In today’s business world, technological advances and innovations are not only necessary but crucial to the survival of businesses. Technology trends are changing rapidly and becoming more diverse, which can make it difficult to keep up with them all, especially in the retail industry.
Retail technologies are always evolving, which makes it hard to figure out which ones will become obsolete or irrelevant and which ones will be most beneficial to your business over the next few years. Here are 10 retail technologies that you need to watch out for in 2022 and beyond, if you want your business to stay ahead of the curve and get ahead of its competitors in the retail industry.
Get Ahead of the Curve: The Top 10 Retail Technologies to Watch in 2022
1) Retail Personalization
In a world where customers can buy anything they want, when they want it, retail personalization is key to standing out. By definition, retail personalization is the act of customizing the shopping experience for each individual customer. This can be done in a number of ways, such as curating products based on past purchase history or using data gathered from social media platforms. When executed correctly, retail personalization has been shown to boost conversion rates by more than 20%.
2) Augmented Reality
It’s no secret that shoppers today are looking for a more immersive, personalized experience when they visit their favorite stores. And retailers are responding in kind by investing in cutting-edge technologies like augmented reality (AR). AR allows shoppers to try on products virtually, without having to physically visit a store. This not only saves time, but also allows customers to get a better sense of how a product will look and feel before making a purchase. Plus, it can help retailers differentiate themselves from competitors who don’t offer this type of service. For example, Ulta Beauty is rolling out an augmented reality app to help shoppers visualize makeup shades and styles on their own faces in real time using selfies.
Detailed Blog: Retail Technology Trends
3) Digital Displays
As online shopping continues to grow, so too does the importance of brick-and-mortar retailers investing in digital displays. By 2022, it’s estimated that 80% of all retail display systems will be digital. Not only do digital displays capture shoppers’ attention more effectively than traditional static displays, but they also offer retailers a wealth of data that can be used to improve the shopper experience. If you’re not already using digital displays in your store, now is the time to start planning for their implementation.
4) AI Powered Voice Technology
Voice assistants like Amazon’s Alexa and Apple’s Siri are becoming more and more popular, with 42.6 million Americans using them at least once a month. And it’s not just for personal use – retail businesses are starting to adopt AI powered voice technology to help with customer service, sales, and even inventory management. Here are some ways you can start using voice technology in your business – Use voice recognition software to turn emails into speech so that customers can listen to them without having to read
- Create chatbots that respond with voice when customers interact with websites or social media accounts
- Train virtual assistants (such as Alexa) on how products should be positioned within a store
5) Blockchain & Data Security
In a world where data breaches are becoming more common, retailers need to be on the cutting edge when it comes to protecting customer information. Blockchain provides a secure, decentralized way to store data that can’t be hacked or tampered with. As the technology becomes more widely adopted, we’ll see more retailers using it to keep their customers’ information safe. Data from IDC predicts blockchain will grow at an average annual rate of 60% and by 2021 there will be 10% of all IT spending on this technology. If you’re considering investing in blockchain for your business, now is the time to start looking into it!
While fitness trackers and smartwatches have been around for a few years now, they’re still relatively new in the grand scheme of things. In 2022, we predict that wearables will become even more popular, with more people using them not just to track their fitness but also to make payments, access information, and more. They are also set to be enhanced by virtual reality headsets, which are on course to give users an immersive experience into any number of different worlds or environments. There’s a lot to look forward to from this space over the next couple of years!
7) Multi-Device Payments Section
In-store shoppers are using an ever-increasing variety of devices to shop, and retailers need to be able to accept payments from all of them. Multi-device payments allow customers to pay with their preferred device, whether it’s a smartphone, wearable, or even a connected car. This technology is still in its early stages, but it’s one to watch as it develops. Early adopters of this type of payment have seen strong customer satisfaction rates and customer retention rates. As more stores adopt this technology, these numbers will continue to rise.
8) Smart Shelves Section
The retail industry is constantly changing and evolving. In order to stay ahead of the curve, it’s important to be aware of the latest trends and technologies. Smart shelves are one of the hottest new trends in retail. Here’s what you need to know about them
- they provide real-time information on product sales or availability
- they can identify a customer’s preferences or needs
- they offer a personalized shopping experience
- they enable consumers to find the right product faster. Keep reading for more insights on how these smart shelves work and how your business can use them.
9) In-Store Communication Section
In-Store Communication Section provides a place for customers and employees to interact. It can also help promote products and services, as well as giving customers directions or instructions. By using In-Store Communication Section, you can keep your customers informed and up-to-date on what’s happening in your store.
10) Digital Commerce Platforms
If you’re looking for a retail technology that will have a big impact in the coming years, digital commerce platforms are a great place to start. By 2022, it’s estimated that these platforms will account for nearly 30% of all online retail sales. That’s a huge increase from just a few years ago, when they accounted for less than 10% of sales. Digital commerce platforms allow retailers to create and manage their own stores or sell on other sites. They provide tools like product search, promotion management, and analytics tools. They also allow retailers to take advantage of real-time shopping data and personalize their customer experience accordingly.
Retail technology is constantly evolving, and it can be hard to keep up with the latest trends. But by staying informed and investing in the right retail IT solutions, you can stay ahead of the curve and give your customers the best possible experience.