Retailers are pressed into tough corners with regards to technology, now more than ever. This is mostly because plenty of customers choose to deal with actual online shopping with the convenience of their homes. With such a massive preference for online shopping, retailers cannot sit back and give up, rather, they need to be more proactive in attracting their customers.
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With that goal in mind, this article will now present four major trends that can boost sales and entice a customer to walk into their retailer stores.
- Integration of Mobile Data as well as IoT has been increasing steadily
While there are some companies that have initiated Augmented Reality, some of the retail stores have achieve much bigger things. Nowadays, there are scanners for self-service checkout, Smart mirrors, and even tracking beacons. These devices can be useful in understanding everything that the customers do and think about their products.
Some retail stores have made that extra step and have introduced exceptional trial rooms with barcode scanners that scan the barcode and even prevent theft. Few of these devices, also known as smart mirrors, also pictures a full 360-degree view, and at the request of the customer, can send the images to their friends or families so that they can decide for themselves if what they are buying is suitable or not, based on the crowd source. In a retail store, using these devices can be a very daunting task. This is so because of the absolute quantity of data these devices contain.
However, with better and bigger installments, the stores can upgrade these devices to store more data, hence making the process quite simple.
2. Retail Shift to Prescriptive Analysis from Predictive Analysis and the role of Big Data
Not all retailers have started to adopt the predictive analytics. However, there are some retailers that are advancing even deeper into prescriptive analytics, or explanatory analytics. Predictive analytics usually makes future predictions and detects future pattern which based on the huge sets of data.
However, this worked well only in environments that are impervious to change. With the help of prescriptive analysis, now the retailers can predict their products accordingly to their customers. Weather patterns, news and the shopping patterns of the customers help them to predict the products that will be in demand during the seasonal changes and so on, thus determining the prices of the products as well.
3. Integration of more than one location data is now on the rise in the retail sector
Even though this is taking place for years together, this is still a pretty new feature that is being explored in the retail sector. It is estimated that around sixty-five percent of the existing companies throughout all forms of industries have invested in proper analytics.
In the retail sector, this integration is even more higher. Companies are willing to spend millions of dollars with smart sensors and beacons that are present in their stores. The retailers use the information that these machines collect from the customers, and that help in the optimization of the product and the placement of promotion.
Companies that are newly established as well as newer companies, track down everything a customer does in order to get the best out of the data based on location. The information can contain things such as the number of users entering the stores, the duration for which these customers are willing to stay in the stores, and can calculate how many times these same customers are willing to return to their stores.
4. Convergence of the AI with the data analytics is a reality in retails
While artificial intelligence in retail is not as exciting as application of AI in other fields, there are a lot of things to look forward to. In the recent years, retail has been using the AI to improve their sector. There are many “Smart home” AI helpers, such as the Google Home, or the newer, popular Amazon Echo and the olden but golden (and strong) Apple’s Siri are already present in the market, providing a way people shop both online search for information online.
With computer vision, many companies have started to use integrated AI that will help in the identification of all the products that are not categorized properly.
Where chatbots are concerned, all companies whether they be traditional, or online shops consider AI chatbots to be ideal in order to help the customers with their shopping preferences. Virtual agents have advanced so much that they can even build up a personal relationships o sorts. They can now use different sorts of “accents” that will match the accents of the customers.
There is no point in denying that retailers are in a tough position more now than before. The retailing sector can be incredibly creative and innovative if the right inspiration is used. To keep this trend on innovation and avoid the rut, retails must constantly invest and take note of newer and developing technologies, such as machine learning, Big Data Solutions and prescriptive analytics.