When establishing a new ambition for their business, individual retailers need to understand how and where they will operate. In other words, they need to choose one or two models and understand how to transform their business accordingly. This will mean a dramatic and long journey, bringing in new employees and skills, integrating new processes, and adopting new organizational structures and new governance models. Those that are moving forward can have a lasting benefit in the coming decades.

 

Below are some top technologies and trends that are capable enough to transform the overall retail segment.

 

Top Tech-Driven Trends Set To Restructure Whole Retail Sector  

 

Starting with the customer centric trend,

 

Customized customer interactions

 

The leading technologies behind personalization are machine learning and data science, which enable retailers to predict needs of the customers. If handled well, these systems can make quick recommendations that speed up the shopping experience.

 

The development of acceptance of data collection is a big part of this process. Rather than merely enticing consumers to download an application that many of them will remove as soon as they do business, incentives should follow consumers' wants and needs. This requires the development of robust purchasing profiles that allow machine learning methods to search for information about similar customers.
 

Low in-store human intervention
 

The tools that enable digital revolution comprise computer vision systems, RFID tags, IoT devices, machine learning, and facial recognition. If we consider AmazonGo, though it does not have a support staff, customers with smartphones can still make their purchases quickly, without staying queues and cash counters. 

Smart shelves allow sensors to be used to connect physical products to a customer's virtual shopping cart. IoT-based systems can identify when the person carrying items leave the store and register sales in the payment system.

 

Voice search

 

Voice search has grown in recent years, especially as a feature on app-compatible smartphones and TVs. The logic is straightforward. Speech integration on any device is easy with the arrival of Amazon Voice Service. You can expect many products to be labeled as Alexa compatible in the coming future.

 

Three net effects can be learned from voice-activated retail purchases. The first is the speed and customization that can be achieved. Second, customer loyalty can be encouraged by simplifying package tracking. Third, voice systems can be excellent assistive technologies for products like AR/VR headsets, connected cars, and smart homes.

 

Instore purchase process upgradation

 

Streamlining store methods is one of the biggest opportunities for digital transformation for companies. RFID-compliant IoT devices can facilitate identification of out of stock or expiration dates. Machine learning allows companies to identify trends that ensure maintaining seasonal stocks and trending items to arrive on time while reducing the risk of customs clearance, in the case of low stocks. Facial recognition technologies allow stores to check the age of customers who purchase limited products, such as alcohol, without unnecessary human intervention.

 

Warehousing processes can also be used as data mines. For example, Walmart filed for a patent that uses the handles of the shopping cart to check customers' biographies, which helps measure stress levels while they are in stores.

 

The immortal blockchain

 

Blockchain systems have the capabilities to improve contracts, solve inventory management problems, and ensure that supply chains are more efficient and reliable. Companies that have built their brand around, for example, socially responsible purchasing, can use smart contracts to verify that products have been handled according to their end-to-end standards. Blockchain authentication is also a sustainable way to avert counterfeiting, protect brands, and make products safer. The guarantee process can also be improved, as the blockchain would simplify the transfer of a valid guarantee to a new owner.

 

How Katalyst Technologies Can Assist To Stay Competitive In Digital Shift

 

In an ecosystem where new niches awaited to make profits, there are many chances that the profit will be claimed by businesses that are emphasized on digital transformation. Data-centric values will keep on to supplant those who fail to integrate customer preferences and new technologies, into experiences that users find valuable, attractive, and accessible.

 

Katalyst Technologies is a leading provider of retail tech and digital solutions, with extensive experience and knowledge. Our experts in digital transformation work closely with customers to provide a modern solution, respecting budget guidelines and ensuring that customers receive a viable business solution.

Connect with us to discuss more on techs and services, if you own a business that serves the retail segment.

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