Emerging Technologies Shaping the Future of Retail Industry
Omni channel retailing
Retailers are shifting from land-based conventional stores towards digital platforms to sell their items. The best example is nothing but the fashion industry. Most of the fashion industry sellers are getting digital platforms to sell both online and also offline. This has increased the profitability of their business Ventures tremendously. However, the investment for adapting to the emerging technologies in retail industry is comparatively far lesser rather than opening a new outlet in a different branch. So it becomes an economical option to expand your Horizons far and wide.
The rise of Generation Z is a significant requirement shift in the retail sector and its retail landscape. This digitally sophisticated consumer culture is very much habituated to the Smartphone now, and this is going to offer up opportunities for the Retail Industry, as opposed to the challenges that conventional retail stores are now facing. Generation Z buyers are environmentally sensitive and constantly deal with sustainable and ethical practices. These customers are likely to be price sensitive. This implies they demand more in terms of quality and services for the same low-cost of those things. This gen Z trend has the potential to upset the retail industry since this generation of shoppers is prepared to migrate to digital platforms for the convenience and deals that they provide.
The growth rate for Artificial Intelligence is exceptional, rising from 5 million US dollars to 12 million US dollars. This is one of the best emerging technologies in the retail industry. Because all of the greatest Automations aid in the customer experience, artificial intelligence technology is projected to rise by leaps and bounds in the future. Using predictive analytic data and machine learning applications-based knowledge, more robots are being deployed in the industrial and retail sectors.
Blockchain for the cryptocurrencies
This is the distributed digital currency or ledger technology that enables safer transactions between the parties participating in the transaction. Without the need for a third party, smooth payment transactions allow you to transact worldwide without danger. Because you are not dealing with local currencies but with Bitcoins or other cryptocurrencies, none of the countries’ currencies will affect your business’s growth and profitability. Blockchain technology can only help retailers optimize their business procedures.
Customers may view the items through images, applications, and the realistic setting in which the products are used. The visual conception of items is feasible, and as a result, customers are drawn to new products and concepts. As a result, retailers can better project their product portfolio to consumers by utilizing Augmented Reality Technology, which has the potential to create a sensation in the retail industry in the coming years.