How New-Age Technologies are Transforming the Retail Industry

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Technological innovations and digital transformation are reshaping the retail industry. Forward-thinking retailers are quickly adopting new-age technologies and automation to serve their customers better. While the overall economy is trying to get out of the negative impact of the COVID-19 pandemic, cutting-edge technologies present retailers an opportunity to review their playbook for leveraging high growth.



                                                                                  
Opportunities for retail companies

E-commerce continues its march toward becoming the most preferred shopping medium across the globe. Consumers find a product of interest by visiting the website of the retailer directly. There will be a lot of other notable changes. Organized retail for many brands consists of sales from regional branded chains, modern retail outlets, e-commerce and company brand stores. They can induce better co-ordination between every retail sector by infusing automation and Big Data. From customer preference to tracking sales, information gathered by the use of Big Data technology can be utilized for giving an outstanding buying experience to the customers along with acquiring a greater number of buyers.

 

Cutting-edge technologies transforming the retail industry

 

Automation-

Retail brands are now using a combination of computer vision, deep learning, and sensor fusion technology to automate the payment and checkout process.

 

Electronic Data Interchange (EDI)-

Direct computer-to-computer transactions from the store to the vendors' databases and ordering systems. The process improvements that EDI offers are significant.

Have a look at the documents used in EDI :

 

·      Invoices

·      Acknowledgement

·      Business Correspondence letters

·      Purchase orders

·      Shipping Requests

·      Financial information letters

 

Augmented Reality or AR-

AR technology is considered to be the most influential technology for the retail industry right now and for the future too. AR technology enables buyers to get a better idea of what they want to purchase before they make their final decision. AR technology helps consumers visualize a product in a better way. Shoppers can capture and share content with virtual products. Retail businesses are embracing AR technology to stand out from the competition and more attractive to millennial shoppers.

 

Big Data Analytics for better business forecasting-

For retailers, big data can create opportunities to offer better customer experiences. Forecasting is an essential part of maintaining a competitive advantage in the retail industry. Finding out what is the need of the shoppers and what could be the shopping trends and preferences in the future is key to success in the retail world. Big Data analytics could prove to be a valuable tool for this. Getting forecasting reports after analyzing the Big Data will help retailers to effectively plan the supply chain.

 

Final Thoughts

Efficiency, Speed, and agility are expected of today’s retail businesses. New-age technologies are playing an increasingly valuable role in the management of complex retail operations. Cutting-edge technologies are making jobs easier, customers happier and businesses more accurate.

Location: Kolkata, West Bengal, India

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