Five retail technologies you should know about

As a business owner, you need to embrace technology to help your company succeed.

If you’re technology resistant, that solves nothing. You must remain on the cutting edge, and that means knowing what tech is out there and what it can do for you.

If you operate a bricks and mortar store, or more than one, it’s tough for you these days. That’s because e-commerce is rising, with companies like Amazon putting many smaller entities out of business.

However, some experts believe that certain individuals will always prefer bricks and mortar stores for some purchases. We’ll see as the years pass whether that’s true or not.

In the meantime, you should review the following technologies to see if they can help your physical stores stay open and thrive.

Sensor data

In the past, when a would-be customer walked around a store, the owners and product manufacturers might notice how this individual would interact with some of the displays. They needed to make those products as attractive as possible so that a customer might buy them.

The way the box is decorated sets the tone, but if the manufacturer wanted the person to buy, they also had to pay attention to things like the colour scheme, packaging font, and price point.

 These days, all of that still matters, but a store can take things one step further. They can use sensor data to see how a person interacts with a product. Sensor data:

• Involves placing beacons around a store

• Tracks how a beacon and a customer’s smartphone interact

Let’s say the shopper has a Bluetooth-enabled smartphone. As they come near one of the beacons, if they have that store’s retail app on their phone, the two begin an interaction.

Retailers can track how long a customer is in the store this way and where they spend their time while they’re in there. In this way, both the store owners and product manufacturers can see which products a shopper prefers. 

They can then use the app to send them real-time coupons or shopping suggestions, making a purchase more likely.

Virtual reality

Virtual reality, which some individuals abbreviate as VR, is another great retail technology tool. With virtual reality:

• Focus groups can explore different virtual store layouts

• These would-be customers can then provide feedback

If a store owner or product manufacturer feels like a different store layout can help their sales, they might not be sure. They don’t want to completely redesign the store or switch all the sections and products around without knowing if it’s worth the time, money, and effort.

They can use VR for focus groups and then ask the subjects how they feel about the different store and display layouts. These individuals can give them their opinions, and they can leave the store as is or change it accordingly. 

The store owners and product manufacturers can incentivise this process by offering the focus group members free swag, coupons, gift cards, etc.

Augmented reality

Augmented reality is kind of like virtual reality. However, with AR, a user is in a real environment, but they augment it with virtual overlays. They can use this with a headset or smartphone.

For instance, a consumer can test a product or try on some clothing with AR. This saves them the time of getting in a dressing room and going through the whole trying-on process.

They can virtually sample different makeup options in real-time. They can take a live selfie and then place a filter over it to see whether they like a particular lipstick, blush, or rouge colour.

You can give yourself a makeover this way without ever having to apply the products, put on the clothing, etc. If you appreciate what you see, you can buy those products.

If you feel like they’re not for you, you don’t have to buy, and you never have to return them for cash or store credit.

Artificial intelligence

As time passes, we should see more artificial intelligence retail integration and innovation. For instance, some stores already have AI-enabled checkout systems. 

You get your items in a bricks and mortar store and carry them to the checkout area. There are no cashiers. You scan the items and pay for them with no human interaction necessary.

While you can already do this at many stores, the AI addition allows you to interact with the checkout area in all sorts of ways if you choose to. You can ask it basic questions about products and services that it can answer.

This is sort of like having a website chatbot running a store checkout line. If you have questions it can’t answer, you can call for a real person, but these AI-enabled stations can handle most of your basic queries.

Analytics

More stores than ever are using analytics for bricks and mortar location restructuring. Stores have had cameras for decades as shoplifting deterrents and to stop employee theft.

 However, store owners and product manufacturers can also monitor and break down customer behavior like never before. They can see how many customers like particular products and displays, and they can remodel the store or switch the displays around accordingly.

They can use either long or short-term analytics to set up a store so that a customer is most likely to buy. They can study customer demographics or when the busiest hours are. They can have fewer employees there at certain times and more there when the store needs them.

Analytics means a more personalised shopper experience, and that’s part of what can keep a store open and keep customers coming in. Some companies even have pop-up stores in major markets that exist just for a few days at a time. They’re there for analytics gathering more than for sales.

There are all kinds of other retail technology examples, like voice interactive technology, digital marketing ventures, omnichannel retail, and facial recognition.

You can expect to see all of these things in bricks and mortar stores, not just now, but for a long time to come.