Retail Industry in the Age of Technology

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Technology in Retail

As we reside and recuperate in the age of technology, retailers look to strive in customer service by combining new technology into the foundation. Technology promises to eradicate friction, deepen customer commitment, uncover insights, and automate methods. One could contend that artificial intelligence (AI) is reviving retail. Take chatbot-based communications for retail sales, for instance, which are forecast to nearly double every year from USD7.3 billion this year to USD112 billion by 2023. But merchants are trigger happy.
To encourage superior customer service, it’s essential that retailers recognize the interplays of technology inside their entire ecosystem. Adding the most innovative and most promising technology into the mix isn’t the solution. First, identify the wants and needs of your consumer. Then, approach technology with an inside-out aspect to understanding the contemporary core offerings and technology trail before making changes to their circumstances. Lastly, once the technology and the environment are in place, confirm, and test to ensure friction is eliminated, and standout customer experiences are encouraged.
Present the Superior Customer Service Shoppers Demand
Redefine the status quo. Today, numerous companies are striving to disrupt businesses and redefine the status quo. (Think Airbnb and Uber taking on the taxi and hotel businesses, respectively.) By discovering new avenues to fight in within an enterprise, organizations can provide the complete experience possible while shocking and delighting customers. Amazon’s delivery robot, Scout, and FedEx’s delivery robot, SameDay Bot, both look to competitively reanalyze the delivery experience in today’s fast-changing e-commerce-centric world. Customers want instant gratification and businesses that deliver what they want when they want it can present top-notch customer service.
The companies also want to utilize real-time data. Oftentimes, businesses become too focused on separate user touchpoints, leading to disconnected customer experiences. By leveraging real-time data, labels can look at a wider assortment of insights for decision making. Walmart, for instance, is integrating robots into its retail shops to scan shelves to guarantee the product availability, perfect location, and exact pricing. The data accumulated in this process ensures customers won’t be disappointed when their desired item is out of stock or positioned in the wrong aisle, raising the entire customer experience.
Creating frictionless purchasing is another positive point. A friction point inside the customer journey can make or eradicate a relationship. For e-commerce, the common abandonment speed for online shopping carts aggregates at 69.57 percent, with reasons differing from required account conception to a complicated checkout to website collapses. Retailers have to guarantee a frictionless experience happens in every aspect of their business. The presentation of Apple Pay and contactless payment is one instance of removing interference for payment at in-store checkouts.
For merchants to come out on top, they should actively strive to implement technology perfectly within their environment.