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With the changing shopping and selling experience, many retail technologies have emerged that offer unprecedented competitive advantages. However, innovations keep coming and it can be difficult to know how to keep up with them.
So that you have no more doubts about the subject, we have separated some of the main technology trends for retail. Be sure to check it out right now!
The importance of technology for retail
The use of technology to help the retail sector is a growing trend. A survey carried out by Cortexshowed that investments in technology are very focused on Cloud Provider solutions, Business E-mail, Hosting CRM, Marketing Automation, Artificial Intelligence, Blogs, E-commerce, Cloud Computing and Security systems.
According to the survey, micro companies are one of those that are investing the most in these technologies. This is because relying on these technological solutions and tools generates several benefits for the sector.
Advantages of technology for retail
Now, let’s show some of the main advantages that technology offers to the sector. Check it out below!
Variation in payment methods
It is necessary to keep up with the needs of the market and consumers, which includes offering different means of payment. Currently, there are different payment methods that are already seen as a necessary competitive advantage. Pix, QR Code, Approximation, Cryptocurrencies, Tokenization, Faster Checkouts are some examples.
Artificial intelligence
Artificial intelligence is the ability of machines to perform certain complex tasks without the direct need for human intervention.
AI is very relevant for data processing to help retail businesses understand more about consumers, their desires, needs and consumption habits.
Omnichannel Systems
Integration systems, such as ERP, where it is possible to interconnect all points of sale and service in the store, which enable:
- manage different channels in an interconnected way;
- manage inventory in real time;
- unify the SAC of the business;
- facilitate the process of exchanging, withdrawing, and returning products.
Data analysis
Tools that help capture, store, manage and interpret data, such as Big Data, Business Intelligence, among others, allow the company to have access to reports and information that help in making business decisions.
Management system
Some software is of great importance to carry out retail management, optimizing inventory management and cash flow work, as well as collecting and automating data that assist in decision making.
marketing optimization
The available marketing technology tools help to improve the entire performance of the strategies used. Marketing automation tools, email marketing and even the use of social networks leverage brand reach and sales.
Key retail technology trends
As technologies do not stop innovating and the retail market can benefit from different benefits when adopting these tools, it is necessary to know the main trends for 2023. This is what we will see now, follow along!
ERP
ERP, Enterprise Resource Planning, is a business management system that facilitates integrated access to all company information. With the information that this software provides, it is possible to carry out accurate diagnoses on business processes.
With this information, managers can optimize the workflow, reduce costs and facilitate communication between all sectors of the company, among other advantages.
smart payment system
Payment methods are essential to generate more competitiveness and make life easier for consumers and retailers. These systems shift responsibility from transaction systems to financial institutions. Some of them are contactless payments, mobile payments, smart watches and much more. Apple and Google Pay are examples of this model.
self checkout
Self-checkout offers a fast and efficient shopping experience for consumers, without the need for an intermediary to complete the shopping journey.
This is because with this technology consumers themselves are able to carry out these activities, since the customer himself makes the purchase, scans the products, chooses the payment method and even packs the products.
beacons
This indoor geolocation tool uses a BLE (BluetoothLow Energy) system, which allows a store’s shopping app to send offers to registered customers who are in the vicinity of the development.
Blockchain
As data security is a major concern, businesses are increasingly gearing up to ensure the security of the data generated.
With that, the Blockchain, which uses a distributed data system to create a sensitive software mechanism allowing the connection with suppliers, consumers and other forms of relationships, in a much safer way.
quick commerce
As a “fast commerce” format, Quick Commerce is a technology that streamlines the online purchase of products and shipping, generally within 15 minutes. It is a technology that is very focused on essential goods, such as food and groceries.
To this end, Dark Stores are used, which are dedicated spaces for storing, sorting and shipping products purchased online. The big difference is the speed with which the purchase and shipping takes place.
big data
Big Data is a very important technology for retail, because it stores and summarizes a complete set of semi-structured data. These data are generated in real time, at high speed and in different formats.
When used in the right way, they generate very valuable insights and information for managers who can use them to make decisions about the company and the market.
social commerce
Already widely used, Social Commerce makes use of social networks to boost sales of an e-commerce, for example. In the infotainment model, integration is made between products and virtual stores to transform social networks into real sales channels.
Technology for retail came to generate benefits for retailers, but also for consumers. This is because they optimize various processes and provide valuable data to improve the shopping experience, as well as increase sales.
To know which is the most suitable for each business, it is essential to understand which are the most relevant, such as the ones presented in this article, in order to put them into practice.
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