Shopping for needs has always been a daily business. With the global retail sector becoming so big that it hit the mark of a trillion dollars at one point, the retail industry prevailed to dominate the world. However, the retail sector has gone through a huge transformation over the past years. Gone are the traditional ways of shopping days, when the only way of buying the needs was by visiting a store. Fast forward to today, you can easily buy anything online and get it delivered to the doorstep of your home. Compared to the retail sector, the ease that the e-commerce sector offers is immense, and people are used to it.
One of the factors that have led to such change is Technology. The advancement of technology has led to the digitalization of our everyday reality. Almost every industry worldwide has undergone some changes, and the retail sector is no different. The technological advancements backed by internet services opened an entirely new portal of opportunities and possibilities. The impact of technology has shifted the dynamics of retailers so much that most of them have altered their offline business to online.
Plus, the outbreak of COVID-19 also had a more significant impact on both the retail and e-commerce industries. Advanced technologies like AI, computer vision, and IoT have changed the way of shopping experience from visiting a physical store to getting everything by just browsing online. These advancements are driving factors that have led to the rise of the E-Commerce industry, and with the rapid pace at which they’re continuously being worked on, the world of E-commerce will not slow down.
Additionally, the ease and comfort that online shopping offers have steered the increasing demands of the consumer base. This not only harms the retail industry but most business owners and merchants have opted to change positions from offline to online. So, if you’re intrigued to know how the phenomenal technological creations have changed the face of the retail sector, below are 7 tech advancements that have played a significant role to change the face of today’s retail industry.
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IoT
Also known as the Internet of Things, IoT communication service allows connection and sharing of data through various devices all across the universe. When it comes to E-commerce, IoT works as a supplement providing various forms of innovative ways to make shopping an engaging experience. It is IoT that has made online shopping seamless. You can simply grab your electronic device and make an instant purchase with the help of the internet. Besides shoppers can even do detailed research before buying a product with the amount of information available online. This feature is absent when it comes to the retail sector. However, IoT has a lot of potential for the retail industry that is just being implemented through various applications.
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Augmented Reality
Virtual trials and fittings are some of the leading trends in shopping this year. These trends are possible because Augmented Reality has fulfilled the potholes of online shopping left open. With the use of AR technologies such as VR applications and virtual fitting rooms, shoppers can try the products before making a purchase. This allows customers to keep away from unresearched purchases. Before the Augmented Realeted got implemented in the E-commerce sector, shoppers relied on customer ratings. And though ratings help in making desired purchases, it’s not reliable as trying it on your own. This is something the offline retail had an advantage over online, however, with AR technologies implemented, it has eliminated that possibility.
3. Artificial Intelligence (AI)
Artificial Intelligence or AI is one of the most prevalent traits of technology. As modern AR is mostly underpinned by AI, it offers progressive algorithms that are advantageous for both the online and offline sectors. Even though the retail sector implemented the use of computers and databases long before, the system’s complexity resulted in nothing but inefficiency due to its errors. So, handling these issues will save not just time but also money for retail businesses. With the help of AI, these issues can be easily managed, with a lower risk of errors.
And with the advancements in language modeling, cyber security, predictive analytics, advanced quantum computing, and hyper-automation will help in shifting the focus from experimental to a more strategic, and long-term customer engagement and scalability that are much more effective.
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Digital Coupons
When compared to the retail sector, the online sector offers a lot more than just the ease of receiving desired products without leaving the comfort of your house. Digital coupons are one of the beneficial factors that have backed the E-commerce sector. They are a series of special codes consisting combination of letters and numbers that can be applied to get some amount of deduction on your order when shopping online.
Most brands and online stores offer such discount coupons to attract new customers and to make sure the return of their old customers. For example stores like Carrefour and Sephora has carrefour discount code and sephora promo code, utilizing which shoppers can avail of some amount of discount.
You can easily find such coupons from your favorite brands and stores with the help of the Google search engine. There are also various online websites where you can find hundreds of verified discount codes from top online stores and brands.
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Robots & Automation
Powered by AI, robots, and automation have evolved the dynamics of not just the retail industry, but also the e-commerce industry. With services such as autonomous delivery vehicles chatbots, robotic customer services etc, has increased the efficiency of online shopping. There are also autonomous food delivery services like Grabhub that delivers food to various locations. Adding to this, the robots and automation services are constantly being explored, and they hold so much potential that it can not be understood.
Technology has definitely changed the face of the retail sector and the traditional way of shopping, and with the on-going research and advancements, it will continue to do so. Even though the online sector has surpassed retail in various way, tech-trends are constantly being implemented to the retail sector to push their boundaries and meet consumer expectations.The retail industry just needs the right technological implementation that will create a ground-breaking personalized experience for the masses.
