2020 Implementation of Retail Technology

2020 Implementation of Retail Technology As the new decade enters, people are curious about what lies ahead particularly in retail. The Retail People Magazine had an exciting and great conversation with Vic Bageria, Chief Visionary Officer at Xpandretail powered by Sávant Data System (SDS) LLC. Here, he briefly shared his views how technology is changing the retail industry.

Our Clients: O ver the years, retailers witnessed a rise in technological advancements that have enabled businesses to evolve in the highly dynamic industry. Artificial Intelligence, machine learning, big data and other disruptive technologies have played a significant role in improving day-to-day business operations and building core competencies. Therefore, over 50 percent of the businesses are expected to increase investments in such advancements to boost productivity and enhance corporate infrastructure.

The year 2020 is expected to witness a rise in the widespread adoption of the “Fourth Industrial Revolution” technologies to generate immersive shopping experiences and improve customer satisfaction. The industry will also witness a surge in E-Commerce sales, and thus, retailers must invest in advancements to better tackle this ever-growing market threat. Currently, one of the significant challenges in the industry is the lack of brand loyalty. Over 55 percent of the customers switch brands if they are not satisfied with their current ones. Therefore, businesses must rely on developments such as analytics, virtual and augmented reality and the Internet of Things to attract and retain shoppers.

AI assists firms to gather, store and process data to introduce robust strategies to attract potential customers. Advancements in AI-based software enhances other technological solutions such as People Counting Sensors. According to experts, AI boosts data accuracy by over 25 percent, and thus, assisting retailers to understand market trends and customer preferences better. AI also improves in-store infrastructure to maintain optimal footfalls and boost conversion rates.

A market trend that is currently gaining immense popularity is omnichannel retail. Customers prefer retailers who are present on both online and offline channels. Digital developments enable businesses to provide a seamless experience on multiple channels and gain accurate and real-time information to offer more personalized services. Statically, over 60 percent of shoppers prefer companies that offer product recommendations based on buying habits. Analytics and IoT assist retailers to gather data on shopping behavior from sources such as online queries and purchase history to provide more interactive experiences and satisfy customers.

According to research, technological solutions in retail will improve profits by over 30 percent. They also promote the effective and efficient use of corporate resources to maintain productivity and offer high-value products and services. The industry is unpredictable — continually evolving shopping patterns and market trends urge firms to invest in technology to stay relevant. And, disruptive technologies such as AI and analytics assist in achieving the “Store of the Future” and gaining an advantage in the competitive sector.