02/10/2020

How Tech Will Transform Retail in 2020

The technology that supports purchasing behavior influences retail

Technology is changing the way every industry does business by creating efficiencies, saving money and providing better products and services for consumers and merchants. Retail merchants are also adopting these technologies to help improve their businesses. Here are some of the top tech trends that will drive retail into the next decade, according to Forbes.

Virtual Reality
Virtual reality offers retailers a way to enhance the customer experience. From browsing products to virtually “trying them on,” extended reality is already in use by many retailers today. Teen surf and sports clothing retailer, Tilly’s, offered its customers a back-to-school scavenger hunt experience that helped their customers explore different clothes and accessories. The IKEA Place ARKit app helps you determine if the furniture you want to purchase will fit and look good in your home. In the future, extended reality will eventually enable consumers to be able to share their virtual reality shopping experience with others.

Big Data
Retail organizations have never had an issue collecting lots of data but analyzing it and using the data to solve problems or create new solutions has been a struggle. Predictive analytics change that. When retailers successfully analyze data, they are able to understand important information about consumer purchasing behavior, personalize the shopping experience, address a consumer’s needs based on where they are in the customer journey, improve efficiencies, and reduce costs of supply chains and more. Predictive analytics help retailers be smarter, more efficient and reduce costs.

Please select this link to read the complete blog post from OSAE Member Infintech.