Retail Technology (2024)

FAQs

What is retail technology? ›

Retail technology refers to the digital tools and innovations utilized by brick-and-mortar retailers and e-commerce platforms in their in-store and supply chain operations. It sits at the heart of the digital transformation of retail businesses.

New technologies in retail encompass a variety of innovative solutions like Artificial Intelligence (AI) for customer behavior analysis and inventory management, Augmented Reality (AR) and Virtual Reality (VR) for immersive product experiences, Internet of Things (IoT) for smart inventory tracking, blockchain for ...

Smart-shelf technology: Advanced sensors and IoT devices are being integrated into store shelves to provide real-time data and analytics about product inventory, pricing and customer behaviour.

AI in media & beyond

Further personalisation driven by the media supply chain coupled with a step up in optimisation of content and customer journeys will be a significant force. Retailers will have a more robust customer view which will improve the customer experience across brand touch points.

Modern retail technology is changing everything about shopper expectations and retail operations.

AI applications for improving retail operations

AI also helps retailers confidently make pricing decisions, order the right amount of stock (thanks to predictive analytics), and optimize product placement. As a result, shoppers can locate the items they want fast, when they need them, in the right locations.

Cost Reduction: Technology has made it possible for retailers to automate many manual processes, reducing labor costs and increasing operational efficiency. Enhanced Marketing: Technology has enabled retailers to reach customers through new channels such as social media, email marketing, and targeted advertisem*nts.

It not only provides a superior physical retail experience that is unlikely to realize in online retailing, but also empowers customer purchases by combining various smart technologies, including facial recognition, QR codes, smart shelves, virtual shopping carts, product tracking, product recognition settlement, ...

By tracking customer interactions via in-store devices like touchscreens, retailers can learn more about buyer behaviour, preferences and engagement levels. Content can then be optimised to ensure its meeting the needs of consumers, thus improving the shopping experience and achieving the goal of increasing sales.

In 2024, successful retailers are seamlessly integrating their physical and digital channels, offering customers a cohesive experience by leveraging advanced inventory management systems, customer relationship management (CRM) tools, and sophisticated analytics to synchronise operations across all touchpoints.

What's trending in retail? ›

In the year ahead, retailers will increasingly blend digital and physical formats to appeal to consumers who prioritize quality, value, choice and convenience differently.

Subconscious Commerce

By 2025, a combination of advanced data analytics and accelerated delivery mechanisms will enable retailers to anticipate and satisfy consumers' desires before they are aware of them.

Electronic retailing is the sale of goods and services through the internet. E-tailing can include business-to-business (B2B) and business-to-consumer (B2C) sales of products and services. Amazon.com (AMZN) is by far the largest online retailer providing consumer products and subscriptions through its website.

RetailTech refers to the digital technologies and innovations used by brick-and-mortar retailers and e-commerce platforms in their in-store and supply chain operations. It's at the heart of the retail industry's digital transition.

E-retail, also known as e-tail, internet retail or online retail, stands for electronic retail. In e-retail, a business or individual sells retail products and services through online stores. An e-retail company can be a purely digital presence, meaning there is no physical store for a customer to enter.