Technology in Retail: With the changing shopping and selling experience, many retail technologies have emerged that offer unprecedented competitive advantages.
However, innovations keep coming, and it can be difficult to know how to keep up with them. So that you have no more doubts about the subject, we have separated some of the main technology trends for retail. Be sure to check it out right now!
The Importance Of Technology For Retail
The use of technology to help the retail sector is a growing trend. A survey by Cortex showed that investments in technology are very focused on Cloud Provider solutions, Business E-mail, Hosting CRM, Marketing Automation, Artificial Intelligence, Blogs, E-commerce, Cloud Computing and Security systems.
According to the survey, micro companies are one of those that are investing the most in these technologies. This is because having these solutions and technological tools generates several benefits for the sector.
Advantages Of Technology For Retail
Now, let’s show some of the main advantages technology offers the sector. Check it out below!
Variations in payment methods
It is necessary to keep up with the market and consumers’ needs, which includes offering different means of payment. Currently, different payment methods are already seen as an essential competitive advantage. Some examples are Pix, QR Code, Approximation, Cryptocurrencies, Tokenization, and Faster Checkouts.
Artificial intelligence is the ability of machines to perform certain complex tasks without the need for direct human intervention.
AI is very relevant for data processing to help retail businesses understand more about consumers, their desires, needs and consumption habits.
Integration systems, such as ERP, where it is possible to interconnect all points of sale and service in the store, enable:
- manage different channels in an interconnected way;
- manage inventory in real-time;
- unify the SAC of the business;
- facilitate the process of exchanging, withdrawing, and returning products.
Tools that assist in capturing, storing, managing and interpreting data, such as Big Data and Business Intelligence, allow the company to access reports and information that help make business decisions.
Some software is very important for managing retail, optimizing inventory and cash flow, and collecting and automating data that assist decision-making.
The available marketing technology tools help improve the entire performance of the strategies. Marketing automation tools, email marketing, and even social networks leverage the brand reach and sales.
Key Technology Trends For Retail
As technologies do not stop innovating and the retail market can benefit from different benefits when adopting these tools, it is necessary to know the main trends for 2023. This is what we will see now; follow along!
ERP, Enterprise Resource Planning, is a business management system that facilitates integrated access to all company information. The information this software provides makes it possible to carry out accurate diagnoses of business processes.
With this information, managers can optimize the workflow, reduce costs and facilitate communication between all company sectors, among other advantages.
Smart Payment System
Payment methods are essential to generate more competitiveness and make life easier for consumers and retailers. These systems shift responsibility from transaction systems to financial institutions. Some of them are contactless payments, mobile payments, smartwatches, etc. Apple and Google Pay are examples of this model.
Self-checkout provides consumers with a fast and efficient shopping experience without needing an intermediary to complete the shopping journey.
This is because, with this technology, consumers can carry out these activities since the customer purchases, scans the products, chooses the payment method and even packs the products.
This indoor geolocation tool uses a BLE (Bluetooth low Energy) system, which allows a store’s shopping app to send offers to registered customers near the development.
As data security is a major concern, businesses are increasingly gearing up to ensure the security of the data generated.
With that, the Blockchain uses a distributed data system to create a sensitive software mechanism allowing the connection with suppliers, consumers and other relationships in a much safer way.
As a “fast commerce” format, Quick Commerce is a technology that streamlines the online purchase of products and shipping, generally within 15 minutes. It is a technology focused on essential goods like food and groceries.
To this end, Dark Stores are used, which are dedicated spaces for storing, sorting and shipping products purchased online. The big difference is the speed with which the purchase and shipping takes place.
Big Data is a very important technology for retail because it stores and summarizes a complete set of semi-structured data. These data are generated in real-time, at high speed and in different formats.
When used correctly, they generate valuable insights and information for managers who can use them to make decisions about the company and the market.
Already widely used, Social Commerce uses social networks to boost e-commerce sales, for example. In the infotainment model, products and virtual stores are integrated to transform social networks into real sales channels.
Technology for retail came to generate benefits for retailers, but also for consumers. This is because they optimize various processes and provide valuable data to improve the shopping experience and increase sales.