Digitalization has taken over a completely different turn in the retail industry. As the pandemic struck us, we came across various technological methods and strategies that could vibrantly lift our business. And it resulted as expected!
Behind the immense growth of the retail industry, the biggest credit goes to technological strategies. It has entirely transformed the retail industry and shopping methods. With the high market competition, companies are opting for numerous advanced as well as innovative technological strategies. From large corporations to small organizations, technology covers all aspects of the business. And to follow innovative technology, businesses need to keep up with the latest digital trends. Technological strategies are essential for retail businesses to facilitate marketing, sales assistance, and efficient payment processing for retailers.
For any business, the technology works as intertwined with physical stores to provide better customer services. This comes out with digital technology being a functioning bridge between sales and enhanced physical retail services. This overall results in better experiences that are more specialized and engaging.
This could only be possible because of the phenomenal technological innovation. We have discussed such innovative technological strategies right below:
1. Artificial Intelligence (AI)
Retailers across the globe utilize Artificial Intelligence for real-time customized promotion, improve demand forecasting, optimized product placement, and deciding prices.
It’s advanced technology like computer vision bearing near-real-time intelligence to cater to retail stores. Artificial Intelligence also tracks data from various online channels and optimizes better E-commerce strategies.
Furthermore, there have been optimized various types of Artificial Intelligence in the retail industry that helps the company in better recognition of customers’ intent and enhance their shopping experience.
2. Deep Vision
Today, consumers are entirely dependent on the experience from their shopping journey. You’d receive better engagement and consumers if the customers will get a great shopping experience. And that’s where Deep Vision swipes in!
Deep Vision provides the service of free stores checking out from online retailers by facilitating real-time consumer insights that would promote a better shopping experience for the consumers. For large retail corporations, Deep Vision has become an essential part of their marketing.
3. Deep Learning
Deep Learning brings out new ways to support the customer’s experiences. It shows the momentous insights of consumers to the companies.
4. Virtual Reality
For retailers, Virtual Reality is taking over the next level of digital shopping experiences for consumers. With Virtual Reality, the retail market has raised to 1.6 billion by the year 2021.
The immense potential of the market is set up to broaden the market into virtual spaces. It formulates a virtual experience of shopping to help retailers as well as consumers.
5. Augmented Reality
Augmented Reality has been growing with the virtual experience of “try-before-you-buy.” Augmented Reality is considered among the top innovative technologies that require daily lives assistance in work.
6. Internet of Things (IoT) and Retail
Well, in today’s retail business, it’s very often to form a network of billions of physical engines connecting and communicating with one another and sharing their data. And that’s what the Internet of Things is. IoT has worked brilliantly in the retail business by formulating users’ experiences more engaging as well as innovative.
Internet of Things is widely utilized for its application, beacons where small wireless devices connected powered by Bluetooth Low Energy (BLE), function in transmitting continuous signals. This signal is received by smartphones which it passes on to the cloud server. This cloud server can nudge targeted content to smartphones.
IoT holds the potential of gathering data in a more simple format and allowing coarse customer segmentation and personalization to be more effective than before.
Are Indian retailers adopting innovative technology?
Innovative technology has made its foothold immensely, across the globe. People are widely moving towards adopting various digital platforms for any shopping purpose. On that note, India isn’t too far!
According to the report of the United Nations Conference on Trade and Development’s B2C E-commerce Index 2019, India was ranked 73 among 152 countries for its enhanced support of digital shopping. Indian retailers opt for better technological strategies to meet up the expectations of their huge customer base. The domestic E-Commerce market of India is expected to rise with a total market worth of US$99 billion by the year 2024. When it comes to business advancement, Indian retailers do not leave any chance to grow. From grocery to fashion clothing, technology has covered all sectors of Indian retailers. Its fashion or apparel sector demands wide expansion through digital platforms and smartphone penetration.
How is innovative technologies impacting retailers?
When it comes to consumers’ choices, they don’t often distinguish between online and offline shopping. From buying laptops to groceries, the Internet has everything you search for.
To adapt to the advancing market, retailers search for methods to beat up their competitors and bring out a classic collection of consumers’ preferred products. With this, retailers are opting for various innovative technological strategies to provide a better consumer experience.
Through these methods, retailers enhance their sales and marketing methods. Innovative technologies result in great market profits. For example, try-on technology will increase sales and also decrease return rates for fashion wear.
Is adopting innovative technologies affordable for Indian Retailers or not?
For any business, adopting advanced technologies requires great sums of investments. For such investments, the retailer requires funds from the costs of IT infrastructure and operations. The increased demands of consultant services to analyze the IT speed and the utilization of consumed infrastructure services and create cost optimization suggestions.
Although it does require some sums of investment the final results are always worth it. As the Indian market grows immensely, retailers are looking forward to ways and strategies to optimize their services and product sales. Digital platforms work brilliantly in this area and bring out great customer engagements.