Seven trends that will help reshape the retail sector post-pandemic.
The outbreak of COVID-19 has accelerated digital transformation. It is reshaping the shopping experience, customer expectations, and online experiences as well. No doubt, this pandemic turned the world upside-down, but at the same time, it produced numerous technological novelties.
In the field of software development, people witnessed various inventions during this time. Different technological trends with future potential came to the surface. The following is a list of seven trends that I can think of:
1) E-commerce friendly point-of-sale (POS) system: Many businesses worldwide use e-commerce platforms to optimize their online sales process. While monitoring, they realized the growing demand for a fully integrated POS and e-commerce solution. Online sale was successful compared to physical stores for obvious reasons.
After the pandemic, business owners will have the option of providing their services on multiple sales channels. It includes e-stores, with both online and offline transaction facilities, inventory, and promotions. Hence, e-commerce and POS alliance will be an optimal resolution both during and after the pandemic.
2) Demand prediction with machine learning: The most vital question at this moment is, 'how will this pandemic impact demand of consumers and how to forecast the shift?'
Many retail businesses are looking to use big data to forecast demand. In-between, machine learning proved as one of the techniques to optimize customer & supplier relationship management, logistics & manufacturing processes, and also to run small marketing campaigns.
Machine learning strategies are more flexible to change and faster to implement compared to traditional forecasting methods.
3) Augmented shopping: In 2019, Gartner predicted that by 2020 up to 100 million customers are expected to use augmented reality in their shopping experiences.
The quarantine due to COVID-19 increased the demand for the virtual fitting room system or the approach of try-before-you-buy. This shopping experience attracts customers by allowing them to connect with different products online.
Brands such as Lacoste, American Apparel, and Uniqlo opened virtual showrooms and fitting rooms even before the pandemic happened. Also, IKEA and Amazon help their customers visualize different items in their personal space using ARKit-based apps.
4) Data science-based personal interaction: According to Amazon, 35% of its sales driven by its recommendation engine. Data science and machine learning-powered engines help customers personally recommend the items they want for them.
5) Staff-free and cashier-less stores: Since the physical distancing became the new normal cash-less and staff-less stores started to gain popularity in the retail world. A survey conducted by Shekel Brainweigh Ltd revealed that 87% of customers prefer stores with contactless or self-checkout options.
Amazon developed the cashier-less Just-Walk-Out system, powered by computer vision, sensor fusion, and deep learning, allowing customers to arrive using their credit card.
6) Voice commerce: We have Alexa, Bixby, Siri, Microsoft Cortana, and Google Home Assistant to make our lives easier. A survey conducted by NPR and Edison Research revealed that 60 million people have at least one smart speaker system at home, apparently.
7) Robotic: Numerous tasks such as cleaning, moving goods, tracking, shelf inventory analysis, last-mile delivery, etc., are not for humans anymore. In connection with artificial intelligence, robots are expected to help retailers cut costs and improve store operations.
Technology is getting smart with each passing day. People invent something new every day. It's up to the popularity they gain and how reliable they can be for the target audience, which makes them long-lasting.