that will help retailers survive.
Retail Technologies and Retail Trends That will Define The FutureRosalie Lauren
Technology will transform retail resulting in the growth of brick and mortar retail. Check Retail Technologies trends that will help retailers survive.
What Digital Transformation For Retail Exactly Means.pdfLaura Miller
Digital transformation for retail allows retailers to boost customer experience by using technologies. Read the blog to know more about this transformation.
Top 5 Tech Trends Revolutionizing Retail in 2024WWG
In the retail landscape of 2024, the integration and constant improvement of retail technology is required for business success. As per PwC’s findings, nearly 40% of global CEOs have expressed concerns about the economic viability of their businesses without making any changes to their current course. Nowadays, the retail industry is constantly going through changes brought with the wind of digital transformation. Those changes are requirements for industry survival.
To find out more about this year retail trends read our recent article https://rebrand.ly/qvn1eq5
We explore 5 key areas where digital is adding value in retail, specifically in the physical store. (1) Consumer Engagement, (2) Payment, Security & Authentication, (3) Proximity Marketing, (4) Virtual Reality, (5) Augmented Reality. Market examples demonstrate how these trends play out in the market environment. This slide deck serves to provide insight into how to keep consumers visiting and engaged in brick-and-mortar spaces, by delivering their desire for digital. Persuading the consumer to keep the physical store alive is a challenge, and retailers need to adopt technology to maintain relevance, and at the forefront of disruption.
Digital commerce vs E-commerce is a topic of frequent discussion because Digital commerce is the future of the evolving retail industry. Unlike brick-and-mortar stores, e-commerce services are accessible anywhere, and anytime in the world.
Read More :
https://sekel.tech/blog/digital-commerce-vs-e-commerce-in-2023-which-is-better/
TOP 10 BOLD PREDICTIONS FOR RETAIL IN 2024Liveplex
As we delve into a world shaped by technology, consumer empowerment, and sustainability, this report provides a roadmap for retailers, industry professionals, and enthusiasts to navigate the changing landscape.
Highlights include:
✅ Seamless Omnichannel Experiences
✅ Revolutionary Impact of Augmented Reality
✅ The Personalization Power of AI
✅ The Green Revolution in Retail
...and many more!
VeriFone eBook: Mobile Commerce - Challenge or Opportunity?Verifone
The Unstoppable Mobile Revolution - With more than 1 Billion smartphones worldwide, retailers are taking notice of the benefits and opportunities provide by mobile payments. This eBook by VeriFone explores the opportunities of mobile for both retailers and consumers alike.
The growth of artificial intelligence in e commerce (1)@Andolasoft Inc
AI-driven solutions can piece together a variety of insights to automate ecommerce developments for easing the lives of users. Making informed decisions in a matter of seconds is what AI in ecommerce stands for.
Explore the trends that will shape the state of retail tech in 2021 and what could be coming next. Take a deep dive into global retail tech investment trends, top initiatives, and more.
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
JMeter webinar - integration with InfluxDB and GrafanaRTTS
Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
• The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
• Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
• Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
• Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
Whether you're a developer, tester, or QA professional, this webinar will give you valuable insights into how AI is shaping the future of software delivery.
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
2. Digital transformation has revamped the existence of every industry
unimaginably. Technological disruption has intensified completion,
changed business models and eliminated geographical barriers. The
retail industry has witnessed unprecedented changes due to
technology evolution.
The rapid rise of e-commerce giants such as Amazon and Alibaba
and the paradigm shift in consumer preferences have compelled
traditional retailers to rethink their strategies and explore new
forms of consumer engagement. The revolution took off with the
advent of the iPhone app development and smartphones.
3. A major transition for established brick-and-mortar retailers is
eminent. The evolution has resulted in digital transformation from
warehouse, inventory, and logistics to supply chain management at
every business level. Retail software solutions are available for each
and every function.
Retailers are now using immersive experiences, often blurring
boundaries between online and offline worlds. The stakes are
high, and it is all about convenience, personalization and flexibility.
There is no denying that the mandate is clear to either change or
be left out in the highly competitive world.
4. Retail Apocalypse: Is it real?
This year alone, major global retailers such as Bon-Ton department
stores and Toys R Us permanently closed, while J.C. Penney, Sears and
Macy are announced major store closures. The growing eCommerce
industry is making it challenging for brick-and-mortar stores to stay
relevant store closures and job losses in retail continue to dominate
the news. Several reasons have contributed to the closure of retail
stores such as rising costs, technological disruption and changing
consumer behaviour. The UK high street also continues to undergo a
considerable structural change.
