Topics In Demand
Notification
New

No notification found.

How Emerging Retail Technologies are Shaping the Shopping Experience for Consumers?
How Emerging Retail Technologies are Shaping the Shopping Experience for Consumers?

96

0

Enterprises and retailers are busy adapting to a new reality, and that is consumers’ newfound love for online shopping. 2020’s pandemic forced many users to accustom themselves to digital shopping. 

But now, customers have not only undergone this digital information swiftly but have also made themselves quite comfortable with it, which in turn has set more expectations for online retail business owners. They now find online shopping more convenient, and time-saving and look for personalized options. 

So, a big challenge that lies ahead of retailers is to meet these expectations in the post-pandemic world. To stay competitive and succeed, retailers need to incorporate digital technologies and create experiences that meet the dynamic needs of their customers. 

However, to do that, business owners have to understand the changing nature of their customers’ shopping experiences which are largely being shaped by emerging retail technologies. 

This post ventures into this very aspect and lists the various ways in which emerging retail trends along with modern retail IT solutions are impacting consumer behavior and shaping their shopping experience.

#1 Hybrid Shopping

Hybrid shopping is becoming quite popular with customers and that’s because it offers more flexibility. It is trending because it’s a win-win for both business owners and retailers. Hybrid shopping mixes conventional in-store shopping experience with digital shopping convenience offered by shopping platforms. 

Despite the growing popularity of online stores, some people look to save on extra charges like shipping costs or delivery charges. Hybrid has emerged as a strategic response to such requirements.

#2 Life-like Experience

Google is using AI to offer virtual trials for a variety of sizes and shapes. IKEA is offering an AR-powered facility for its end-users to check out the feasibility of their chosen items within their space.

There are numerous examples of brands that are now offering AR and VR-based capabilities within their apps to offer life-like shopping experiences to their consumers. It’s not just AR and VR. 

IoT-based apps crafted with AI and ML algorithms are also offering seamless shopping experience to customers. These technologies are efficiently bridging the gap between the physical and digital worlds.

#3 Influencing through Influencers

Among the biggest trends that are impacting online shopping behavior is influencer shopping. Thanks to the omnichannel shopping trend, plenty of avid shoppers have utilized these channels to share their buying experiences with different brands.

Since most of these influencers start small and offer genuine reviews, they breed trust and credibility among end-users. The easy availability of high-end phones has further notched things up. Business owners can collaborate with some influencers to offer real-time insights and make a positive impact on customers.

#4 Live Shopping

One of the most common complaints that buyers have about online shopping is the mismatched texture of online products. What You See is What You Get is becoming a critical factor among retail industry technology services.

Addressing this problem is the emerging trend of live video commerce. E-commerce business owners are embracing this trend as this service allows end-users to watch live streams of products done by models or offered through demonstration.

Also referred to as live shopping, live video commerce is gaining traction as it helps customers cross-check the authenticity of products.

#Personalization is the New Attraction

In the modern retail landscape, consumers do not believe in the one-size-fits-all mantra. They want personalized recommendations and services that are customized to fit their individual needs and interests.

A survey by Twilio has revealed that 66% of consumers in the UK wouldn’t prefer a brand if it failed to personalize their experience. The problem, however, is that many retailers are still not getting personalization right. But those who are doing it right are reaping rich benefits.

The evolution of online retail toward personalized experiences arises from the need to understand consumers' preferences and impact their decision-making. Online retailers need to remember that personalization is a powerful tool that has the potential to increase customer loyalty, drive sales, and improve ROI.

#6 Trust in Technology

Personalization is great but a crucial aspect of personalization is data sharing. The more information your customers share with you, the more you learn about them and the more you can customize their preferences.

But that’s the problem. Customers aren’t always willing to share more than their email and number. For that to happen, retailers will need to earn their end-users’ trust. One way of doing that is to be transparent about how the app is going to use the collected data.

Consumers are most likely to trust apps that clear the benefits of data sharing to their users. They should also be given a proper explanation on data usage and let them know that the data is strictly used for their benefit and is not distributed among third parties.

WhatsApp sets a good example of this. Now and then, WhatsApp released videos that illustrated its core features and its security features like data encryption along with different measures by which users can protect their chats and data.

Key Take Away(s)

The online retail industry is undergoing a drastic change which is further driven by the rise of digital technologies and changing consumer behavior. Retailers who want to stay competitive and successfully relevant need to embrace these trends and adopt new technologies to create engaging shopping experiences.

Some of the key emerging retail trends that are shaping the shopping experience are hybrid shopping, life-like experiences, influencer shopping, live shopping, personalization, and trust in technology.

By following these trends and implementing appropriate retail industry technology solutions, retailers can create a competitive advantage and deliver the experiences that their customers demand. A few ways to cater to the changing demands are:

- Offering hybrid shopping experiences that combine the convenience of online shopping with the touch-and-feel of in-store shopping.

- Using AR and VR technology to create life-like shopping experiences that allow customers to try on clothes, or decorate their homes before they buy.

- Collaborating with influencers to reach new customers and build trust.

- Use live video commerce to give customers a chance to interact with products and ask questions in real-time.

- Personalizing shopping experiences by using data to understand customer preferences and needs.

- Building trust with customers by being transparent about how their data is collected and used.

By taking these steps, retailers can gain the trust of their customers and create a foundation for a successful online business.


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


images
albertsmith
Digital Marketing Manager

albertsmith

© Copyright nasscom. All Rights Reserved.