7 Technology Gems for Retail Success

The onslaught of big online players had created a gloomy situation for the brick-mortar retail sector. Adding salt to the wound pandemic worsens the situation of Retail players. But Retailers who embraced Technology innovations and updated their mode of operation have faced all the odds and are flourishing in this highly competitive retail market. This post provides 7 Technology Gems for Retail success so that they can flourish in the arena by utilizing the benefits of Technology Innovations.

Mantra-1: Augmented Reality (AR) & Virtual Reality (VR) Driven Retailing

AR and VR have been used in Gaming and Entertainment extensively. But with the onslaught of Pandemic, even retailers have effectively employed this technology to provide customers ‘Try-Before-You-Buy’ facility so that customers can make decisions from the comfort of their homes. AR and VR are also called as Extended Reality. IKEA Place is the best example of the Extended Reality outlet. So, It is high time the Retailer rope in this novel technology into their outlets.

Mantra-2 : Embrace Voice Commerce

Artificial Intelligence and Natural Language Processing have made huge strides in the scientific world. From kids to elders everyone is aware of using Voice-Assistants like Google Siri and Alexa. The popularity of Voice Assistants has helped big retailers like Walmart to come up with tools like Walmart Voice Ordering Service and 7-eleven Inc has a tool called 7 Now delivery. So, Retailers have to utilize the flexibility offered by Voice Commerce and stay ahead in the market.

Mantra-3: Power of Recommendation Engines

Recommendation Engines are popular today as they help customers to know about novel products they are unaware of. It also fine-tunes the customer’s shopping experience as it helps them to make swift and accurate decisions. Retailers get benefited from higher cart sales and customer satisfaction. The most popular Recommendation Engines are Amazon, Netflix, and Spotify. So Recommendation Engines definitely add value to retail stores.

Mantra-4: Cashier Less and Staff Free Shops

The pandemic has triggered customers to opt for purchasing via contact less mode. Self-Order Kiosks and Self-Checkout Kiosks are gaining popularity amongst even medium size shopping outlets. Amazon Go Grocery is one of the popular system promoting Cashier Less and Staff Free Shopping system. So, It is high time Retailers employ Self-Checkout Kiosks.

Mantra-5: Robotic and Chat Bot Assistants

Earlier Robots were popular in Industrial hubs. But Today Robots have found an important place in retail outlets to help customers have a personalized experience. Robot Pepper is a first-ever social humanoid robot that has revolutionized human interaction with machines. So, It is right time for all Retailers to employ Robots and Chat Bots to serve customers better.

Mantra-6: Automated Stock Management

Inventory control is key for Retail outlets. Automating the entire process of Stock Management with Predictive and Big Data Analytics helps retailers to efficiently manage inventory. Avoiding wastage, theft and spoilage of goods is possible through Automated Stock Management. So, Retailers have to employ this technology to thrive in the market.

Mantra-7: Demand Forecasting by Machine Learning Techniques

Optimizing Customer and Supplier Relation Management, Logistics managing smart marketing campaigns is important for retailers. Many Retailers are using Big Data to forecast market demands. Empowering such systems with Machine Learning algorithms provide an edge for Retailers in the market. So, Retail outlets cannot ignore this technology advancement.

Summary

Retailers and In-stores players are operating in a highly competitive situation. They have been constantly facing competition from Big Online and E-commerce players. So, Embracing Technology to facelift the operational systems is vital for Retailers to survive in the market. Hope these 7 Technology Gems for Retail success can act as a guide.

In the Indian context, Aidio, O.E.M based in Bengaluru has developed products like ICX-Suite, Interactive Displays, Self-checkout, Cash acceptor that can boost the way Retailers optimally use technology.

Also, often readers come up with queries regarding how exactly Technology benefits the Retail segment. Here are a few popular queries answered.

Frequently Asked Questions (FAQ)

• How has Technology improved Retail?

Technology facilitates efficient operation in Retail outlets by effective inventory management, price tracking, and managing orders. Moreover, Customer Experience is enhanced by employing technology tools in In-stores.

• What is Retail Technology?

Application of Technology tools in the Brick-Mortar stores, E-commerce, and Direct 2 Consumer segments to ensure better customer experience is Retail Technology.

• How does technology affect the Retail industry?

Technology usage in Retail outlets in general improves the efficiency of operations. Particularly Automation is a great enabler that improves supply chain efficiency and thus frees up capital for organizational growth.