Smart technologies like AI/ML, AR/VR, and other emerging trends are rapidly gaining traction in the retail industry as a result of the rise in consumer demand for quicker, more convenient, and personalized purchasing. Retail is not the only major industry where technology trends are prevalent; manufacturing, education, entertainment, and healthcare are also significant sectors. In 2022, e-commerce will account for around 17% of all retail sales, with increase in the proportion of in-store purchases nearly leveling out in the following few years.
The top retail technology trends that are affecting the retail sector will be covered in this article, while most other industries will also be affected. Most of these trends can be addressed by a capable software development company, giving you an advantage over your competitors.
Trend 1: Omnichannel Strategy
While limiting your product sales to Amazon is a bad idea for brand recognition, it is a terrific strategy to boost sales. You can draw in more customers if you target several platforms. Omnichannel retail is the practice of selling your goods over a variety of channels, including online storefronts, physical locations, marketplaces, and social media. Their internet profile is significantly impacted by posting items on all important channels. According to IDC researchers, 40% of retailers will have integrated livestreaming features into their e-commerce platform by 2023, resulting in at least a 10% increase in e-commerce exchange rates. Chinese sales are predicted to reach h $423 billion this year, and US sales will surpass $25 billion by 2023, according to Gartner researchers.
Trend 2: AR/VR Experience
Technology In 2022, AR/VR retail experiences become the norm. Virtual fitting rooms, enhanced in-store AR navigation, and other AR experiences are becoming more widely available, and those that do not have them are falling behind. Also, car showrooms in virtual reality are a good example. Audi offers customers VR lounges where clients may don a VR headset and virtually step inside a vehicle, complete with high-texture upholstery and knobs. This is one of the most significant technological breakthroughs in bridging the gap between digital e-commerce and brick-and-mortar shopping.
According to recent research, employing virtual reality in marketing can increase conversion rates since amazed buyers are more likely to purchase the things they interacted with virtually. The strategy may have noticeable effects. If the technology is applied properly, conversion rates can increase to 6.4%. The benefits of these advances, along with the favorable customer feedback, suggest that the investment may be beneficial for some consumers.
Trend 3: Voice Search
It’s getting more and more common to use voice assistants like “Ok Google,” “Amazon’s Alexa,” and “Apple’s Siri”. Despite having an impact on many aspects of people’s life, this technology has also had a big influence on the field of digital marketing. Due to how voice search operates differently from text search, this was made possible. Potential consumers will increase in number and get used to making transactions using this technology. Customers who multitask will benefit from using smart speakers to place orders since they can shop effectively and hands-free. It will take some time before voice assistants are entirely reliable and usable everywhere. When we get there, though, e-commerce businesses will probably seek to integrate voice technology into their purchasing procedure.
Trend 4: Visual search
Visual search and product discovery are assisting e-commerce companies in giving their customers the best service. For the purpose of finding products, clients can do an image-based or visual search. When searching for products on e-commerce websites, they don’t need to utilize keywords. To find products and conduct online searches, visual search will make use of actual pictures.
Customers can upload a picture of the item they wish to purchase. You can use the visual search engine to identify the product that is visually nearest to you. It will review your online catalog and show the customer the search results. Customers will also receive recommendations from the visual search engine.
Social media has caused consumers’ attention spans to shorten. Therefore, having visual search functionality is crucial for your e-commerce company. Your customers will find things more quickly and easily thanks to it. All they have to do is add pictures to your online store. As a result, visual search is quickly becoming one of the biggest retail trends.
Wrap-Up
We at Agiliway understand that not every retail trend is worth pursuing. While some of them may be pretty valuable to your organization, others may be ineffective at best and perhaps damaging at worst.
Therefore, if you’re unsure which trend to follow or which technology would perform best for your organization, don’t hesitate to contact us.
Our experts have extensive experience with retail software development services. We can help you start your journey to innovation for the future success of your retail business!