The Future of Retail - The Emergence of eCommerce
What is the future of retail? This article discusses how e-commerce is transforming our shopping experience.
The retail industry has seen a major shift in how we shop, and it all comes down to technology. The emergence of eCommerce and the general shift to online retail has forever changed what we consider shopping and how we find products and services. The future of retail looks brighter than ever because of this technological shift, even as sales may go down at brick-and-mortar locations. Let’s take a look at how technology is transforming the way we shop, and what to expect from the future of retail.
1) Technological Advancements
Over recent years, we have seen a growth in technological advancements that has transformed many industries and sectors. From how we communicate, to how we travel and do business, technology is fast becoming an integral part of our everyday lives. With more and more people turning to online shopping as a way to purchase their products and services; retailers are now using these very advances in technology, which they are integrating into their operations, creating what is known as omnichannel retailing.
2) Virtual Reality Shopping
Virtual reality shopping is already a reality. In fact, it’s been in use at many large companies, such as Gap and Alibaba, for a few years now. Virtual-reality users can explore various styles from various angles to get a feel for how clothing or other products will look on them before making a purchase. In addition to helping consumers save time and money by preventing ill-fitting purchases, virtual reality has also been shown to increase engagement with digital retail experiences in general.
3) Artificial Intelligence AI
AR glasses, such as Google Glass and Microsoft HoloLens, are the technology that overlays holograms on top of your field of vision. With these products just emerging onto the market, we’re likely to see a whole new category in retail. Product placement and customer engagement could be revolutionized by AR glasses — just take a look at what IKEA is doing with augmented reality to get an idea about what’s possible.
4) Augmented Reality AR
One big advantage that online stores have over brick-and-mortar businesses is their ability to offer a larger selection. With Augmented Reality, you can use your phone's camera to display additional products from other sellers on top of an image of a product in a store. Imagine being able to overlay four different pairs of shoes onto one picture, or get extra info about a part you're about to buy for your car, just by holding up your phone.
5) In-store Tech
In today’s fast-paced retail environment, businesses need to offer customers a speedy and convenient shopping experience. In-store technologies such as checkouts, interactive digital screens, and self-service kiosks can help streamline customer service, minimize lines and cut costs while also providing a more personalized shopping experience. See how retailers are using in-store technology to maximize customer satisfaction at every step.
So if your business is to stay relevant for the long haul, you will need an ecommerce software solution in addition to a physical solution.
6) E-commerce Is Growing Faster Than Traditional Shopping
It’s no secret that online shopping is on an upward trend, with 70% of Internet users already browsing at least once a month. But what many don’t realize is just how fast it’s growing. Online retail spending accounted for 8.5% in sales in 2017, a sizable increase from 6.9% in 2016 and 5.1% in 2012, according to a study by IHL Group.
The future of retail is an exciting one, which brings with it challenges for both businesses and consumers. To succeed in today’s market you need to stay ahead and learn as much as possible about your business and how it can best operate to meet current and future consumer demands.
If you are ready to embrace these technologies and add value to your customers, then a retail software development company in India is the perfect partner for you. It can provide you with retail software development services.