Artificial Intelligence, Internet of Things, Augmented Reality… Some of the technologies that seemed far from the everyday lives of consumers are already present in physical and virtual stores. Making the most of new developments allows retailers to offer differential shopping experiences and reach their potential customers.
Buenos Aires, Argentina, April 9th , 2021.- In a context in which the processes of multiple industries and the daily lives of users suddenly changed, retail technology had to speed up many processes. Science and Technology Day, which is celebrated around the world every April 10th, is an opportunity to reflect on how the latest innovations are changing the way we sell and buy.
“Users are using now more than ever their mobile devices to look for products, compare prices, and read reviews from others, before going to a store. Retailers are also constantly seeking continuous improvement of their processes, reducing costs through an efficient and unified operation of all their channels,” explained Martín Malievac, the Research and Development Director for Napse.
A few years ago, people began to talk about the frictionless shopping experience: large-scale companies began investing in omnichannel experiences, such as entering a retail store, selecting products, and leaving without forming a line or going through the register. “This new standard mobilized many other companies to adopt similar strategies, to avoid being relegated in the fight to seduce consumers,” added Malievac.
- AI (Artificial Intelligence)
Artificial Intelligence is a key element that is still far from hitting a wall. It ranges from Chatbots and complex Machine Learning algorithms to computer vision. With this technology, retailers can collect, process, and analyze data that allows them to apply effective strategies to attract and retain customers, finalize more sales, and constantly improve operational efficiency. At this point, merchant transparency is essential to give consumers confidence regarding the information privacy.
- IoT (Internet of Things)
Another concept that continues to grow strongly is the Internet of the Things. This technology allows sellers to offer “guided experiences” to consumers within the store. Sensors and various technologies such as beacons (a transmitter device that sends signals via Bluetooth) and RFID (radio frequency identification) are applied for processes such as automated checkout, custom discounts, information on location or product characteristics, optimization of shelf replenishment, intelligent distribution of items in stores, and a substantial improvement throughout the supply chain.
- AR and VR (Augmented and Virtual Reality)
The possibility of seeing how a sofa would look in our living room, trying on a hat virtually with the camera on our phone or building a “custom fit” garment, viewing different colors, can make a difference when shopping. Without the need to incur large investments, Augmented Reality can present a competitive differential in the user shopping experience.
- Blockchain
One of the technologies that has been mentioned the most in recent times has to do with the new forms of digital economy. Through a decentralized, open, and unalterable ecosystem, which provides three key aspects – efficiency, security, and transparency – we’re moving towards policies that allow increasing consumer confidence in brands, products, and retailers.
- 5G
Lastly, 5G technology or smart connectivity allows you to maximize all of the above, generating opportunities in Augmented Reality, the consumer’s in-store experience, the Internet of Things, and the analysis of information, in turn generating reduced costs.
“We increasingly think of concepts such as ‘micro services,’ i.e., small components that fulfill a function and are part of a global ecosystem, which decentralizes processing, achieving agility when it comes to evolving with new ideas,” concluded Martín, adding that “at Napse, we work with omnichannel solutions as a focus and we are on the lookout for new technologies in order to optimize solutions focused on the management of electronic transactions, promotion strategies, segmentation and customer loyalty, integration of physical and online sales, unified control and logistics management, and tools that enhance the operation of e-commerce solutions.”