The retail industry is dynamically changing to emerging technologies
and trends. The key to surviving in this industry is to adapt to changing
customer preferences and demands with the help of Retail IT Solutions
and new technology in the retail industry.
5.
6.
7.
8.
9. UK Retail Industry Challenges
Brexit
Consumer Spending
Competition
UK High Street
Online Shopping
10. Retail Technologies that will
Define Future for The
Industry
From facial recognition to biometric checkout, smart sensors
tracking customer movements in the store—technology is
redefining retail software solutions and how retailers function
with optimum efficiency.
11. Retail Technologies that will Define
Future for The Industry
1. Rise of Mobile Applications
The usage of smartphones is increasing rapidly, which leads mobile
applications into the trend. Due to the high adoption of mobility
solutions, retail-based apps have taken over the industry. It helps
retailers increase reach, build loyalty, and improve efficiency by
providing multiple purchasing options and hassle-free services.
The primary reason that attracts retailers towards mobile application
development service is that it allows to run businesses 24*7. Apart from
this, retailers can also save infrastructure costs and offer the next
generation shopping experience to their customers.
12. 2. Social Shopping
With social media platforms, it is easier to target the right and wider
audience. Social networking sites help spread product information more
effectively by encouraging users to like, share, and discuss in the
comment section. It is considered a powerful and effective marketing
strategy for E-commerce as social media platforms can engage users.
Retail Technologies that will Define
Future for The Industry
13. Retail Technologies that will Define
Future for The Industry
3. Extended Reality
Extended Reality comprises enhanced digital and physical experiences
combining augmented reality (AR), virtual reality (VR), and mixed reality
(MR). It will greatly change shopping preferences and change the
interaction between the company and its brands.
Reduce costs
Increase revenue and productivity
Improve customer experience
Benefits of Extended Reality
14. Retail Technologies that will Define
Future for The Industry
3. Extended Reality
How it works
Extended reality provides customers with the option to navigate
through different products and virtually try products using a mobile
application. It also gives customers the option to share their experience
with other users.
Extended reality is especially gaining traction in the new normal,
avoiding touchpoints during shopping due to COVID-19 social distancing
restrictions. It limits the need for touching items that the customer
might not end up buying.
15. Retail Technologies that will Define
Future for The Industry
4. Recommendation Engines
Higher cart sales and improved customer satisfaction thanks to
recommendation automation.
Providing highly contextual user experience.
Drive high conversion rate by giving personalized product
recommendations.
Recommendation engines have become a popular solution for online
retailers looking to suggest products to users. These tools filter out
information of lesser relevance to predict the likeliness of a user
purchasing an item and suggesting those products or services to the user.
This technology can play a vital role in building an omnichannel experience
for the user right from researching a product online to purchasing in store.
Recommendation engines work better based on the availability of data.
16. Retail Technologies that will Define
Future for The Industry
5. Order Fulfilment Automation
Order fulfilment automation integrated with your existing systems can
forecast future inventory needs, as well as enhance inventory
replenishment best practices. These innovative retail technologies are
ideal for small and mid-sized distributors, suppliers, and online retailers.
It centralizes and automates fulfilment operations, especially with orders
converging from different sales channels. Order fulfilment solutions
process orders, reducing processing time.
17. Retail Technologies that will Define
Future for The Industry
5. Order Fulfilment Automation
Benefits of Order Fulfillment
Real-time inventory control
Advanced purchasing based on trends
Warehouse management
Easily track an unlimited number of products
Prioritize orders based on the customer needs, inventory needed,
and seasonal peaks
Reduced fulfilment times resulting in unexpected cost savings
18. Retail Technologies that will Define
Future for The Industry
6. Facial Recognition
Facial recognition is fast becoming an integral part of the retail industry.
This path-breaking technology is helping retailers overcome the
problem of shrinkage, as well as personalize online shopping
experience back to the brick-and-mortar stores. Retailers can use facial
recognition to analyze the behavioural patterns of customers while
shopping at their retail stores. It allows them to understand what
customers feel and how they behave and act while in their stores.
