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

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Retail Technologies and Trends
That Will Define The Future

2. Overview
Every industry's existence has been completely transformed by digital
transformation. Technological disruption has accelerated competition, altered
company paradigms, and removed geographical restrictions. Because of
technological advancements, the retail business has seen extraordinary shifts.
The fast development of e-commerce behemoths like Amazon and Alibaba, as well
as a paradigm change in customer tastes, have driven established retailers to
reconsider their strategy and experiment with new kinds of consumer connection.
With the introduction of iPhone app development and smartphones, the revolution
took off.
Retailers are increasingly utilizing immersive experiences, frequently blurring the
lines between the online and real worlds. The stakes are huge, and everything comes
down to ease, personalization, and flexibility. There is no doubting that in today's
highly competitive world, the demand is clear: reform or be left behind.
Established brick-and-mortar stores are facing a huge transformation. The progress
has resulted in digital transformation at every company level, from warehousing,
inventory, and logistics to supply chain management. There are retail software
solutions for every function.

3. Retail Apocalypse: Is it real?
This year alone, large worldwide retailers such as Bon-Ton department stores and
Toys R Us have permanently shuttered, while J.C. Penney, Sears, and Macy have
announced substantial store closures. The growing eCommerce industry is making it
difficult for brick-and-mortar retailers to remain relevant.
Retail store closures and job losses continue to dominate the news. Several factors
have led to retail shop closures, including increased prices, technological disruption,
and changing consumer behavior. The UK high street is likewise undergoing
significant structural transformation.
Customers have been searching for a more customized experience and quality in the
retail industry in recent years, according to recent study. Because of the ease, their
shopping and purchasing habits in the post-pandemic era have primarily switched
towards the e-commerce area and omnichannel shopping, all of which have been
increasing since the digital transformation.
The retail business is always adapting to emerging technologies and trends. The key
to thriving in this market is to adapt to changing customer tastes and needs with
the aid of Retail IT Solutions and new retail technologies.

4. Retail Technologies For The Industry
1. Rise of Mobile Applications
Smartphone usage is quickly expanding, and mobile applications are following
suit. Retail-based applications have taken over the business as a result of the
widespread usage of mobility solutions. It assists shops in expanding their reach,
increasing loyalty, and improving efficiency by giving different purchase
alternatives and hassle-free services.
The key reason that shops are drawn to mobile application development services
is that it allows them to conduct their operations 24 hours a day, seven days a
week. Aside from that, companies may save money on infrastructure while
providing their customers with a next-generation shopping experience.
As a result of the epidemic, the development of mobile applications has
accelerated to the point that customers no longer need to physically visit
businesses to purchase products. Furthermore, by simplifying the apps, mobile app
developers have assured a seamless and hassle-free purchasing experience for
clients.
As a result, clients do not need to be technologically savvy to use these apps.
They will be able to determine their behaviors once they have installed and begun
utilizing these applications.

5. 2. Facial Recognition
Facial recognition is quickly becoming an essential component of the retail
industry. This ground-breaking technology is assisting merchants in
overcoming shrinkage while also personalizing the internet buying experience
and bringing it back to brick-and-mortar locations.
Retailers may employ face recognition to study customer behavior trends while
shopping in their establishments. It enables them to learn how their consumers
feel and behave in their stores.
1. Improving client satisfaction by offering a real-time customer experience
2. Combat return fraud depending on how it operates.
3. Improve your understanding of your consumers
4. Increase revenue by integrating with other loyalty applications, and CRM,
5. Improving client satisfaction by offering a real-time customer experience
6. Learn more about your consumers' purchase habits and tendencies.
Retail Technologies For The Industry

6. 3. Big Data Analytics
Big data analytics is still in its early stages. It aids in strategic decision making.
Progressive retailers are looking for new methods to use big data analytics to
improve everything from sales, marketing, and customer service to store
operations.
Retailers have access to appropriate technologies and data sources. It is just a
matter of utilizing big data techniques and technology to their full potential.
Big data analytics may assist businesses in forecasting demand, personalizing
the shopping experience, and streamlining the supply chain.
Big data services and technology, when used correctly, may provide a 360-
degree perspective of the consumer experience across digital and in-store
channels.
Big data will only work if you are prepared to make major changes to your
business.
Retail Technologies For The Industry

