Skip to content
Tiatra, LLCTiatra, LLC
Tiatra, LLC
Information Technology Solutions for Washington, DC Government Agencies
  • Home
  • About Us
  • Services
    • IT Engineering and Support
    • Software Development
    • Information Assurance and Testing
    • Project and Program Management
  • Clients & Partners
  • Careers
  • News
  • Contact
 
  • Home
  • About Us
  • Services
    • IT Engineering and Support
    • Software Development
    • Information Assurance and Testing
    • Project and Program Management
  • Clients & Partners
  • Careers
  • News
  • Contact

3 technology trends set to revolutionize retail

Few verticals have undergone as massive a change as retail in the last couple of years. Driven by cutthroat competition and significant shifts in customer expectations, retail companies are striving to align themselves with the changing landscape, with IT playing a crucial role in their ability to achieve this.

To offer customers a shopping experience that is accessible, seamless, and engaging, retail IT leaders must devise revenue-focused strategies that, harness cutting-edge technology to address present and future needs of the business.  

Here are three technology trends that IT leaders in the retail industry must adopt to create value for both their organizations and their customers.

Frictionless retail

These days customer experience is king. To ensure a richer, smoother shopping experience, retail IT leaders must be reduce any friction that might hinder a smooth transaction. That means delivering a seamless initial contact online or in-store, removing any issue related to adding products to a virtual or physical cart, and making checkout and payment processes intuitive and easy to complete.

To meet this need, leading retail CIOs are deploying innovative frictionless technology solutions that produce a no-queue grab-and-go experience. These solutions leverage the latest advances in IoT and weighing scale and camera technologies to minimize or even eliminate friction, as they can precisely track the items customers add to their baskets and bill them when they exit the store.

Brands such as Sam’s Club, 7-Eleven, Amazon, Wheelys 247, and Albertsons are already offering checkout-free shopping experience to customers.

As per RBR London’s Mobile Self-Scanning and Checkout-Free 2022 study, there has been a threefold increase in the number of stores leveraging checkout-free technology worldwide. From 250 such stores in 2021, the study forecasts the number to touch 12,000 by 2027.

With an increase in online shopping, there has also been a spike in identity theft and payment fraud. By deploying fraud-prevention solutions, retailers can steer clear of chargebacks. This helps build customer confidence and and further improves frictionless retail. The results of such a fast, efficient, frictionless, and cohesive customer journey are increased footfalls and higher earnings.

Algorithmic retail

With fast-changing customer preferences and a rise in competition, retailers are increasingly turning to AI to help them solve complex problems and make faster decisions. From big fashion brands to staples and grocery stores, every retailer is looking to apply algorithms to improve the bottom line, especially in the areas of omnichannel retailing, demand forecasting, and predictive analytics.

By applying algorithms to better predict fluctuations and demands in the market, retailers are better positioned to solve one of the biggest challenges in retail — inventory management — by stocking the right products depending on the market situation.

For instance, Walmart’s AI solution Eden leverages machine learning to optimize inventory levels and predict demand across its stores. This has helped the company cut down out-of-stock episodes by as much as 30%, while reducing waste and overstocking.

By putting algorithms to work on big data collected from diverse sources, retailers can intelligently predict what customers will buy and in which order. Grocery stores, for instance, can plan their stock-ups based on weather conditions, customers’ buying patterns, and geolocation. And by better understanding customer buying habits through algorithmic analysis, they can optimize store layouts for improved navigation and increased sales, for example, stocking fresh vegetables upfront, followed by bread spreads, and then beer at the end.

Online retailers such as Alibaba and Amazon are well-known for exploiting algorithmic retail to provide their customers with recommendations in real-time, based on their browsing activity. They also send relevant emails, advertisements, and texts. Many retailers are also following suit.

Immersive retail

Customers today want a complete understanding of a product before purchasing it. Immersive shopping meets these needs by building interactive experiences for customers, thereby increasing their chances of making the purchase. Moreover, investing more time with a product increases their familiarity with your brand.

As a result, leading retail CIOs are utilizing technologies such as virtual reality, augmented reality, and machine learning to offer 3D visualizations, virtual showrooms, and AR mirrors for a more enriching and fulfilling shopping experience.

Realistic 3D visualizations provide a good idea of how a product would look like when viewed from different angles. This helps overcome customers’ fear that the actual product would look different from how it appears on the website.

Real estate and automobile companies are making use of virtual showrooms, which enable customers to view apartments and automobiles respectively from the comfort of their homes.

Retail outlets offering wearables such as watches, clothes, jewelry, or makeup are using augmented reality mirrors as a large number of customers want to try these products on before purchasing online.

As customers look for more engaging ways to shop, digital, experiential, and immersive environments will become imperative for retailers to adopt.

Digital Transformation, IT Leadership, Retail Industry
Read More from This Article: 3 technology trends set to revolutionize retail
Source: News

Category: NewsJuly 20, 2023
Tags: art

Post navigation

PreviousPrevious post:4 CIOs on marketing IT’s value to the businessNextNext post:Bulletproofing your threat surface with the Microsoft security ecosystem

Related posts

Barb Wixom and MIT CISR on managing data like a product
May 30, 2025
Avery Dennison takes culture-first approach to AI transformation
May 30, 2025
The agentic AI assist Stanford University cancer care staff needed
May 30, 2025
Los desafíos de la era de la ‘IA en todas partes’, a fondo en Data & AI Summit 2025
May 30, 2025
“AI 비서가 팀 단위로 지원하는 효과”···퍼플렉시티, AI 프로젝트 10분 완성 도구 ‘랩스’ 출시
May 30, 2025
“ROI는 어디에?” AI 도입을 재고하게 만드는 실패 사례
May 30, 2025
Recent Posts
  • Barb Wixom and MIT CISR on managing data like a product
  • Avery Dennison takes culture-first approach to AI transformation
  • The agentic AI assist Stanford University cancer care staff needed
  • Los desafíos de la era de la ‘IA en todas partes’, a fondo en Data & AI Summit 2025
  • “AI 비서가 팀 단위로 지원하는 효과”···퍼플렉시티, AI 프로젝트 10분 완성 도구 ‘랩스’ 출시
Recent Comments
    Archives
    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • October 2024
    • September 2024
    • August 2024
    • July 2024
    • June 2024
    • May 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • December 2023
    • November 2023
    • October 2023
    • September 2023
    • August 2023
    • July 2023
    • June 2023
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    Categories
    • News
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Tiatra LLC.

    Tiatra, LLC, based in the Washington, DC metropolitan area, proudly serves federal government agencies, organizations that work with the government and other commercial businesses and organizations. Tiatra specializes in a broad range of information technology (IT) development and management services incorporating solid engineering, attention to client needs, and meeting or exceeding any security parameters required. Our small yet innovative company is structured with a full complement of the necessary technical experts, working with hands-on management, to provide a high level of service and competitive pricing for your systems and engineering requirements.

    Find us on:

    FacebookTwitterLinkedin

    Submitclear

    Tiatra, LLC
    Copyright 2016. All rights reserved.