Technology Shaping Future of Retail Industry |
Posted: December 6, 2019 |
With the introduction of technology every industry has been affected and their working has improved a lot. Likewise, the adoption of technology has changed the work culture of the retail industry a lot. However, this tends towards a positive growth and a great amount of quality customer service. Dure to the change in trend the retailers are not willing to cope with the change. Therefore, they are feeling bit insecure as well as technology updation as the wastage of finances. As a result, they find traditional methods best for them and claiming e-commerce as an intruder in their business. But with the growing competition is vital for every retailer to maintain the pace with the changing environment and the technology such as, can fulfill the customer needs. Therefore, to sustain into the such a highly competitive market, every retailer like to stay on the top. For this, they need to follow the changing trends and accept the technology advancement to maintain their business goals. Some of the technology trends which are going to shape the future of the retail industry are as follows: Internet of Things (IoT)IoT will definitely take the retail business far ahead in a manner to connect a number of devices and change the overall customer experience. The IoT is taking the retail industry forward. However, it is expected the technology in future will get its widespread presence in all the fields of retail industry. In this respect, IoT technology will connect customers with all machines, items, and services to centralize the work and quick access. This will definitely take all the retailers on a single platform and ease the work of the customers and save a lot of time. Artificial IntelligenceAI has already changed the world a lot and now it is entering into the retail sector as well. Artificial Intelligence will be a boon for the retail industry to maintain the customer database and provide quality services. As well as, it will help to gather data and generate meaningful analysis in order to help companies to provide meaningful data. This will help retailers to improve the business and make the overall shopping more interactive and increases customer satisfaction level. Big DataData gathering and analysis is a great benefit for any retailer to evolve its business. This will help understand consumer attitude over brand, product management, customer loyalty, and buying behavior. Collecting the details about customers help provide personalized attention and understand the customer preferences. It also involves social media, video and audio feedback that all gets saved and helps in making analysis over providing much better service and taking the retail business ahead. Social MediaSocial Media has taken a great place in the daily life of every individual and became the need as well as beneficial for every field. Now as well, social media is stepping ahead in promoting business and analyzing customer needs. In the future, it is expected to increase social media influence in the retail industry by many folds. As, it becomes an easy reach for the customer and the retailer both.
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