Technology is changing the way we do business in all sectors, increasing efficiency, saving money and at the same time improving the quality of goods and wares. Retail chains are no exception. Besides, they take benefit of technology.
Feel free to look through 10 main things that will adjust the market in 2020.
1. Alternate Reality
Retail distributors are already using virtual and alternate reality to improve customer service from viewing goods to simulating fitting. The IKEA application helps to choose furniture, showing how it will look in the buyer’s apartment.
Augmented reality in addition provides further details. For example, the Living Wine Labels app of the wine manufacturer and distributor Treasury Wines Estates identifies the product and details about it by label photography.
2. Predictive analytics based on big data
Retailers are now more likely to predict the future of the market through big data analysis. This applies to consumer behavior and the study of past trends and processes. As a result, companies personalize the product and the purchase process itself, as well as reduce costs in the supply chain.
3. Predicting customer desires
Experts call these micro-moments: when users turn to the search engine to satisfy their request at the moment. It could be holiday decorations or an Italian restaurant nearby.
A huge advantage is just those companies that quickly respond to the immediate interest of the client. Thanks to the “powerful analytical capabilities”, retailers remember such moments, come to the rescue and even predict the wishes of customers.
4. Algorithms for recommendations
The mechanisms for issuing recommendations are improving and becoming “smarter”. Their development requires a large amount of data on consumer behavior. There is no problem with this, experts say. As a result, sales growth and customers remain satisfied by simplifying product choices.
5. Warehouse robots
According to Material Handling and Logistics, towards the end of the year 2025, above 580 000 stand-alone robots will work in warehouses around the world. This approach significantly reduces the processing time of the pattern.
6. Facial identification
The technology of facial identification assists retail distributors fighting store thefts. Also, the system creates a first-hand shopping experience in offline places. Due to this technology, a client is identified, the purchases s/he made are captured and individual offers are provided.
7. Inventory Management
Computer systems store inventory information on a real time basis. It allows networks to more efficiently manage goods flows, make forecasts, make more accurate decisions and, in general, better control product stocks, reducing source and factory defects.
8. Machine-to-machine shops
Pepper robots assist clients in finding the right products, respond to the surveys, and send special offers and coupons via email. Lowe’s flat renovation chain uses LoweBot, which serves customers in stores.
Consumers are used to contacting a chatbot for help, experts say. Such service not only reduces the number of calls to company support services but also often turns out to be better and more efficient.
10. The Internet of Things and Smart Gadgets
It is the Internet of things and smart equipment that combine personalization and information, which greatly simplify the decision-making process. This was made possible through the collection of large amounts of data and their processing.
About the author
Melisa Marzett is a freelancer and a traveler who is currently writing articles about anything and everything for findwritingservice . Apart from that, she goes in for sports, loves jogging and volleyball, practices yoga and meditation, is much of a reader and more of a listener than a talker.