The pandemic has left its mark on all industries. And one of the industries that have changed the most is retail. A significant change in consumer behavior patterns, an increase in the percentage of online purchases forced retailers to look for new ways to change the business approaches of their companies.
Today, those retailers who have taken into account the current and possible changes and optimized the processes of online commerce and related logistics benefit from any market fluctuation during the pandemic, and those who have done nothing are more likely to lose their market share.
Although many have already managed to adapt to the changes and are fully prepared for new ones, there are a number of challenges that can force you out of the competition. That’s why each needs to reconsider their strategies following the 2021 requirements.
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New Reality 一 New Challenges
The modern market dictates a new set of rules to retailers. If they want to take a leading role in your field, they should ensure:
– Accelerated Digital Transformation.
– High Standards of Health and Safety.
– Maintenance of customer loyalty and engagement.
– Assimilation with new customer habits.
– Logistic capacity management.
Technology Trends to Assist Retailers
New challenges require new approaches. To help retailers cope with today’s obstacles and meet the current needs of their customers, developers offer them to improve their business processes with the latest technological developments. Among them are AR, machine learning, and Big Data.
Customer-Oriented Retail
According to research, 87% of customers choose shops with contactless or self-check-out options. This means that stores should implement solutions like mobile cashiers or scanners that allow making fast and easy in-store payments with a phone. These solutions will help you avoid long queues in stores, improve safety and customer satisfaction, which will retain existing customers and gain new ones.
Such large companies as Amazon and 7-Eleven have already leveraged this technology in their business processes. This enables shoppers to simply enter a store, grab what they want, and just go, which helps bring fast and convenient checkout experiences to more shoppers.
AR to Enhance Shopping Experience
AR is now used in technologies for any industry. Moreover, according to analysts’ forecasts, augmented reality tools will only grow in use and, therefore, in price every year.
Retailers are also actively implementing and using AR today. Thanks to the tools from Google and iOS, which contribute to the rapid adoption of AR technology, it is safe to say that soon AR will be available even to small retailers.
AR opens up the following advantages for buyers, which contributes to increasing customer loyalty and engagement:
– It is easier for customers to find the shelves they need at the store and prices.
– You can fit a dress in a virtual store without going to the real one.
Machine Learning and Big Data
Another trend that contributes to better logistics and operations management is represented by a combination of Big Data and Machine Learning. These technologies enable retailers to find new and innovative ways to optimize customer and supplier relationship management and create smarter and more effective marketing campaigns.
Emerline’s Solutions for Retailers
Emerline is a reliable technology partner that is always in the loop of all groundbreaking trends and offers its solutions to those who want to complement their business with innovative technology.
Grocery Store Mobile App
A custom app that allows getting all necessary information about goods in store (price, manufacturer, distributor, composition, shelf life, promotions, etc.) via QR code scanning. The solution not only allows for online payments but is also integrated with the store loyalty programs/discount cards. Retailers, in turn, receive accurate information about the preferences of their customers, which increases their involvement and loyalty to the brand.
AR Shopping App
This app is enhanced with AR features that enable the close to reality experience and allow the app users to enjoy smart and easy shopping. An ability to visualize and digitally examine an item without leaving a comfortable apartment reduces a product’s return rate.
Personalized Shopping
The solution is based on Machine Learning and Artificial Intelligence technologies that allow for the delivery of advanced analytics on customer behavior. Thanks to advanced analytics, you get an intimate understanding of changing consumer behaviors, wants, needs, and shopping patterns, as well as impacts of social, geographic, economic, and political factors.
The potential business benefit of this solution lies in the opportunity to provide personalized customer information, which will help you stay ahead of the competition and win the hearts of your customers.
If you are interested in their solutions and ready to enhance your retail business, contact Emerline experts. They will answer your questions at any time and always be glad to assist you in accomplishing your company’s technology-related goals.