19. Retail Technologies that will Define
Future for The Industry
6. Facial Recognition
Improving customer experience by providing a real-time customer
experience
Combat returns fraud based on its mode of operation
Understand your customers better
Integrate with other loyalty software, CRM and cash register for
increased sales
Know your customers better and purchasing behaviour, as well as
patterns
20. Retail Technologies that will Define
Future for The Industry
7. Inventory Management
Effective management of stock-flow and predictions
Improve forecasting to improve the retailer’s bottom line
Integrate sales and inventory data to decide reordering and
promotion strategy
Review data and place orders to avoid stock outages
Prioritize purchases based on an item’s profitability and popularity
Determine dead stock such as damaged items, incorrect deliveries
and unusable seasonal items.
Inventory management solutions are improving inventory control
and real-time tracking of stock, giving the retailer a holistic view of
product availability in-store.
21. Retail Technologies that will Define
Future for The Industry
8. Internet of Things
With over billions of connected products like home speakers, TVs,
entertainment systems and cars to the Internet, retailers can collect
voluminous data and actionable insights about customers’ product
usage and preferences. This will allow targeted marketing to
customers throughout every phase of the buyer journey. “Connected
devices will be 3x the global population by 2023″ By- Cisco
It’s clear that The Internet of Things makes shopping faster, cheaper,
and hassle-free.
22. Retail Technologies that will Define
Future for The Industry
9. Artificial Intelligence
AI like Siri, Cortana and Alexa are completely revamping consumers’
daily shopping experience. From manufacturing, distribution to delivery,
AI will play a crucial role in the retail world.
Artificial intelligence is all set to change the outlook of the retail industry
completely. The most likely technology to reshape the retail landscape
is artificial intelligence (AI), driven by data from customers themselves.
Analysis of “heat maps” provides details of customers’ movements in a
particular section and which items they look. This information can be
captured by LIDAR sensors. Similarly, virtual assistants and robots
inside the store help make a recommendation to customers that add
value to the customers.
23. Retail Technologies that will Define
Future for The Industry
10. Augmented Reality
Augmented Reality is also a potent tool that stores are increasingly
using. Augmented reality (AR) is expected to get even more
sophisticated in 2021 with Apple and Google moving AR into the iOS
and Android operating system. The adoption and implementation of AR
technology will undoubtedly witness an increase. As AR technology
matures, more retailers will explore ways to use it. For instance,
retailers have produced demos of AR in the changing room to great
effect. One of the most successful case studies of AR app development
is IKEA. The app used Apple’s ARKit to preview how different IKEA
products would look in the actual environment. It was simple, just scan
the floor using the iPhone and select the product that needed to be
placed.
24. Retail Technologies that will Define
Future for The Industry
11. Big Data Analytics
Big data analytics continues to mature. It is helping in strategic decision
making. Progressive retailers are exploring new ways to leverage big
data analytics to enhance different business aspects from sales,
marketing, and customer service to retail operations. Retailers have
adequate tools and data sources. It is just a matter of using big data
tools and technologies in the best possible manner. Big data analytics
can help retailers forecast demand, customize shopper experience and
streamline the supply chain.
When used effectively, big data services and technologies can create a
360-degree view of customer experience across digital and in-store
channels. Big data will only work if you are willing to make drastic and
significant changes to your business.
25. Retail Technologies that will Define
Future for The Industry
12. Blockchain
As retailers struggle to do more with less in a margin-squeezed
environment, the potential for Blockchain to reduce operating costs
is one of its principal attractions. Blockchain can reinvent essential
business functions, bringing trust and security in retail functions
spanning across supply chain management, accounting and audit,
and related account management processes.
26. Payment Trends in New Retail
Technology to Watch Out
Wallet Apps
Smartphone “wallet” apps will emerge as a new way to pay– a trend
that’s being driven by “lifestyle” apps such as Alipay and WeChat.
Biometric payments
Biometric payments (fingerprint or iris scans) will be used to
authenticate payments, replacing cash shortly. A report predicts a
trillion biometric payments will be made annually by 2022.
Wallet Apps
Smartphone “wallet” apps will emerge as a new way to pay– a trend
that’s being driven by “lifestyle” apps such as Alipay and WeChat.
27. Finally
Successful retailers are continuously creating unparalleled, immersive
customer-centric experiences in-store, enabling brick and mortar to
compete with the convenience and variety of online shopping.
Winning means taking the strengths of each and creating the best of
both worlds.