Technology will transform retail resulting in the growth of brick and mortar retail. Check Retail Technologies trends that will help retailers survive.

1. Retail
Technology
Trends
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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.
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.

3. 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
Retail Apocalypse: Is it real?
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

4. Retail Technologies that will Define Future for The Industry
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.
1. Rise of Mobile Applications
They can figure out their actions once they install and start using these apps. Such apps
have increased customer satisfaction and increased the total number of customers
visiting a retail app, thereby increasing the sales of the retail company.

5. Retail Technologies that will Define Future for The Industry
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.
2. Social Shopping
Most retail companies have tried using big data to monitor the activities of their target
customers. They have done this through tracking activities across different social media
sites followed by suggesting similar items that can attract the customers. Various
companies have also shifted to creating social media pages instead of mobile apps or
websites. This has helped the customer directly view the products on their pages instead
of using a different platform to purchase them. Most social media pages have options to
place the order or a link to direct you to their official business page where you can
purchase the items of your choice.

6. Retail Technologies that will Define Future for The Industry
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.
3. Extended Reality
Benefits of Extended Reality
Reduce costs
Increase revenue and productivity
Improve customer experience
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.

7. Retail Technologies that will Define Future for The Industry
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.
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.

8. Retail Technologies that will Define Future for The Industry
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.
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

9. Retail Technologies that will Define Future for The Industry
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.
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

10. Retail Technologies that will Define Future for The Industry
Inventory management solutions are improving inventory control and real-time tracking
of stock, giving the retailer a holistic view of product availability in-store.
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.
Benefits of Inventory Management

11. Retail Technologies that will Define Future for The Industry
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
8. Internet of Things
It’s clear that The Internet of Things makes shopping faster, cheaper, and hassle-free.
Furthermore, Internet of Things has helped in carrying out smooth and successful
business operations, Starting from managing and monitoring your stocks to inspecting
the performance of your fleet, IoT helps you accomplish a lot of tasks. Suppose you want
to check your driver’s route or his average speed. Or, you want to the total quantity of
perishable items in your warehouse and their total cost.

12. Retail Technologies that will Define Future for The Industry
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.
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 poised to change the way payment is done. Chatbots deployed
by payment companies are now providing an innovative way to check balances and
make payments.

13. Retail Technologies that will Define Future for The Industry
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.
10. Augmented Reality
The narrative surrounding retail is not limited to just sales in the present world, it has
changed a lot and it emphasizes more on the customer experience.

14. Retail Technologies that will Define Future for The Industry
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.
11. Big Data Analytics
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.

15. Retail Technologies that will Define Future for The Industry
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.
12. Blockchain

16. Retail Technologies that will Define Future for The Industry
Robotics and store assistants are transforming the retail space by enhancing the
comforts of both the customers and retailers. These devices can help the customers to
search for their products at the store. For any other queries, they can guide the
customers to the nearest staff. This will help the customers to get their products quickly
without spending much time. On the other hand, the store owners can use robotics and
store assistants for different activities – checking stock prices, identifying pricing errors,
and locating misplaced products. This retail technology can also be used in logistics and
supply chain ensuring the maintenance of stocks. By introducing automation in retail
businesses, technology has helped in enhancing operational efficiency.
13. Robotics and store assistants

17. Retail Technologies that will Define Future for The Industry
Contactless services are in demand in today’s world. The covid 19 pandemic has
increased the demand for cashier-less stores which are gaining immense popularity
amongst the customers also. These cashier-less stores are attracting a lot of customers
– mostly the health-conscious ones. The cashier-less stores can scan the items
purchased by customers automatically and also receive the payment directly through
cards. Implementing this technology helps the store staff to ensure the swift movement
of the customers. It also helps the retailers to reduce their operational costs and save
money. This technology is gaining its grip in the market for increasing productivity.
14. Cashier-less stores

18. Retail Technologies that will Define Future for The Industry
QR code is one of the most successful innovations of science that is helping in the
growth of many sectors. The implementation of QR codes in retail businesses has not
only reduced the operational costs of the owners but also enhanced the comfort level of
customers. Now the retail owners do not need to publish costly printed marketing
materials, a simple QR code contains all the needed information related to the product. A
consumer can know everything related to the product simply by scanning the QR codes.
The QR codes come in different forms – text, pdf, and coupons, thus keeping a wide
range of options to communicate with the customers. The QR codes can also be used to
share website links to the audience which also helps in increasing traffic as well as sales.
15. QR codes

19. Retail Technologies that will Define Future for The Industry
This option has emerged as a convenient and reasonable shopping option for the
customers and is in trend in the retail industry. This option allows the customers to order
the product online and pick it up right from the store themselves. With this option, the
consumers can select their products anytime as per their convenience and collect them
from the stores. This helps in saving money taken for delivery besides providing the
same-day pick-up options.
16. Buy Online Pick Up In-store (BOPIS)
The retail industry is abuzz with modern technology and the implementation of perpetual
inventions has helped in the growth of this sector.

20. Payment Trends in New Retail Technology to Watch Out
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.
- Wallet Apps
Most retail firms with an online app or page aims at easy check out options. This makes
their site less complicated and ensures the customers can buy whatever they want to at
any time of the day. Hence most mobile apps and sites have developed both the
‘shopping cart’ and the ‘wishlist’. The customers who view products but are not willing to
buy them immediately can put them into the wishlist while the ones who want to can add
it to their cart and check out directly. You can also track your delivery as soon as you
place the order.
- Easy check-out options

21. Payment Trends in New Retail Technology to Watch Out
- 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. Biometric payments are one of the most important and revolutionary
discovery of technological advancement. With the high rate of technological
advancement and the subsequent development of new apps, there has been a steep
increase in the rate of cyber crimes. Since biometric payments are made only through
your facial or biometric recognition, the chances of data breach or leakage of your
financial details is impossible. While on the one hand, these payments are easier to
make, they are also safer than other modes of online and card transactions. However,
such a technology is yet to be fully adapted by the retail sector.

22. Payment Trends in New Retail Technology to Watch Out
- Voice-Activated Assistants
Voice-activated payments driven by digital assistants such as Amazon’s Alexa will
become more commonplace, with finance companies already pursuing the technology.
Around 28% of people use smart speakers for sending money or making direct
payments. The portion of customers using voice-activated assistants is not huge due to
security reasons. Even after this, the future of smart speakers and voice-activated
assistants looks promising as big companies like Apple, Google, and Amazon are
investing to build secured advanced speakers. The stats also indicate a bright future for
smart speaker payments in future.

23. Payment Trends in New Retail Technology to Watch Out
- Blockchain
Cryptocurrencies and Blockchain might not replace conventional payment systems any
time soon, but several banks are exploring Blockchain’s ability to authenticate
transactions.
- Contactless payments
Contactless payments have become one of the most preferred payment methods. As
the name suggests, contactless payments allow the customers to simply wave their
mobiles across the reader. This method is way faster and more convenient than inserting
a card. Many companies like Samsung, Amazon, Google, and Apple have their payment
system. The customers need to simply download the app, register with their details, and
wave their phone across any reader. Contactless payments are made possible by NFC
technology. UK finance has also predicted that 36% of total payments will be made
through NFC-powered contactless payments by the year 2027.

24. Payment Trends in New Retail Technology to Watch Out
- The dominance of mobile wallets
Digital payments are the future. Retail companies are successfully using digital payment
technologies to give comfort and the best payment services to their customers. In the
present time, mobile wallet solutions are dominating. This is nothing but an application
that tries to mimic a physical wallet. With the help of this mobile wallet application,
customers can store money in their mobile wallet and easily make their payments.

25. 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.