E-commerce in the United States expects to eclipse $1 Trillion this year. So, keeping up is no longer enough to survive today’s retail industry. Competition is so fierce that you’re constantly looking for every edge.
If you haven’t looked into improving your retail tech, the time is now. Customers are demanding more from retail suppliers to retain brand loyalty. And it’s the latest in retail technology that will stand out whether you’re online or operating a brick-and-mortar store.
So keep reading to learn four of the best retail technology trends to consider now.
1. The Customer Experience
The bottom line for the retail industry today is how to make your customers happy. Every aspect of the shopping experience gets enhanced with the latest tech solutions.
Take a look at augmented reality if you want to improve the online experience. You can turn your e-commerce platform into a live store with AR retail technology.
Create virtual fitting rooms for shoppers to try products without leaving home. Furniture retailers use AR to allow shoppers to move items around a virtual room setting.
Another feature that simulates the live shopping experience is indoor positioning. By following instructions on their device, customers can navigate through your store. The prompts help them find items as if they were present at the location.
2. Artificial Intelligence
AI is a significant part of the customer experience. Yet, the technology is also a benefit to inventory management systems. AI has become reliable retail tech for tracking every item on shelves and in warehouses.
Retail suppliers gain incredible insights from data produced by AI technology solutions. The information helps you understand which products are moving better. You can also learn how to position slower selling items around your store.
Artificial intelligence retail tech is valuable for studying customer behaviors. Yet, you will also get insights for forecasting sales.
3. Integrated POS
Point of sale systems has advanced a lot recently. Retail suppliers are adjusting to new buying trends. Many customers buy online, intending to pick up in-store.
You will need to track inventory movements from online and store sales. The latest POS retail technology integrates to keep inventory records up to date.
4. Payment Systems
Shoppers pay for goods with more devices than ever. Payments need to get processed fast from every source. Yet, it’s also crucial to have an efficient chargeback system.
Retail tech has evolved to perform recovery solutions for retail suppliers to better control finances. With integrated payment, store owners can track refunds and returns in real-time. All these functions must be seamless for the customer to maintain the best experience.
Retail Tech Is the Modern Solution
Retail tech in-store is just as important as the online aspect. If your costs are lower by selling online, driving your sales to your website is a brilliant way of getting more sales and maximizing profits. Digital signage for retail is commonly used to improve the customer experience from browsing to point of sale.
Digital transformation is the key to competing in today’s retail environment. The good news is that available retail tech is more affordable.
So make all your systems work in unison and embrace the latest retail technology trends. And for more great articles for the entrepreneur in you, come back here for the latest tips.