Thursday, March 26, 2020

Technologies That Are Transforming Retail

Like any industry today, retailers are starting to use many new ways to increase sales and raise their profitability. While this can be through new marketing techniques, customer relations, or even new products, many people don’t realize that technologies are changing retail too. The top technologies that are transforming retail are tech-driven applications to enhance customers satisfaction and ensure fast, efficient transactions for a smooth shopping experience.

Augmented and Virtual Reality

Augmented reality (AR) and virtual reality (VR) are changing the retail industry with their improvements to customer satisfaction and sales. AR uses an interactive experience where real-world objects use computer-generated information to depict a certain image. In retail, customers can use it to see how certain pieces of clothing or items would fit in their homes. This way, these customers feel more confident in their choices and are more likely to make the purchase. Additionally, retailers use VR to redesign stores or compare different products before any actual development takes place.

Artificial Intelligence

Artificial intelligence is making a big impact on retail today. One of the main duties of AI in retail is processing customer data. AI records buying patterns to use for merchandising to create a more personal shopping experience. Likewise, many retailers implement facial recognition software to remember customers facial data. This way, when repeated customers return, their facial scans show their shopping patterns. This allows the retailer to retrieve the right products or services beforehand. Not to mention, using facial recognition technology can deter theft because it would improve store security.

POS Software

Lastly, one final piece of technology to change retail is a point-of-sale system. Modern POS systems provide full functionality to process credit card payments, handle gift card balances, and manage employee and customer information in addition to payment processes. Many of these systems are EMV and PCI compliant to protect against credit card theft. Also, each transaction is smooth and efficient. Rather than use an older POS system or even a cash drawer, new POS systems can use cloud-based technology for each payment.