How technology is revolutionising in-store retail

How technology is revolutionising in-store retail

In the aftermath of the pandemic, the retail industry has embraced revolutionary and fascinating technological innovations in brick-and-mortar, in efforts to increase footfall in stores and build stronger brand loyalty. Examples of technological innovations include interactive mirrors and walls, virtual and augmented reality sensory interactions and even the humble QR code has made a comeback.

In an ever-evolving retail environment, giving shoppers an interesting and engaging experience in store is going to be essential to driving footfall. In this blog, we explore how technology can elevate the instore experience.

Say hello to interactive tech!

New, interactive technology has presented consumers with in-store experiences that hasn’t been possible before.

Imagine a world where you can touch, feel, and interact with virtual objects as if they were right in front of you. With haptic technology, this world is becoming a reality. Haptic technology uses tactile sensations to stimulate the sense of touch in a user experience, providing a unique sensory experience. Customers can interact with products in a way that was previously impossible in traditional retail environments. Whilst the technology is impressive, is it necessary for the customer experience?

Absolutely, according to Mood Media, where 41% of shoppers expect digital payment and self-service technology. And that's not all—almost as many are eagerly awaiting interactive screens (37%) and personalised services or products (39%). With customers displaying a growing interest, this provides the retail market a perfect opportunity for brands to get creative.

Innovation on the shelves: Brands that are stepping up

Beauty brand, Charlotte Tilbury, is a great example of how retails brands can implement tech in-store to enhance the customer experience. Taking in-store tech to the next level, customers can look into the "Magic Mirror," where they can instantly try on different makeup looks. No more smudging lipstick or wasting time wiping off foundation, it's all virtual! With this interactive mirror, you can experiment with endless looks in a matter of seconds. Not only that, but the mirror also has an algorithmic recommendation tool to help you find your perfect match. And before you leave, customers can also take a selfie and share the image to search for products later.

The road ahead

As technology continues to evolve, we might soon witness the entrance of the MetaVerse and AI inside physical stores. Brands such as Harrods and Dior Beauty have already created virtual stores as a bridge between the in-store and online experiences. The future of retail is all about connecting with shoppers through remarkable experiences and keeping things fresh and exciting.

While these unique and innovative experiences have captured the hearts of Gen-Z and some millennials, it's important for brands to understand their target audience. After all, there's no point investing in technology that won't appeal to your customers. However, as technology advances, we're in for an exciting ride where physical retail environments blend seamlessly with the digital realm.

Woodley B. Preucil, CFA

Senior Managing Director

1 年

Dan Williams Very well-written & thought-provoking.?

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