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How Technology Is Transforming The Retail World?

August 31, 2020

Role Of Technology

This interesting article is written on the topic to give to understanding and knowledge that what is the Role of Technology is in our life. The retail world is no secret parallel dimension that co-exists with our current world; meaning that no consumer is unaware of the gigantic landscape that the retail world has taken control over! With the passage of time, coupled with the great technological advancements has raised a new era for the retail industry: one that is convenient, fun, quick and geographically distributed. Digital transformation in the coming days is sure to leave all, consumers and retailers alike, in a technological frenzy. And, for the best part: the whole world of retail sits just a touch or a swipe away!

What Is The Role Of Technology Exactly?

To all those oblivious to the wonders of technology, here is a brief account of how your favourite experience: the retail, can be incorporated, and consequently, enhanced with technology. As our lifestyles have evolved, we have become more prone to depending on technology, and the internet, such that even a day’s survival without the two can be an exclusive edition of a 2020 horror film franchise. Role of Technology is seeped into our lives very gradually in the early 2010’s but now it has cemented into our everyday lifestyle. Naturally, all the retail industry has also shifted to the digital landscape in order to best cater to all customers’ needs in a more efficient and effective manner. After all, customers come first!

The Evolving World Of Retail

With the rise of online shopping, there have been constant cumulonimbus clouds hovering above the regular brick and mortars, which is positively unsurprisingly only because such convenience in shopping experiences cannot be foregone for exhausting and time consuming trips to the traditional stores, and might i remind the long and tedious queues at check-out counters?

Related Article: Role Of Technology Influencers In Industry

For every retailer, yielding a good shopping experience to all customers is the topmost priority, and if that means surfing different tides, then so be it! With enhanced digitization, the prevalent gap that exists between retailers and customers will be easily bridged because online platforms give the capacity to thoroughly engage (both ways) and it provides the perfect opportunity to create a brand image, and a corresponding positive perception, that is personalized to the customers, so that feel that their needs are truly being met and are deeply valued. Below are some of the mechanisms that are of utmost importance, especially for all those vehicles that want to remain on the right route in order to reach their desired destinations:

Digital Marketing

Now that your brand exists on social media channels, it requires the thrust to shoot across the sky. Utilizing paid marketing is of dire importance to generate major online traffic, and every information regarding the customers gets stored in the form of consumer insights which are studied by the brands to develop topnotch digital strategies: to drive more consumers, achieve greater optimization, increase conversion rates and reach higher proportion of engagements on posts. With greatly executed SEO-friendly websites and social media content strategies, and the disposal of the latest equipment it is far easier for retailers to promote their brands online.

Omnichannel Retail

Consumers co-exist on multiple platforms online, and they don’t just utilize any one kind of device in order to carry out their shopping sprees. They use a laptop, a mobile phone, desktop computer or a tab! Retailers operating online have to make it their digital mission to provide a seamless shopping experience to all customers across all channels they utilize. Be it offering direct delivery through texts, or through a website or a mobile application, retailers now are becoming increasingly vigilant in their efforts to be the best versions of themselves in the eyes of the customers; matching their expectations with their executed performances.

Artificial Intelligence

It has been eons since we have heard how the robots are going to take over our future and are going to rule over all humans in anarchy. Although the latter part of the statement might not be true, well not anytime soon, but the former bit is correct; artificial intelligence has indeed taken over most of the menial manual labour works, like in payment procedures, mobile self-checkout, and elimination of check-out counters in the whole shopping episode! People can just get their products and pay online instead of having to wait in line or the need for the physical exchange of money. Additionally, the component of voice recognition itself has been groundbreaking, wherein these software’s, like Google or Siri, assist you in carrying out basic tasks: putting on music, searching for something online, etcetera. Technology truly is the ultimate retail experience!

Role Of Technology -

Retail Technology

The scientific breakthrough of facial recognition is enabling retailers to identify which spots in their stores are the ones that customers most gravitate towards. This is not just limited to a traditional shopping experience, but technology has also enabled online behaviors to be monitored closely; everywhere the cursor pauses, clicks or moves is noted by technology; traffic tracking sensors, Radio Frequency Identification Tags (RFID), transforming all this consumer information into insights which are later studied by the brand. Utilizing all this readily available information for optimum leveraging will promise maximum results to online retailers. RFID does not require the physical presence of inventory, but it enables electronic accounting of all items which gives a trigger via software whenever a particular item has been purchased for it to become available for delivering. Meanwhile, the used stock gets replaced.

Seamless Shopping Experience – Role of Technology

The ultimate aim of technology is to curate immaculate shopping experiences for all consumers and potential customers. Their convenience and level of satisfaction is the endgame that has to be achieved, and the retail industry has significantly adapted to technology to reap the maximum benefits of the ensuing optimization, an enhanced brand association.

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