How Can Technology Help Retail Businesses?

technology help retail businesses

Estimates suggest that E-commerce will comprise a 21.8% share of the total global retail by 2024. The pandemic will drive heavy growth in online retail. However, more than one-third of small businesses still don’t have a website to target their audience.

Technology and retail are interacting seamlessly. Its impact is seen in the fact that 33.6% of people look up online for price comparisons on their mobile devices even when they are in physical stores. The retail industry is, therefore, gradually moving towards an omnichannel experience — and technology is a major player.

Digitization in retail is moving beyond ecommerce store development. Apart from online selling, retailers now look to incorporate technology into their internal operations. They use data analytics, smart selling, ERP, and robotics to transform digitally.

Source: Juniper Research

Multiple examples of digital technology are present in today’s world. A software development company USA can build an ecommerce solution to sell online or a CRM to better manage the customers.

The latest example of technology in retail is Amazon Go. With the help of computer vision, deep learning, and sensor fusion, Amazon Go stores enable automatic checkout. Customers can pick up their product, and the money will be automatically deducted through the Amazon Go app as they leave the store.

Such technologies now help retailers to become digitally relevant. During the pandemic, customers preferred convenience and safety, which ecommerce web solutions were able to deliver. But how are retailers taking the customer experience to the next level?

Read more : Top 5 Tips to Develop eCommerce Mobile Apps for Successful Sales

5 Ways Technology Can Help Retail Businesses

The first step for any retail company is to take advantage of ecommerce web development services. Having an online store is crucial to target digital customers. Ecommerce development ensures that your store has a presence on social media and other platforms, enabling the online audience to know everything about your business.

Retail businesses are looking ahead of simple ecommerce development services. They need access to data and technology that can enhance the customer experience. Here are 5 other ways technology is helping retails businesses -

Customer Behavior Analytics

  • Artificial Intelligence and Machine Learning solutions are enabling retailers to analyze customer behavior. By collecting data, businesses can understand a lot more about their customers. Just by looking at their past purchase history, retailers can forecast what the customer would be interested in next.
  • Companies can also identify the best way to sell products using data. The collected data can also help use other technologies to improve the customer experience. IT facilitates forecasting future sales and even how the customers will behave to new products.
custom behavior analytics
custom behavior analytics
Source: Alteryx

Inventory Management Software

  • A comprehensive inventory management software enables companies to better manage their inventory. It allows tracking inventory levels, sales, purchase orders, deliveries, and everything else. The software helps in avoiding any miscommunication or mess that is created while maintaining spreadsheets. The primary purpose of such a solution is to prevent product overstocking and outages.
  • Inventory management software is used by companies that have multiple warehouses. It ensures a smoother inflow and outflow of products. Every warehouse knows its real-time situation while the head office maintains every warehouse.

Click here: 9 Costly Mistakes You Should Avoid When Starting an ECommerce Business

Real-time Customer Experience

  • Today, companies are using Extended Reality in the form of AR and VR solutions to provide a real-time customer experience. For example — IKEA Place is an ARkit by the company that helps you see whether the furniture you want to purchase will look good in your house or not.
  • Apart from that, AR also enables customers to get a virtual shopping experience while they are in the store. Audi has created a VR-based showroom that provides VR glasses to people who visit the store. They can then experience driving an Audi and get a world-class experience of how it will feel.

Product Recommendation

  • One of the best uses of technology in retail is the use of recommendation engines. Amazon and several other big retailers are already into product recommendation solutions. These are integrated during ecommerce store development to help retailers understand the customer’s purchase history and recommend products based on that.
  • While the technology used is Machine Learning and Deep Learning, recommendation engines are based on identifying how the customers behave. It gives them insights into the purchase history and allows them to recommend products that might match the customer’s needs and preferences.

Digital Operations

  • Companies are reaping efficiencies through ERP software for digitizing their operations. It connects the market, sales, operations, HR, finance, and everyone else in the organization. The solution simplifies how retailers manage their operations by giving them a detailed idea about everything.
  • ERP software helps retailers by providing inventory information, marketing campaign details, personnel planning, performance control, sales management, customer service requests, and much more. Enterprise solutions are now a priority for companies to become productive and increase their revenue.

Checkout: 7 Common eCommerce Business Mistakes to avoid in 2021

Conclusion

Retailers start by hiring a professional for Shopify app development services or Spree Commerce store development services. But the truth is — e-commerce is now 50% part of digital retail. The other 50% is in the technologies that simplify retail operations and contribute to enhancing the customer experience.

Data, AI, AR & VR, are the three pillars of today’s retail technical modernization. But there are more inventions to come that will transform how retail works. If you are looking for a company that can help you digitize your retail operations, BoTree Technologies can help.

Contact us today for a FREE CONSULTATION.

Originally published at https://www.botreetechnologies.com on August 5, 2021.

Leading software development company in the USA, Singapore & India. Hire developers to build web apps with expert software development services.