Retail technology- the new normal

Though everyone agrees with the impact created by technology in the Retail Industry, a few studies prove the contrary. “By 2024, experts predict that 72% of US retail sales will still occur in brick and mortar stores.” Yet, these reports do not downgrade the pertinence of technology in today’s retail industry. Customers are becoming more tech-savvy since they do not insist on scrutinizing every commodity manually before purchasing. Nevertheless, investing in technology is a risky business for entrepreneurs who prefer physical stores. Yet, a few technological advancements like- Artificial intelligence and Automated Technology can never go wrong and, therefore, can be employed by retailers.

Data Collection:

As has already been mentioned, customers who shop online is increasing day by day. Therefore, collecting the data of the consumers becomes a cumbersome task for retailers. Besides, maintaining the confidentiality of the information is yet another issue the shopkeepers face. To rectify this problem, Automated Technology can be employed in data collection.

Connecting Online:

Since the onslaught of COVID-19, consumers have stopped opting for in-person meetings and campaigning. Therefore, social media and virtual meetings have become the only means to interact with consumers. Yet, a few customers are found to be reluctant to share their personal information with retailers. In such situations, the traders are expected to take special care not to encroach upon the privacy of their consumers and interact with them effectively.

RFID Technology:

Radio Frequency Identification is yet another trend which made its way into the Industry lately. It works with the electromagnetic spectrum to recognize commodities or people. The gadget which uses this technology can either be portable or stationary. With the help of radio waves, it transmits signals and later receives information which eventually transmutes into data.

Virtual Fitting Rooms:

This is a breakthrough in the Technological retail industry since it allows the customers to try on the items without changing their dress. This technology also employs RFID technology, and the commodity is scanned and placed on the body of the consumer with the help of a camera. This gives a virtual tangibility to the object.

Everyone understands the importance of technology in today’s Retail world. But many traders are skeptical about how to begin and what to do at the onset. Experts and their counterparts can help retailers to understand their Industry and the relevance of technology in a better way. Yet, the retailers will have to observe others in their trade to get an idea of how technology works in the Retail Industry.