How utilisation of technology is navigating the retail industry towards evolution

The retail industry is in the grip of a revolution powered by digital technology.

This encompasses a broad array of tools to help retailers optimise operations efficiently.

Retail has emerged as the most dynamic sector in this fast paced revolution, with millions of dollars being spent to drive digitalisation. And expectations have increased around consumer behaviour towards adopting these tech solutions.

What is retail technology?

This term gives retailers solutions to manage and optimise their business while generating trillions of dollars per year in sales revenue.

These tech solutions will help the retailer in other vital areas such as improving the consumer experience, driving down costs, increasing retail conversion rates, and lots more.

There are major key areas of development on which to focus in order to stay ahead of the game.

Bricks and mortar is using retail tech to stay in the game

Many retail marketers are spending millions to reshape bricks and mortar stores both through e-commerce and in-store technology.

Technologies like AR and VR are in high demand. Going beyond fun experiences, retailers are using the AR/VR approach to make shopping more effective and straightforward.

Retail technology also encompasses navigation assistance; for instance, it can speed up the shopping experience and increase in-store sales.

Personalisation is driving retail success for innovation

Many customers are enjoying personalised experiences when shopping online and offline.

Millennials have become used to customised digital experiences through platforms like Amazon, Spotify, and Netflix.

Bricks and mortar retailers strive to cater to shoppers' individual preferences through targeted advertising and reward programmes. We often see the humble fruit machine as a permanent fixture in many pubs, bars, and entertainment stores. 

Online slots have become incredibly popular these days, and there are thousands of slot games available in the iGaming market today.

Slot games are the key driver of revenue for many online casinos. App mania has swept many of us up.

Renowned online casinos often adopt an omnichannel approach to drive their customers to play slots online through their mobile devices.

Automated delivery has plugged into the retail business

Automation has arrived in many sectors, including retail.

Many companies are rethinking their stores and turning them into warehouses. Automation has made it possible for retailers, for instance, to offer Click and Collect options to their customers.

This has reduced labour costs by getting goods to customers without delivery costs.

Checkouts in decline

The trend of automation has made traditional checkouts obsolete in some scenarios via the provision of self-service and till-less options for customers.

Proximity marketing with beacons

Bricks and mortar stores are tapping beacon technology to increase targeted sales, promotions, advertisements via apps once a customer enters the store.

Summing up

Technology has brought many advantages to retailers. It reduces processing times, increases accuracy, cuts costs, speeds up customer service, and enables quick decisions.

It has ultimately helped the bricks and mortar space remain relevant in a fast changing omnichannel world.