Shopping experiences that you will live in the future may be more automated, but they will also be more of your own, than your current shop visits.
Today’s traditional retail industry is in crisis after a large number of shops close its doors, and some companies consider this stage to be “the end of the retail world.”
As part of its efforts to overcome this crisis, many institutions today are betting on technology to help them continue. In the opinion of experts «Enfwick» the importance of attention to the following aspects.
– «Personality» trade
1. Personalization. Consumers today insist on reaching out to retailers that they want a personalized, personal experience. A survey by Accenture, a consultancy in the United States and Britain, found that 56 percent of consumers say they prefer to shop from a store or through a website they know by name. It also showed that 58 per cent of them were shopped when a retail establishment provided them with buying recommendations, while 65 per cent tended to shop from places that remembered their buying history.
Retailers are paying attention to this message. Industry estimates suggest that between 60 and 80 per cent of traders are now investing in technologies that personalize the shopping process. This technology may include all titles from e-recommendation engines, specially targeted promotions and touch screens in the gaming rooms, to facial recognition technology.
2. Predictive analyzes. Today’s retailers are also increasingly investing in predictive analytics, specifically solutions that rely on artificial intelligence and machine learning. Marketers and Markets reported that retailers’ spending on analytical solutions could rise to $ 8.64 billion by 2022. Companies use these tools to classify consumers, gain and retain customers, monitor and prevent fraud, and anticipate customer demand.
3. Electronic security. In recent years, retailers and other entities have faced severe cyber attacks. According to a report by TrustWave Global Security in 2018, the retail industry suffered more than other electronic data breaches in 2017, alone accounting for 16.7 percent of all attacks.
Over the past two years, attacks on bright names in the retail world have increased.
– Chatting with shoppers
4. Electronic chat programs. With the improvement of artificial intelligence technology, many retailers have begun using electronic chat software to provide basic consumer and online services.
In 2017, 2% of retailers use these programs, but because of research firm Gartner, 25% of customer services and support operations will use virtual assistants and e-chat programs by 2020. The company also noted that virtual client assistants are contributing Inquiries decline by up to 70 per cent, increase customer satisfaction, and reduce costs by 33 per cent.
5. Multi-channel marketing experience. Today’s customers interact with retailers across multiple devices, such as smartphone applications, websites, store visits, smart speakers, etc., and expect all of these experiences to be integrated.
As a result, multi-channel marketing and multi-channel integration have become among the most important trends in retail technology. IDC said that participation in multichannel trials is the strategic priority for digital transformation in this sector, which is rapidly growing between 2016 and 2021, at 38.1 per cent of the overall annual growth rate.
6. Automation processes? Automation of the process relies on the use of computers to complete manual tasks that require time and are hated by most employees. Process automation may be used, for example, to complete tax tables, reconcile accounts payable, calculate supply chain costs, license revenue, complete audits, and even manage complaints. According to McKinsey, automation of robotic operations could take about 54 percent of the work in the retail industry.
7 – «Block Qin». “Block Qin” is currently one of the most important technical trends in the financial world, but it imposes on retailers significant consequences. «Block Qin» is a common financial technology that allows working in digital currencies encoded «Bitquin».
This technology has attracted a lot of corporate interest because it could increase remittances, remove the need for intermediaries such as banks and bank cards to complete remittances, and allow smart contracts to start making payments once the terms of the contract are completed. IDC estimates that Block Qin’s spending will grow by 81.2 per cent in the overall annual growth rate in 2021, with revenues of $ 9.7 billion.
– Smart presentations
8. Offer and smart advertising. Apart from retailing, some of its traders have begun investing in displays and smart banners. Some of these screens act as kiosks to answer customer queries about products while keeping track of customer traffic in stores, while others can conduct an online survey of the customer’s face to see what they feel and change the ads to suit them.
For example, the smart Shelves Point signs slip along the side of the shelf bar in grocery stores where the price is usually there. The design of this animated screen is designed to encourage the shoppers to get closer, and when they do, the ad changes to provide more information about the product. At the same time, the sensor’s computer vision technology collects data about the buyer’s age, race, and reaction when he sees the ad. The retailer and product maker can then invest this data to target customers more with their promotions. Over time, we will know whether customers will welcome this type of interaction or pass it on as a breach of their privacy.
9. Enhanced reality and virtual reality. Some of these smart screens introduce elements of virtual reality and enhanced reality. For example, many retailers have created smart mirrors that can show customers how they will appear in a particular piece of clothing without really having to try it, or can suggest shoes or other accessories to complement the look. IKEA, the famous home furniture store, offers an application that allows customers to see how IKEA furniture looks at home.
10. Free of charge. Some retailers, notably Amazon, are testing a technology that eliminates the need for customers to stand in line to buy goods. At the Amazon Go store, shoppers simply take the item from the shelves and place it in their bags or carts. The sensors in the store automatically monitor what customers have taken and discount the cost of their own account at Amazon. Currently, Amazon has one Go store in Seattle and plans to open next fall. Sector observers believe that this model will eventually spread throughout the retail industry.