Technology is driving retail trends and has altered the way we shop. It has also caused the industry to rethink its business approach.
It’s safe to assume that technology is transforming retail. Now more than ever, this transformation is unstoppable. Technology is helping stores overcome obstacles posed by the pandemic outbreak.
In this essay, we look at some technology developments that are changing retail trends. We interviewed some of the brightest entrepreneurs to explore these trends. Increasing convenience, reducing time, and generating great experiences have become the pillars of successful innovation.
With the advancement of technology, we are seeing entrepreneurs push the boundaries of what a consumer experience can be.
What is frictionless checkout? It’s a shopping experience with minimal friction. Transactions must be simple and quick.
However, this is easier said than done. Frictionless checkout appears straightforward, but it isn’t. Both online and offline retailers must rethink their operations.
In addition, they must adopt new technologies to ensure a safe and rapid checkout.
AiFi is an AI firm that automates storefronts for all retailers and brands. They just introduced OASIS, patented technology for automating retailers. With it, retailers can effortlessly combine back-end, front-end, and POS systems.
The Benefits for Retail of a Frictionless Checkout
Shoppers benefit from frictionless checkout. The process is simple and time-saving.
However, frictionless checkout also helps companies to extend store hours. It also helps them improve store operations and move locations closer to customers.
Touchless, contactless purchasing, and eliminating the checkout procedure safeguards both customers and employees.
Immersive Retail Experiences
In-store experiences are redefining retail, making shopping more than a transaction.
ARwall is an AR/XR technology business that creates solutions for TV, cinema, retail and experiential. In ARFX, they combined virtual production processes with real-time engines and interactivity.
In addition, they created ARwall Interactive, a consumer-facing platform that allows guests to engage in larger-than-life XR experiences. They can do so without either goggles, a headset, touchscreens, or controls.
How Do VR and AR Benefit Retailers?
Persuading a guest to remain a few minutes longer than expected increases conversion.
Therefore, retailers can give their guests a delightful, engaging experience they can’t get at home. This can lead to strong brand associations and more money spent.
Immersive in-store experiences will boost customer confidence as they return to public spaces.
One of the most useful retail trends is robotics.
Walmart currently uses robots, and ABI Research predicts that by 2025, over 150,000 mobile robots will be deployed in brick and mortar retail stores.
Blendid is a good example of retail robots. This is food robotics. They provide contactless, automated food robotics kiosks that prepare and serve tasty smoothies. These smoothies are made-to-order depending on personal tastes. Their kiosks are now available in Northern California and will soon be available nationwide.
How Do Robotics Help Retailers?
In addition to offering a frictionless and safe experience, robotics and AI can assist in reducing operating expenses and improving profitability.
Micro-fulfillment is the concept of placing small-scale automated storage facilities close to the end consumer.
First, let’s talk about Fabric. This U.S.-Israeli startup designs, builds, and runs small-scale robotic micro-fulfillment solutions. Their modular platform may be placed in existing locations.
This allows businesses to offer curbside pickup and home delivery in minutes. Not only that but eCommerce sites without physical locations use Fabric micro-fulfillment centers to provide same-day delivery.
How Does Micro-Fulfillment Benefit Retail?
Orders placed online are automatically packed, and ready for pickup or delivery within minutes.
Every aspect of an automated micro-fulfillment uses technology. Most shoppers just see their browser or smartphone applications. However, backend systems manage receiving, sorting, packing, picking, and shipping.
In-Store Retail Tech
The variety of technology available in retail is astounding. From QR codes to Amazon Go’s automatic checkout, they’re all there.
HYPERVSN, the British business creates 3D holographic display systems for retail and leisure.
One device, Solo, can create a hologram up to 75cm in diameter. However, a “Wall” is made up of many Solo devices connected together.
How Does This Technology Help Retailers?
Marketers have always valued attention in both advertising and communication.
The human eye is too acclimated to ordinary, flat 2D visuals. The typical consumer sees 5,000 ads every day, making it difficult for brands and businesses to attract clients.
HYPERVSN’s holographic 3D display devices come into action here. Recent independent case studies with Fortune 100 businesses showed that HYPERVSN enables for 40% more viewing and interaction time than standard 2D advertisements. In addition, it enables 60% more than printed ads.