Experts assure that in the coming years the physical retail store will clearly continue to have its importance in the purchasing process for many consumers, but it must be complemented with many technological advances that complete and improve the customer journey experience.

Companies are aware that providing personalized experiences is the key to creating customer engagement. So what does the future of retail hold for businesses? What will the marketing strategies be like in both the physical store and online shopping? These are 5 retail technology trends that are redefining the future of the retail industry, and how that will influence the upcoming changes after the covid19 pandemic.

1. Beacon Networks

The beacon network, also known as Bluetooth Low Energy (BLE) applications, emit a signal that uniquely identifies each device, allowing any retailer to understand exactly where a customer is in the physical store. This represents a great improvement in the shopping experience for the consumer, such as the generation of personalized discounts to reward customer loyalty.

Meadowhall Shopping Centre used iBeacon technology in the Ladies’ Night event with Hotel Chocolat, Krispy Kreme, Cath Kidston, House of Fraser and other brands providing offers, discounts and prize giveaways. Customers had to download Meadowhall’s app to receive a notification on their smartphone whenever they came into range of a beacon. More than 500 app downloads were done within the first three hours and 120 hotspot offers were redeemed within the first 52 minutes of the event.

2. Augmented Reality

Can you imagine experiencing within an app how a dress looks on you, without having tried it on before? This is possible due to the ‘virtual fitting room’ in augmented reality.

Zara has started to implement it through reality mannequins and a new ecommerce platform that shows life-size models wearing the brand’s latest clothes. This enables retailers to generate online sales since it is possible to buy the clothes through the app.

 According to a study of tech trends by Retail Perceptions on how augmented reality impacts, 71% of consumers would buy more in that store if they were allowed to experience the products through this technology, which translates into more sales and a lower rate of return.

3. Virtual Reality

Virtual reality allows customers to get a more realistic idea of ​​what that product would look like before buying it, making better purchasing decisions and creating unique customer experiences. ABI Research has estimated that virtual reality will generate 1.8 billion dollars in 2022 in the supply chain.

IKEA has already implemented it. Now customers can use their VR headsets to view rooms that have been previously designed with IKEA furniture and can even be customized, such as changing the color of furniture, items or spaces to see an estimate of the result.

Alibaba, the Chinese e-commerce company, already uses virtual reality through its VR Buy + mobile platform so that users can have a better visualization of the product they are going to buy.

4. E-wallets

Digital payments are increasing more and more in the world. Digital wallets are expanding to more than 20,000 stores and 31% of Americans will likely use a digital wallet on their mobile device.

For a user, having an electronic wallet means having debit and credit cards linked to an app and selecting the most appropriate option when making an online purchase. Using the administration panel that comes with an e-wallet you can manage all the information about the payments made and store operations.

For retailers, it’s about simplifying the checkout process, having store automation and saving considerable time. Payments can be received through debit or credit cards (like MasterCard or Visa) as long as the consumer has a merchant account. The advantages are that they do not have to set up separate payment systems and the provider is the one who takes care of the account maintenance.

5. Delivery with drones

Customer behaviors have evolved since covid19 pandemic, the huge increase in e-commerce and online shopping over the past year has paved the way for new ways of delivering goods to consumers. In a few years, it is expected that drones will be able to be seen in the sky making house-to-house deliveries in American cities.

Amazon is a pioneer in delivering packages to customers in an average of just half an hour. The shopping app it’s called Amazon Prime Air and they are air packages that weigh 2.27 kilos or less. They can only operate in sparsely populated areas, rural or residential neighborhoods on the outskirts of the city. In the future, this type of delivery method could increase.

Summary

These tech trends in the retail industry are excellent technological advances to start making the changes that allow businesses to increase their possibilities of sales, loyalty programs, their visibility and brand positioning. The technological trends will continue to evolve, and it is very likely that such evolution will continue in the direction that omnichannel is pointing.

Are you looking to incorporate omnichannel strategies into your brand? Teamwork Commerce is specifically designed to enable seamless retail across channels, allowing you to build customer experiences that are tailored for every single shopper and provides award winning customer service. 

See how we can help you create an omnichannel approach to eCommerce and implement POS Systems in your company: https://twfrance.wpengine.com/mobile-point-of-sale

Consumers are changing their behavior as social trends evolve around the world. Nowadays, choosing a product goes beyond price or quality. One factor that customers take into account now while comparing companies are the values ​​that influence their products and services. So, what will the social strategies of retail be in 2021?

What do these changes mean for companies?

These are 4 trends that redefine the future of the retail industry and how they will influence consumer behavior in their purchasing decisions.

1. Inclusive and Authentic Brands

Social inclusion has become an essential value for consumers concerned about a more equal world. Many brands are incorporating social and gender diversity initiatives, as well as social justice premises in their strategies. Experts say brands need to think long-term to see what behaviors are truly authentic when it comes to communicating with and honestly connecting with audiences. Being authentic means embracing those values ​​throughout the whole brand experience and not just hanging on to a trend to stay up to date. Customers will identify with those who naturally embrace these values. 

2. Ethical and Local Consumerism

The economic crisis caused by the pandemic and the climatic emergency lead more and more consumers to support their purchases in local stores and in national products. Likewise, the local establishments are little by little gaining more ground. Fast-fashion stores have to create new strategies on environmental care and ethical product manufacturing, focal points for consumers. H&M, for example, is incorporating sustainable fashion into its clothing. At least 50% of each piece is made from sustainable materials, like organic cotton or recycled polyester. winning customer service.

See how we can help you create an omnichannel approach to eCommerce: twfrance.wpengine.com/ecommerce

3. Wellness Retail

While health remains a focus for consumers, many brands are incorporating wellness into their own businesses. An emerging middle-class of young and aging shoppers alike recognize the prevalence of chronic diseases and continue to drive demand. Also, consumer preferences for natural offerings and healthy-lifestyle options have increased. Petco recently announced its transformation into a health and wellness brand and is now developing an ad campaign to promote the new approach. Pet adoption grew greatly during the pandemic and will continue to be a trend for years to come.

4. Customer Centric Vision

Brands that will triumph in this crisis are those that integrate technology as a means to obtain in-depth knowledge of the customer in real time. Due to the information obtained through digital sources, retailers can now anticipate the buying behavior of consumers in order to offer the right product, at the right time, to a specific type of consumer, with the aim of increasing sales and improving customer satisfaction. Consumers appreciate that brands know their preferences in advance so that they can personalize their purchases. This is why companies must have the technology to incorporate an omnichannel strategy in all their POS.

Are you looking to incorporate omnichannel strategies into your brand?

Teamwork Commerce is specifically designed to enable seamless retail across channels, allowing you to build a customer experience that is tailored for every single shopper and provides award winning customer service.

See how we can help you create an omnichannel approach to eCommerce: https://twfrance.wpengine.com/mobile-point-of-sale