The past few years have been changing the retail industry for good. New customer needs and digital technologies that are addressing them. They are leading this transformation even further. Smart devices, Covid-19 global pandemics, the increase usage of social media, and the spread of e-commerce. They are all impacting the retail sector today. In this article we are outlining the top personalized technology solutions for the retail e-commerce sector.
Keep on reading to know how to put your business in line with the newest and innovative trends that align with the gen z and win against your competitors.
5 Top Personalized Technology Solutions You Must Know
Now that you understand which trends are driving smart retailers to be trendy and innovative, let us take a glance at the most important smart retail solutions you need to be aware of in 2023.
Internet of Things (IoT)
IoT is a crucial technology for smart retail because it helps in enabling businesses to network with any electronic devices such as smartphones, laptops, and appliances. With the help of software and connect them to various sensors that are able to track practically anything. From the buyer purchasing pattern in the store to product inventory tracking.
By integrating IoT solutions, a person can monitor an item from the moment it’s manufactured to when it’s sold in real-time. Furthermore, IoT also opens the doors to evaluating the average shopping cart value, customer in-store buying pattern, and targeted promotions that will appeal repeated sales and help in boosting the revenue.
When merged with retail analytics solutions, IoT solutions are providing a wealth of valuable insights into your customers. For instance, their purchasing habits, behaviors, preferences, and expectations. This is just one of the several advantages of employing top personalized technology solutions for smart retail.
Artificial intelligence (AI)
Artificial intelligence (AI) is transforming practically every sector, and retail is not left behind. Organizations across all sectors are using AI-enabled solutions. In order to regulate processes automatically like customer service or product management.
Retailers are able to leverage an AI-enabled tool for analyzing buyer behaviors, expectations, and requirements in real-time. All by analyzing and processing huge amounts of data gathered from smart points of sales terminals or sensors.
Such a solution not only allows to processes data. However, also facilitates to interpret it, hence, offering you a wealth of actionable and valuable in-depth insights that you can integrate in order to augment sales.
Augmented Reality and Virtual Reality (AR and VR)
2023 will mark the much awaited expansion of AR and VR technologies. Improving the purchasing experience with the facilitation of Virtual or Augmented Reality has been a dream of many retailers. Now these technologies are within their reach.
VR takes the online buying experience to the next level by enabling buyers for entering virtual stores. Taking that approach, store managers can provided customers the notion of what it feels like to buy in their store and make it exciting.
Then there’s Augmented Reality. A good example of AR is IKEA’s app that enables customers for checking what a provided item of furniture will appear like inside their homes. Therefore, this augments their confidence while online shopping and minimizes the number of returns.
Often, chatbots are implementing AI. However, they need a separate point. Retailers are using chatbots for not only carrying out customer interactions but also for automating several other processes.
Front office chatbots is the so-called of the first kind. They enhance the productiveness of the customer service team, boost the accuracy of responses, and ultimately affecting the consumer satisfaction rate in a better approach.
Another great use case for chatbots is connected with the personalization trend. Personalized communications are most sought-after today, and chatbots are now taking advantage of that trend. And retailers are educating themselves more about customers over time. Therefore, this helps in allowing them to answer questions and resolve complaints faster.
Chatbots can also be integrated for monitoring the tone of customer service interactions and rapidly help in identifying any negative feedback that requires to be addressed. Also, resolution time matters a lot in customer service. By presenting that you are potential of solving any concern quickly. Therefore, you present that you care about them and boost their loyalty.
Loyalty programs have a huge influence on your success when it brings to selling to the existing potential customer. By providing them a loyalty app that is delivering customized promotions and discounts based on their likings. Therefore, you are increasing their retention and lifetime value.
Furthermore, a loyalty app is an excellent source of data about customer preferences, interactions with a great point of sale system, or buying history.
All of this data is compression and merged together to provide you actionable insights and boost the efficiency of your marketing efforts.
Are You Ready To Be A Smart Retailer?
Considering all of these innovative and trendy smart retail solutions, what actually is the future of e-commerce – or retail in general? The COVID-19 pandemic had a great impact on the industry, pushing businesses for adapting to the new customer needs and lockdown regulations rapidly. Now they need to boost their gains in the new reality.
Furthermore, by investing in a top personalized technology retail solution, you are able to stay ahead of the competition, improve customer experience, and augment practically every stage of the customer lifecycle.
What’s stopping you from trying a digital retail solution in 2023? If you would like to get the feel of what is out there and need professional advice about these solutions, get in touch with us. We have helped several retailers in increasing their reach and engagement with new digital tools.