Retail tech trends: what to expect in 2020
Retail is one of the most rapidly developing industries that requires businesses to stay aware of the latest technology trends. What retail trends for 2020 are worth to know?
According to Market Research Future, the global AR market is expected to grow approximately 39% annually through 2023. In 2020 extended reality can change the approach to product sales by using AR-powered applications and smart mirrors. Smart mirrors will give consumers an opportunity to see how clothes or accessories will look and whether the products you are trying on match you. For example, eyewear retailer Specsavers has implemented a technology called Frame Styler that allows consumers in stores to try numerous frames and glasses on making suggestions based on age, gender and face features. AR applications are also used in interior design. IKEA has created an application that allows users to understand whether the chosen furniture will fit in your home well.
Social networks like Instagram and WeChat have already become successful shopping platforms providing fast and convenient purchases. They allow users to explore and purchase things without leaving the social feed. Retail experts predict that in 2020 social shopping will offer brands more and more opportunities of selling their products across different social media channels. According to GlobalWebIndex, around 28% of Internet users search for products on social media.
AI-powered data processing
A combination of Big Data and AI is going to be one of the most powerful Retail tools in 2020. It opens opportunities for advanced data analytics, prediction and customer service improvement. Around 62% of retailers say that the use of information (including big data) and analytics creates a competitive advantage for their companies. Gathering data provides you with valuable feedback on your products and services that unlocks information about customers’ preferences and needs. It is a key to the creation of personalization buyer experiences that is considered by 80% of consumers to be a driver for more likely purchase. AI capabilities of Big Data processing are already used for visual search and voice recognition, deep customer analytics, price optimization, product categorization, etc.
Internet of Things
Smart equipment is an essential component of shopping in Digital and Intelligence Era. According to Global Shopper Study by Zebra Technologies around 83% of the retail decision-makers and 74% of the store associates think that customer experience is improved when associates are equipped with technology. Internet of Things offers a wide range of impressive opportunities from smart shelves to automated checkouts. For example, Nike uses IoT for Speed Shop service that allows clients to book shoes online and try them on in-store. Customers just need to come and open the locker with shoes using the smartphone.
Apple Pay, Samsung Pay and other mobile payment systems have brought offline shopping experience to a brand new level. These payment methods are fast, convenient and secure that breed loyalty and trust around clients. In 2020 digital wallets are expected to evolve into full-scale ecosystems providing consumers and retailers with the enhanced capabilities of integrated payment systems. For example, in-car payment technology introduced by Honda Motor Corp. allows drivers to pay at gas stations, smart parking or drive-through restaurants via an onboard display. This concept reshapes consumer behavior and driving engagement enabling customers to explore innovation in their daily life. Companies that use digital payments technology together with AI can get unique insights about clients’ buying journey that can help to better understand their audience and improve sales strategies.
Industry experts also recommend keeping an eye on trends like visual and voice search, speed of service, the security of mobile transactions, pop-up stores. Exposit engineers have experience in the development of Retail and E-Commerce solutions using strong technology knowledge and innovative engineering approaches. If you want to create effective up-to-date software that will increase sales and bring your customer service to a new level, feel free to contact us.