14 Feb Top Retail Technology Trends Expected to Grab Retailer’s Attention in 2023
It is expected that advanced technologies can revolutionize the retail world entirely. The most exciting fact is that retail is always ready to accept any kind of innovations or advances in retail technology that can offer a seamless shopping experience to the customers and revenue to the retailers.
After the COVID times retail industry is almost recovered back to normal. As we already started the New Year 2023 with lots of hopes and excitement, let’s check those technologies which will revolutionize the retail sector this year and in the future.
Artificial intelligence & Machine learning
Retail technologies like AI and machine learning already become retailers’ favorite reformation tools. It can capture customer shopping behavior and buying patterns, forecast retail trends, and personalize according to customer preference, retail automation, etc. All these together perform to build a loyal customer who will stick with your brand for a long. A personalized shopping experience is easy to win your customer’s trust and loyalty.
AI has a big role in reshaping the retail sector. From staffing to supply chain and customer experience, AI can do wonders in retail by increasing speed, efficiency, and accuracy. AI can provide a personalized shopping experience, 24*7 chat support, retail analytics, inventory management, theft detection, demand forecasting, pricing optimization, etc
Virtual and Augmented Reality
Virtual reality will revolutionize the retail world by providing customers with a virtual store and fitting room experience. “Virtual to Reality” is an extraordinary feature of augmented reality that brings whatever we see in digital signage to the real world before we buy the product. Customers can try everything they want to purchase, like clothes, footwear, glasses, etc., and decide whether it suits them in size and look.
Virtual fitting rooms are one of the emerging trends nowadays. Providing a better customer experience makes your brand stand out from others. Customer satisfaction is not an easy thing to acquire. Those retailers who are willing to provide the best with the help of advanced technology can stay up-to-date and competitive in the retail world.
Voice-based shopping is an AI-based technology in which Customers can shop for their favorite items online through voice assistance. This is a familiar technology in retail. E-commerce apps and websites are already using this technology to provide customers with easy browsing and purchasing in-app shopping experiences. Voice commerce is going to be on the trend list in 2023 because of its feasibility in usage and convenience in handling. One of the main advantages is that without using a hand, one can easily browse by giving instructions and commands through voice in the e-commerce apps; no prior technical knowledge is required to use the app.
Metaverse in retail
The metaverse in retail has the potential to revolutionize the way we shop, making it more convenient and customized, and creating new opportunities for retailers to engage with customers.
The metaverse has the power to blur the lines between online and offline shopping, creating a seamless experience that allows customers to switch between virtual and physical stores. Additionally, as more retailers adopt the metaverse, we could see the emergence of new business models and revenue streams, such as virtual real estate and digital product sales.
Web3 in retail
Web3technology, One of the major retail technology revolutions is going to happen in 2023. Web3 is focused on a decentralized structure that is connected with blockchain technology, cryptocurrency, and cryptology. It promises a secure, scalable, and private platform for shopping. Web3 can assure supply chain transparency and the retailers will benefit from this by avoiding the intermediaries and middleman fees by connecting directly to the customers.
Customer data is more secure and there is no need to worry about online payment fraud.
In this digital era, customers are looking for advanced shopping methods that provide more convenience. Retail Technology assures this convenience. Apart from these trends contactless payment, cashier less checkout, BOPIS, phygital, etc. will be there to rule 2023. The retail industry is always evolving, so we can expect many new retail technologies to come and rule the retail sector in the nearby future.