TOP 10 RETAIL TECH TRENDS – 2017

 In Alten Blogs

“A major challenge to CIOs will be to prioritize and ramp up enabling technology investments for excellence of data management”, says Gartner. In retail, as digital technology inclines up, decision making in picking up the correct technology trend plays the biggest role. Eventually every retailer look forward to fulfilling customer requirements, offering the best personalized customer experience.

Here are 10 retail tech trends of 2017 that enhances customer shopping experience and accomplish higher sales growth:

  • BEACON Technology in Retail Stores
  • Mobile Retail Stores: m-commerce
  • M&S browse and order hubs @ retail stores
  • Memory Mirror @ Retail stores
  • Cashless Payments: Retail Mobility
  • Wearables in Retail Sector
  • Biometrics Tech for best Retail
  • Cloud Integration and Migration
  • Internet of Things
  • Augmented Reality in Retail

 

#1 BEACON Technology in Retail Stores

  • It is a low cost bluetooth, platform independent device that works as a light house throwing messages to nearby bluetooth devices.
  • Retailers deliver push messages about discounts and offers to the application installed smart phones of the customers passing by their stores.

#2 Mobile Retail Stores: m-commerce

  • Mobile e-commerce describes online sales transactions that use wireless electronic devices such as handheld computers, mobile phones or laptops.
  • According to official Google statements, more than 50% of search queries globally come from mobile devices. Today it is a fire trend in retail.

 

 

  • These hubs enable shoppers to browse the catalogue and scan barcodes on items to analyse the product detail. Shoppers can order and collect later or even can get the items delivered to their homes.
  • Marks & Spencer have created a real story of browse and order hubs, the consumer experience of which can be customized according to the sector in which it belongs.

#4 Memory Mirror @ Retail Stores

  • At Neiman Marcus stores, a new technology called the “memory mirror” is enhancing customers’ shopping experience. It is a mirror that captures pictures which the shopper can view it later.
  • Memomi has created a flawless, splendid and seemingly appealing blend of digital and real life shopping experiences

#5 Cashless payments – Retail Mobility

 

  • In 2016 cashless payment is a big hit. 44% of customers prefer to pay via mobile, mostly for small purchases. Shoppers like to use mobile payments as they can see coupons and discounts visible in their mobile wallets.
  • Cashless payment modes- Mobile wallet, Plastic Money (Debit & Credit Cards) and Netbanking enable people with limited cash move towards cashless transactions.

 

#6 Wearables in Retail Sector

  • In-store payments via smart watches eliminates the need for cash and speeds up the process of delivering 100% personalized shopping.
  • Wearable technology is framed to bring unrealized operational savings of $1B per year by 2017 (Deloitte Digital).

 

#7 Biometrics Technology for best Retail

 

  • Biometrics, with technologies like fingerprint systems, facial recognition, scanning and voice identification, help retailers to acknowledge the targeted customers and improve security.
  • It will attract consumers to participate in a fair exchange, where every shopper will collect their personal shopping experience, building up their trust on the retailers as their shopping data profile is built and enhanced consistently.

 

#8 Cloud Integration and Migration

 

  • Migrating to cloud, helps building an agile and scalable retail infrastructure enhancing customer shopping experience and improved supply chain.
  • It is obtainable on demand and also can be bought for a per-use-basis.
  • As usage grows, it can be extended.

 

#9 Internet of Things
For other retail queries please reach us at: business@altencalsoftlabs.com

  • Combining smart technologies with mobile apps, retailers can initiate to fetch customers one step closer to attaining a smart home. E.g. Quirky’s egg minder
  • In addition to potentially revolutionizing customer-facing applications, IoT technologies may play a big role in retail supply chain and delivery operations, says Gene Wojciechowski, former CIO of Walmart.com.

 

#10 Augmented Reality in Retail

  • The augmented reality makeup mirror from Shiseido takes a picture of a customer’s face, before showing how the cosmetics will look like on their face. This helps customers know how they will look with the makeup before they actually buy it.

That wraps it up for this post. However, there may be lot many other retail technology trends, which I may have missed. If you have one and you want to share, please let me know by commenting below.
For other retail queries please reach us at: business@altencalsoftlabs.com

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