Technology Shaping Future of Retail

by Business Saathi Retail and Distribution

The retail industry is not only confined into the bricks and mortar store as well as no longer a place solely for shopping. With the introduction of technology in the retail marketing, the shopping has become more interesting and facilitates online to offline integration. This technology shift is shaping the future of the retail industry store into a smart store.

As the shift toward technology has made life easier for customers and retailers in India. Apart from that, both the categories have accepted this change positively and are going strong under this technology evolution. This technology advancement has eases the work of retailers in order to be in contact with their existing or old consumers, just by maintaining a proper detailed database.

1. Social Media and Analytics: The multiple social-media platform is also shaping and evolving the path of retail industry, where it is increasing the reach of retail store. The promotion over numerous platforms of social media gives a great benefit and widens the customer interest. It is improving the working of a retail store and get closer to the customers at minimal expense and maximum reach. With such customer interest and changes the retailers are going towards technology shift and following the latest trend to be in the competitive market.

2. Centralized Data: With the use of technology the retailers can store a bulk of customer data and use it on numerous occasions. Data Centralization makes customer in reach of the retailers. The retailers can be in contact with the customer at any time by following various means i.e. messages, calls, e-mails, and other numerous ways.

The Centralized data is beneficial not only for small retailers but also for large retailers or the franchise owners as well. The data also eases the business analytics in terms of business growth, customer new and existing, feedback, employee status, stock, and numerous are analytics can be performed.

3. Artificial Intelligence: AI is playing a great role in improving the overall experience of customer while visiting the retail store. This is a very interactive and interesting way to make communication with the customer instantly. It also helps, in analyzing the business activities intelligently with comparison to the previous year or moth data. As, doing such a comparison manually becomes very difficult and is a tedious process to carry out instantly. Therefore, AI can make such work quick and easier for the retailer and manage their business activities properly.

4. AR and VR: Use of technology of Augmented Reality (AR) and Virtual Reality (VR) has been very interactive and attract customers towards into the retail store as well. It seems very fascinating and attractive to the customers while being in touch with the new technology and evolving the whole experience. Both the technologies are becoming the first choice of retailers to make the whole shopping experience of the customer very interesting and attract them for future visits as well.

Conclusion: With the involvement of technology in the retail industry will play a major role in customer experience, and engagement which will definitely influence the overall shopping experience.