5 Tech Trends That Will Hit Every Retail Store By 2020
The explosive growth of online shopping and a shift in consumer preferences for finding better deals is often cited as a concern of physical retailers. A consistent brand personality is likely on every retailer's wish list, but marketing tactics and methods vary greatly. Some retailers rely on discounts to increase sales or drive traffic to the website, while others implement playful strategies to win over loyal customers.
Here's our list of trends that could continue to shape the retail marketing:
1. The Internet of Things (IoT) will make shopping easier and more convenient
Since The Internet of Things connects over 11 billion everyday products, like home speakers, TVs, and cars, to the internet, retailers can collect hoards of data that provides context about their customers’ product usage. This allows them to send relevant marketing messages to their customers throughout every phase of the buyer journey. These technologies pin down the location of a store and send you deals on the products and brands you liked online.
2. Consumers will use Facebook bots to interact with brands for better purchase decisions.
Facebook Messenger is one of the most popular and convenient channels for consumers to research and purchase retail merchandise today. 53% of consumers also prefer to shop with businesses they can directly send a message on Facebook, so it's crucial for retailers to set up Messenger bots that can handle moderately sophisticated interactions, like welcome conversations and product discovery conversations to drive more sales.
3. Leverage on cognitive computing to provide better, faster customer services
Brands who implement cognitive computing into their customer support technology are able to assemble two-pronged customer service teams that help provide better, faster customer services. With the help of AI, cognitive computing is used to assist humans, understand natural language and accurately answer their queries.
4. Use of augmented reality to market products
By leveraging augmented reality, retailers have made it a lot easier for customers to engage with their brand, from picking up the right product to accelerating their sales of the company. Retailers are also coming up with augmented reality apps that can place fully rendered 3D models of their own products for the customers. Users can even save specific product designs for future references.
5. Brands will sell user experiences at their stores, beyond products.
Most people cherish user experiences over material possessions. By setting up special shops, retailers can pull customers into delightful, memorable experiences that make much more of an emotional impact than buying a product. These experiences also make for a compelling story that consumers will always remember and be more than happy to share with others.
The retail industry will keep evolving at breakneck speed and these five trends will empower the retailers with the ongoing insights and skills to grow their retail stores in the coming years.