Retail technology is undergoing a complete transformation, thanks to progressive innovation and the dynamic outlook of nature. For businesses, maintaining a steady hold over their technological aspects is one way they can manage the competition. Businesses in online retail and e-commerce space are up against each other in a nail-biting competition, fighting to the death to win over consumer’s hearts. In a rapidly changing customer atmosphere, retailers have to manage their budgets while taking note of all the developments taking place in the background.
This is where software development outsourcing comes into play. Hiring proficient software development companies help in untangling the technology perspective and focus on something that matters the most, the customer experience. It lets off the burdens from the shoulders of the retail business owners, freeing them to take up the core operations. Also read uipath vs microsoft power automate.
Most of the technological innovations taking place add cost-effectiveness, save money, automate the process, add precision to your products, and leave no room for human error.
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There is a massive breakthrough taking place in the technological world. Emerging new software trends include artificial intelligence, virtual reality, and machine learning, revolutionizing retail mobile technology, covering payment solutions, infrastructure and mall mapping app which could help shoppers navigate, search and discover everything your retail store offers.
The following are some noteworthy trends taken into consideration by the top software development outsourcing company.
The global pandemic made people realize the importance of e-commerce platforms and their impact on online sales numbers. However, SaaS-based ERP solutions can effectively cover the growing demand for a fully integrated POS and e-commerce solution. Also, e-commerce selling generates high sales numbers, it is far better than the ones achieved through physical selling.
Even after the pandemic subsides, retailers will have multiple mediums to function as sales channels, including their brick and mortar stores. Therefore, they can sync both online and offline selling, transactions, promotions, and inventory.
There is a gigantic shift in consumer behavior and buying patterns. Furthermore, there is an increase in the customer pool, generating a surmounting amount of information. This data can be analyzed by big data analysts to gain meaningful insights about their interests, preferences, and patterns.
Several retail businesses are employing machine learning and big data analytics to optimize their relationship with the customers and devise smart marketing campaigns. These innovative techniques can improve all domains of brand endorsement, even resulting in virtual shopping. Also, these approaches are adaptable and easier to implement. This makes machine learning and big data a necessary inclusion in the retail sector.
There was a time when people feared buying stuff online since it eliminates the look and feels natural. However, online shopping grew at an unprecedented growth. The next stop in virtual shopping is adding augmented reality to consumer experiences.
Gartner predicted that around 100 million consumers will use augmented reality to enhance their shopping expeditions, and they were right about it. The pandemic added fuel to the fire. Isolation due to Covid-19 rapidly increased the demand for artificial intelligence and services that add reality to their display. Since customers were able to adopt the traditional buying nature of ‘try before you buy’, augmented reality attracted shoppers who wished to interact with products online.
A lot of brands like Sephora had already added virtual experiences to their online arcades, many other brands like Lacoste and American Apparel followed the same footsteps.
Data Science and Machine learning are like the backbone of all technological innovations happening around the world. Products powered using these technologies will enhance the customer experience by sending personal recommendations of styles they prefer. The recommendation engine can help you boost your sales and revenue numbers, like Amazon.
Recommendations are all about customer desires and needs. By applying machine learning to it, retailers can collect information, shortlist profiles, and market products that they prefer. Retailers can also use a call to action button for specific users to improve the buying process altogether.
A good software outsourcing company can help you add elements of RFID tags, computer vision systems, machine learning, IoT devices, and facial recognition to their stores. Also, during the checkout process, customers can put items to their cart, and an IoT-based system can transfer them to a virtual cart, resulting in minimal interaction with the staff through a touch-free shopping experience. Furthermore, products can include QR codes, customers can receive information about their purchase by scanning it through a smartphone.
Almost everything is a product of artificial intelligence and NLP. By each passing year, we get more voice assistants in the market. Currently, we have Alexa, Bixby, Siri, Microsoft Cortana, and Google Home Assistant. More data is being fed to these assistants to make them better speech and voice agents.
According to research, around 60 million people have at least one voice assistant-based product at their home. In the retail business, voice recognition technology will add more personalization to customer buying occurrences. In some time, customers will be able to add products into their cart by just calling out their names, choosing a preferred delivery method, and placing an order. Smart speakers and voice commerce will become more advanced in the coming time, revolutionizing the future of retail business.
Although the retail industry employs millions of people around the world, there will still be a growing need for robots at the mall for cleaning, delivery of goods, tracking, analysis of shelf inventory, front-desk services, etc.
These AI-powered bots will reduce the operational costs of any retail business considerably while performing all those tasks that a human workforce did. They can personalize answers to certain questions, gather data to understand customer interests better and help them find goods.
The coming age will be powered by technology, reforming the infrastructure of every business to adjust to the growing needs of the consumers and the shifting patterns of the market. For any business to continue in their respective domain, they will have to switch their traditional human-led operations to machine-led functions.
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