Over the past ten years, the retail industry has seen significant change. Ecommerce, social media, worldwide pandemics, and smart devices have all had a significant impact on the retail sector. The world is changing, and it can be challenging to stay up with all of the evolutions in today’s society. Retailers must change or they will fall behind.
Here are new cutting-edge retail technology and solutions that will have a big impact on the retail industry, including how they can help retailers stay one step ahead of the competition while also giving customers a pleasant shopping experience.
The Concept of Smart Retail
A new breed of software and hardware created expressly for retail eCommerce is known as a “smart retail solution” or “smart retail technology.” These solutions can be used by physical store chains and online merchants to give customers a quicker, more practical, and more secure buying experience. They also assist shops in meeting the rising expectations of consumers, who now have high standards for brands.
Smart Retail Benefits
It has gotten harder and harder for traditional brick-and-mortar retailers and online merchants alike to stand out in today’s market, when customers have access to a wealth of information at their fingertips, due mostly to social media platforms. Additionally, shoppers today demand more from their buying experiences.
One of the main advantages of smart retail is that it enables businesses to offer clients individualized experiences. This goes beyond standard eCommerce, where firms can suggest products or offer special orders based on customers’ prior purchases and browsing habits. Without really having an online presence at all, smart retail solutions enable retailers to engage customers in real-time by sending push alerts about new products to smart devices while they’re still in the store.
Efficient Supply Chain
Concerning supply chain management, another advantage is that these tools can assist retailers in reducing waste brought on by overstock and theft, increasing revenue per square foot through improved inventory accuracy, and adjusting stock levels to avoid having too many “dead” items sitting around collecting dust and enhancing safety by monitoring inventory location.
Sellers can monitor and comprehend client demand for particular products with the use of smart retail solutions. By using this data, companies will be able to more accurately forecast how much inventory they will have on hand throughout the year and alter their inventory management as necessary. Additionally, they will anticipate the expiration of certain products by being aware of them in advance.
Optimizing Staff Time
Retailers may free up their personnel from tedious manual labor so they can concentrate on more vital tasks thanks to smart retail solutions. In addition to saving money, doing this boosts productivity, which benefits the bottom line.
Smart Retail Solutions
With some of the advantages now known, let’s go right into the seven smart retail solutions that are revolutionizing eCommerce.
Internet of Things
With the help of this technology, businesses may connect any electronic item, including computers, cell phones, and appliances, to an app or piece of software that monitors consumer behavior and product inventories. By 2030, there will be more than 29 billion IoT devices, predicts Statista.
Regardless of how busy the location may be, retailers may use smart POS terminals to use IoT solutions to track everything from when their products sell in real-time to how much customers spend on average in-store. Additionally, they can monitor consumer behavior to determine the kinds of incentives that will encourage return customers.
An autonomous pricing strategy with real-time, dynamic prices can be defined using a Machine Learning algorithm that is based on econometric science. The customer’s behavior, such as the goods they browse and buy or the amount of time they spend on each web page, can be used to evaluate their willingness to pay.
Also, machine learning models support decision-making by using previous data to anticipate ROI and provide the best execution parameters. Decision-makers use the model projections to balance costs and profits while creating the campaign.
Front Office Chatbots
Through intelligent chatbots, retailers can now automate specific operations like customer service. Retailers may increase the timeliness and precision of their responses by utilizing front office chatbots, which will increase customer satisfaction ratings.
With the help of chatbots, businesses can also personalize customer communications by getting to know their clients over time. This enables them to respond to inquiries and handle typical problems more quickly.
A recent study found that loyalty programs of up to 70% improve the likelihood of selling to an existing customer. Through automated marketing and analytics, retailers may employ loyalty apps to increase customer retention and lifetime value by providing targeted promotions and discounts based on prior purchase history or interactions with intelligent POS systems.
Mobile Point of Sale (POS) & Grab-and-Go Systems
Retailers may perform sales transactions anywhere in the store using mobile POS solutions, allowing customers to check out swiftly. Retailers may shorten lines and improve the in-store shopping experience by utilizing sophisticated POS systems.
Customers can make purchases using grab-and-go technologies without speaking to a cashier. Retailers can use this technology to enhance client purchases, cut down on in-store time, and boost transaction accuracy. One of the better applications of this technology is Amazon GO.
Retailers employ using AI technology to streamline operations in areas like product management and customer support. For instance, merchants can use AI to crunch vast volumes of data gathered from smart POS terminals and sensors in real-time to study customer behavior and preferences. The results are then interpreted and are frequently given as actionable insights for retailers to act upon.
A Look into the Future
Retail suffered greatly as a result of the pandemic lockdown, which compelled companies to change swiftly or perish. Retailers have a wide range of options thanks to smart retail solutions to stay competitive. They also offer the highly personalized experiences and seamless transactions that today’s consumers want. By enhancing customer convenience and safety while increasing foot traffic and sales, these technologies will help shops achieve these needs.
However, all these services are quite complicated to comprehend and implement well, so most businesses will seek help to create retail solutions from them. For instance, machine learning PixelPlex is a company with extensive experience and knowledge in this area, so their clients seek their services when they wish to create smart retail solutions.