Retail In-store Technology

The Top Retail-Technologies of 2018!

Description

In-Store Retail technologies were only a dream until recent times. With the advancements in technologies, in-store retail technologies are having a massive role to play in the shopping experience of the consumer. Let’s take a look at the top Retail Digital Trends that are currently having an impact: 

 

  • In-Store Analytics:

Identifying the right trends is crucial for the success of any retailer and In-store Retail analytics has greatly improved this aspect of a retailer’s life. The main problem that the majority of the retailer’s face is that they are unaware of various problems that might be prevalent in their business. It is important for retailers to identify these problems and work towards fixing them as soon as possible, which is where In-Store Analytics comes into play. In-Store Analytics monitors customer in-store behaviour and interests, correlates daily traffic patterns and the customer interactions with various products. The data collected is crucial in identifying the strategies undertaken by the retailers. 

 

  • AI based replenishment 

Retailers are using predictive algorithms and machine learning to suggest relevant products to consumer based on the past purchases and other retrievable personal data, and chatbots that help shoppers resolve their specific needs. Instead of having to specify a schedule for regular shipment of products, the AI will learn from past behaviour and other data inputs to know when you are running low. 

 

  • Mobile POS 

In a world where smart phones, tablets and other mobile devices have come to dominate the retail industry, mobile POS systems and mobile payments are two areas that are commonly talked about. Mobile POS comes with the rich functionality that enables retailers and other business owners to understand their sales performance and better perform tasks like inventory management. Mobile POS is fast becoming an indispensable tool in retail today and helps retailers improve efficiency with greater agility. Cloud-based mPOS systems also allow retailers to quickly and easily add more mobile devices in a fraction of the time and cost. Retail Management technologies like Ginesys offer M-POS which integrates perfectly with the entire ERP solution. 

 

  • Real-Time Responsive Technology

Personalised shopping experiences are something that every customer expects in today’s day and age. The responsive technology is taking a kind of instant, real-time engagement with the consumers. The information can be used for in-store digital signage, lighting, sound in order to create a more personalized experience based on the consumer demographics. 

 

  • Automated Technologies

Retail Technology is changing the way businesses manage their inventory. Shelf scanning robots have also been implemented in leading grocery chains across the world in order to simplify the process of inventory management. Automated technologies like self-scanning kiosks etc also helps retailers cut down on costs while increasing the efficiency of the shopping process. 

 

  • Electronic Shelf Labels

Brick-and-Mortar retailers are constantly striving to price match their competition but this can often become a time-consuming process. This is where electronic shelf labels come into play, where they allow retailers to be in control, allowing them to adjust prices throughout the day in all their stores. This is particularly useful for those retailers that have stores located in multiple locations. 

 

  • Augmented Reality

Augmented reality is one of the most promising technologies that retailers can use to engage with their consumers. Consumers can use AR to engage with the products, which in turn enhances their shopping experience. With the help of AR, consumers can get experience in-store shopping from the comfort of their homes which is why there is a lot of potential for this technology in the retail space. AR technology can also provide information on products throughout the consumer’s shopping journey and is one of the leading in-store technologies. 

The Retail Industry is undergoing drastic changes and these Retail Technologies can help retailers get ahead of their competition. These retail technologies help retailers improve their strategies to further improve their apporach to customers which in turn helps them improve their sales. Retail technologies can go a long way in improving the in-store shopping experience of the customers which is something that all Retailers determined to improve. 

 

Sidharth | September 11th, 2018
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