7. 4. Augmented Reality
Augmented Reality is another powerful technology that retailers are increasingly
utilizing. Augmented reality (AR) is predicted to become even more advanced in
2021, with Apple and Google incorporating AR into their own operating systems,
iOS and Android. The popularity and application of augmented reality
technologies will surely expand.
As augmented reality technology advances, more retailers will look for ways to
incorporate it. Retailers, for example, have used AR in the changing room to
remarkable effect. IKEA is one of the most successful case studies in AR app
development.
The software made advantage of Apple's ARKit to simulate how certain IKEA
goods might seem in real life. It was as simple as scanning the floor with the
iPhone and selecting the goods to be placed.
In today's world, the narrative around retail is not restricted to only sales; it has
evolved significantly and now places a greater emphasis on the consumer
experience. Customers today are drawn not just by high-quality items, but also by
shopping experiences that make them feel good.
Retail Technologies For The Industry

8. 5. Artificial Intelligence
Artificial intelligence is poised to drastically alter the retail industry's outlook.
Artificial intelligence (AI), powered by data from customers, is the most probable
technology to disrupt the retail sector.
The analysis of "heat maps" offers information about consumers' movements in a
certain sector and the things they look at. LIDAR sensors can gather this
information. Similarly, virtual assistants and robots within the business aid in
making recommendations to customers that offer value.
Customers' typical purchasing experiences are being completely transformed by
artificial intelligence (AI) such as Siri, Cortana, and Alexa. AI will play an
important role in the retail industry, from manufacturing to distribution to
delivery.
All of this is ready to transform the way payments are made. Payment businesses
are increasingly using chatbots to provide an innovative method to check
balances and make payments.
There are many benefits of implementing AI technology in the retail industry
such as Reduction in expenses, Customer service, In-store assistance, Price
formulation, Price projection, Visual search, and Supply chain management.
Retail Technologies For The Industry

9. 6. Social Shopping
It is easy to target the proper and larger audience with social media platforms. By
encouraging users to like, share, and debate products in the comments area, social
networking sites help distribute product information more efficiently. Because
social media platforms can engage people,
Most retailers have experimented with leveraging big data to track the actions of
their target customers. They accomplished this by tracking actions across several
social media platforms and then proposing comparable goods that may appeal to
clients.
Several businesses have also resorted to developing social media pages rather
than mobile applications or websites. This has allowed customers to examine
things directly on their website rather than utilizing a different platform to
purchase them.
Most social media profiles provide ordering choices or a link to their official
company website where you may purchase the things of your choosing.
There are several advantages to integrating social shopping such as Improved
customer engagement, Consistent audience growth, Increase in average order
value, Higher search engine ranking, and Improved customer insights.
Retail Technologies For The Industry

10. Payment Trends in New Retail Technology
Biometric payments
Biometric payments (fingerprint or iris scans) will be used to authenticate payments
and will eventually replace cash. According to one forecast, a trillion biometric
payments would be processed each year by 2022. Biometric payments are one of the
most significant and groundbreaking technology advances.
Voice-Activated Assistants
Voice-activated payments powered by digital assistants like Amazon's Alexa will
become more prevalent, with financial institutions already exploring the technology.
Approximately 28% of individuals use smart speakers to transmit money or make
direct payments.
Blockchain
Although cryptocurrency and Blockchain are unlikely to replace traditional payment
systems anytime soon, numerous institutions are investigating Blockchain's potential
to authenticate transactions.

11. Contactless payments
Contactless payments have grown in popularity. Contactless payments, as the name
implies, allow customers to just wave their mobile devices across the reader. This
approach is far more convenient and faster than inserting a card.Many businesses,
like Samsung, Amazon, Google, and Apple, have their own payment system.
Indoor Positioning System
IPS assist customers in navigating while in the store because GPS is not always
available or reliable enough in retail locations. Target and Lowes retail
establishments have implemented indoor positioning systems to improve their
consumers' shopping experiences.
The dominance of mobile wallets
Digital payments are the way of the future. Retailers are effectively utilizing digital
payment technology to provide their consumers with convenience and the finest
payment options. Mobile wallet solutions are now dominant.
Payment Trends in New Retail Technology

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