10 Oct 2017
The consumers of today have come a long way from their past avatar. Now, they do not merely buy products but also demand a lot more. They are interested in high quality products but also want information and specifics about the brand they want to use. Retailers who are equipped to provide shoppers more than just quality products are the ones who will attract more buyers. There is a shift towards buying brands that have a sense of identity and stand apart because of their unique features such as ‘ethically produced’ or ‘environmentally sustainable.’
While predicting the future retail technology trend is not an easy task, there are some trends that you can safely bet on, based on the current needs and aspirations of buyers. Retail branding can be expected to take innovative forms in 2017.
Relentless efforts are on to provide customers with smooth and faster checkout experience. The deeper penetration of smartphones and availability of advanced barcodes and imaging technologies, products are being scanned faster, thus reducing waiting times at checkouts. In 2017, the effort to introduce alternative methods for checkouts will continue and there are high hopes of success as technology continues to take gigantic leaps.
With people spending more time on social media, and the amount of consumer-generated content growing, the trend of using such high value content for pushing sales is increasing among retailers. In 2017, expect more retailers to invest in technology that makes it easy for them to use these content pieces with their photo-sharing features and hash-tags. Consumers will be able to click on the content and make purchases without having to navigate away from the page, taking online shopping convenience to a whole new level.
APIs, the technology that has proved to be a game-changer for many industries, is now being embraced by retailers and this can make a huge difference to consumer experience. If understood properly and adapted rightly, APIs can impact key aspects of retail industry such as inventory management and optimization in a big way. Meeting customer expectations in terms of faster delivery and real time product visibility can become true with APIs. High transparency and operational efficiency can also be achieved with APIs. 2017 could probably see APIs revolutionizing the retail industry as well.
A seamless shopping experience is what consumers dream about while in a retail store and retailers are well aware of the need to deliver on this front. While mobile payment technologies have come a long way, and still evolving, some gaps remain. Greater consistencies in user experience across all payment platforms can be expected in 2017. Consumers will be able to switch between various forms of online payments instead of having to use physical money.
Retailers will experiment with technology on a larger scale in 2017 in an effort to provide consumers with better experiences. Evolving technology will be at the core of in-shop brandingand all activities in the retail industry. It will play a key role in enticing customers into physical stores, in point of sale marketing processes and in delivering Omni-channel shopping experiences. One can also expect retailers to use sophisticated technologies including Artificial intelligence, augmented and virtual reality, and the Internet of Things to boost efficiency and personalize customer experiences at various levels.
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