Since the beginning of the 21st century, advancements in technology have changed the way customers interact and purchase goods and services. New digital technologies promoted the accessibility of products to consumers through advertising. In the last century, technological advancements that were not retail-specific had the most significant impact on the retailing business.
Throughout the years that we have overlooked, especially the last decade, there have been innovations that have significantly transformed how we shop for products both in the traditional brick and mortar stores and in the online stores. The first retail shopping mall was opened in 1918 in Lake Forest Illinois. Barcodes would come to play in the retailing business in 1952 which led to improved and faster check out and the general organization of the retail industry. The first point of sale system came into play in 1978.
To date, there are numerous advancements in technology such as the unified commerce platform that improve the consumer brand experience and our general way of shopping. When the internet was invented at the beginning of the century, the entire retail landscape changed forever. In this article, we are going to highlight the technological trends and principles that will shape the future of the retail industry in a holistic way.
Due to the simplicity and easy installation of augmented reality technology and holograms, these technologies will soon take the retail market by storm. The hologram will quickly be incorporated in changing rooms in clothing retail stores to enable consumers to try out on new clothes without the need of undressing. Smart glasses are also set to use the hologram technology to assist customers to check whether foods have specific ingredients that they may be allergic to.
Retailers can also save a great deal of space in their store using hologram. Hologram eliminates the need for racks, shelves, and mannequins. Technology will enable retailers to offer their consumers with virtual aesthetic displays which will be visually attractive. Holograms will also make it possible for retailers to change the different items in their store to various store locations. For instance, holograms will give the choice of a must-have accessory whenever you purchase a suit or a dress that compliments it.
The revolution of robotics
The development of the robotics technology will translate to improved efficiency in retail stores. Retail store owners will also have to be train their employees to promote brand enthusiasm to the consumer using the robots. For instance, a robot that was designed, fabricated and programmed by Intel in collaboration with Carnegie Mellon University can create products retail inventory in real-time. The robot by the name AndyVision does product marketing while still in the store and specializes in making one-off promotions. Other robots use the replica of the human form to do product promotion. However, there is nothing to be worried regarding additional training for your entire staff. The process of consumer shopping is set to become more mechanized by the use of robots which will lead to a more valuable means of human interaction.
The Personalization of prices
In the foreseeable future, some retail stores will do away with free pricing. Instead, vast data mines inside the store will have all the necessary information about the prospective consumer. This information will include, where the customers shop, when they shop and what kind of purchases they make. The data mines will also know the brand loyalty of the consumer. All this information will be used by the data mines to predict consumer tastes and preferences using their shopping history to give the consumer a better shopping experience.
Technology will move the smartest tools of navigation from your car to your pocket. For instance, IBM has developed a robot known as Watson which uses machine learning, Artificial intelligence and cognitive technology to think and reason almost like a human being. It is possible that soon you will put your shopping list in an application inside your smartphone which will link into the different beacons in the store and lock on them.
Author Bio: Jeremy is a tech and business writer from Simi Valley, CA. He’s worked for Adobe, Google, and himself. He lives for success stories, and hopes to be one someday.