Four Trends in Retail Technology for 2023 and Beyond that are Consumer-Driven
As a result of consumer demand for faster, more personalized and convenient shopping, smart technologies such as AI/ML and AR/VR are quickly gaining ground in the retail sector. Technology trends are not limited to retail. Other important industries include manufacturing, education and entertainment. E-commerce will make up around 17% of retail sales by 2022. The proportion of in-store sales will almost level out over the next few years.
This article will cover the top retail technology trends, as well as other industries. A software development company can address most of these trends, giving you an edge over your competition.
Trend 1: Omnichannel Strategy
Limiting your product sales to Amazon may not be a good idea for brand recognition but it can help you increase sales. Targeting multiple platforms can help you attract more customers. Omnichannel retail refers to the practice of selling goods through multiple channels. This includes online storesfronts, physical locations and marketplaces. Posting items on all major channels can significantly impact their internet profile. IDC researchers predict that 40% of retailers will integrate livestreaming into their ecommerce platform by 2023. This will result in an increase in exchange rates of at least 10%. According to Gartner research, Chinese sales will reach $423 billion in this year and US sales will exceed $25 billion by 2023.
Trend 2: AR/VR Experience
AR/VR retail experiences will be the norm by 2022. AR/VR retail experiences such as virtual fitting rooms and enhanced in-store AR navigation are becoming more common. Those who do not have them, are losing ground. Virtual reality car showrooms are another example. Audi provides VR lounges for customers where they can use a VR headset to virtually walk inside a car. It also includes high-texture upholstery, knobs and knobs. This technology breakthrough is one of the most important in digital e-commerce.
Recent research shows that virtual reality can improve conversion rates by using it in marketing. This is because amazed buyers are more likely than others to buy the items they interact with online. This strategy could have visible effects. Conversion rates can rise to 6.4% if the technology is used correctly. These advances and the positive customer feedback suggest that some consumers may benefit from the investment.
Trend 3: Voice Search
Voice assistants such as “Ok Google”, “Amazon Alexa,” or “Apple Siri” are becoming more popular. This technology has had a significant impact on many areas of human life. However, it also has a major influence on digital marketing. This was possible due to the way voice search works differently than text search. This technology will be more popular and easier to use by potential consumers. Smart speakers will be a benefit to multitasking customers as they can shop efficiently and hands-free. Voice assistants will not be universally reliable until then. However, voice technology will be integrated into e-commerce’s purchasing process once we reach that point.
Trend 4: Visual Search
E-commerce companies can use visual search and product discovery to provide the best customer service. Clients can use an image-based search or visual search to find products. Clients don’t have to use keywords when searching for products on ecommerce websites. Visual search is a way to find products online and perform searches.
Customers can upload photos of the items they want to buy. The visual search engine can be used to find the product closest to you. It will search your online catalog to show you the results. The visual search engine will also provide recommendations to customers.
Social media has reduced consumers’ attention spans. Visual search functionality is essential for any e-commerce business. It will make it easier for your customers to find what they are looking for quickly. They just need to add photos to your online shop. Visual search is fast becoming a major retail trend.
Agiliway recognizes that not all retail trends are worth following. Some may be very valuable for your company, but others could be detrimental at best or ineffective at worst.
Don’t hesitate, however, to reach out to us if you are unsure about which trend or technology is best for your company.
Our team has extensive experience in retail software development services. We can help you get started on your journey to innovation and success for your retail business.