The retail landscape is undergoing a revolution with the advent of retail technologies, transforming consumer shopping experiences and reshaping industry operations.
Retail technology, or retail tech, encompasses innovative digital tools used by both brick-and-mortar and online retailers to enhance the shopping experience, from simple point-of-sale (POS) systems to complex AI and automation software.
AI, ML, generative AI, automation, AR, RFID & QR codes, mobile technologies, and datafication are six future retail trends.
Gabriella Bock, Director of Editorial Relations at Rethink Retail, highlighted that “Advanced analytics and AI provide retailers with crucial insights on customer shopping behaviour. AI’s transformative potential can generate an annual value of US $ 400 billion to US $ 800 billion for the retail industry.”
To stay competitive amidst uncertain times, including inflation, labour shortages, and competitive pressure, retailers must invest in technology; however, adopting retail technology can be challenging due to its newness and practical implementation difficulties, yet experts provide recommendations to strike a balance between innovation and overcoming these practical challenges.
The expert consensus is clear “In an era where consumers prioritise flexibility, personalization, and efficiency, retailers must embrace new technologies to thrive and outperform their competitors. Forward-thinking brands are already leading the way, while others are swiftly catching up to avoid losing the advantages that technology provides. As a retailer, the choice is yours: will you adopt these technologies or risk being left behind?”
