Four retail technology trends that are making waves

Predicting what happens in the world of retail trends is a tough task. You have big providers shouting that their technology is the next big thing and you have a landscape that is forever changing due to consumer habits and market economics.

So, how can you tell what technology trends are going to make a big impact? And, even more importantly, how do you know what’s right for your business?

We are going to look at some of the biggest retails trends so that you can get a better idea of what is worth the hype and what is not.

Order management and fulfilment platforms

Those who nail their order management and fulfilment operations will succeed in business. Those who do not are setting themselves up for failure.

The ultimate goal is to get your product in the hands of your customers in the quickest and most convenient way possible. This is where order management and fulfillment platforms come in.

It may cost you upfront but paying for this software now will save you so much time and money down the road.

If you’re in the startup phase and cash is limited, why not take out a personal loan from a private lender to consolidate all your personal debt so you can inject some of your own money back into the business? Looking into personal loans is a great option, as you’ll be left with one monthly repayment with a low interest rate.

Contactless payments

OK, this trend is not new, but you would be amazed at the number of retailers who still do not offer this service.

The pandemic is now forcing those who have opted out of this trend to join the herd and get set up with mobile payments and/or tap and go services. Fewer and fewer people carry cash these day so don’t be left behind as it could end up costing you a lot of money.

Marketing automation

It is all about automation these days and marketing is just one of the few areas where it is becoming more prevalent. Get smart and start thinking about the ways in which you collect and use customer information.

Do you utilise it to drive engagement and encourage sales? Are you leveraging the many platforms that enable retailers to create tailored discounts based on a set of specific customer behaviors?

If not, it’s time to re-think marketing automation and learn about the benefits of investing in such platforms.

Specialised ecosystems

From e-commerce platforms and accounting software to CRM and PoS systems, you will need lots of different tools to run your retail business successfully.

Our advice here is to evaluate your business and make a list of the software and apps that will improve operations, increase customer satisfaction and drive sales.

Once you establish the different platforms that you need to invest in, make sure all apps and software can be integrated into one ecosystem so all data can flow freely and operations can run smoothly.

And remember, as retail trends evolve and grow, so too will the demand for automation and integration so do yourself a favour and start building your ecosystems now rather than later.

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