The latest technology has always played a huge role in the retail industry. From cash registers being used in the first department stores to the introduction of credit cards in the mid-20th century, retailers have always had to be aware of technology trends. So which ones are currently the most important?
Going Online Still Makes Sense
The idea of retail businesses going online to reach a wider audience has been around since the early 1980s. Innovations like e-wallets, advertising services, and smartphones have all helped to make this a constantly changing area with the chance to reach an ever-greater potential market.
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The move online hasn’t just affected retail, as we can see with the example of fun online slot machine games. With fast growth and a wide range of games, the online casino world gives us a good idea of how to embrace the possibilities of the internet. In the past, slots were extremely simple and most were based on similar images, but they now cover a big selection of themes and features that wouldn’t be possible if they hadn’t gone online.
Another type of business that’s gone online can be seen thanks to the recent story of the retail coffee brand Barista Bar. This service was launched in 2015 and they’ve now invested in an overhaul of their website and app to provide a digital-focused approach.
Phygital Retail Spaces to Grow
The concept of blending digital and physical retail spaces has been in the news for a few years now and we can expect this to continue as phygital retail spaces implement new technology and become more advanced.
Technological developments, such as augmented reality apps, have been used by retail companies to improve their customers’ experience. Virtual fitting rooms, an augmented reality tool used by retail spaces, allow shoppers to try out products from the comfort of their own homes. These ‘digital try-outs’ are widely available, and make online shopping more accessible and convenient.
Other successful examples of the use of phygital retail spaces include adding QR codes to window displays, live-streamed video shopping, and apps that guide us through stores. At the moment, it’s a fast-evolving scene so it’s not clear which of these methods are most likely to succeed in the long term.
Picking the Right Technology to Grow
Many of the big brands are well-advanced in their quest to provide a retail experience that touches every part of the client’s life, but they don’t always work as expected. Marks and Spencer’s virtual influencer Mira was said to exist between the physical and digital worlds, but not everyone welcomed this attempt to stay in touch over social media.
This remains an area where new technology is still to be tested and the public reception gauged. A fresh idea that sounds great may not be what consumers are looking for. Areas including the metaverse, NFTs, and RFID tags are all amongst the latest trends that retailers might be tempted to try as a way of saving time or raising customer engagement levels. Still, customer reaction needs to be tested carefully.
Technology is now playing a bigger part in the retail business than ever before, but it’s no longer a matter of simply adding the newest pieces of tech without too much thought. Finding the right balance and getting a retail space that people enjoy visiting takes time, skill, and patience.
