Retail-Tech, Enhancing Consumer Experience
March 2 , 2019
The distinction between on and offline store in fashion retail is becoming more blurry and the two are becoming a forming a organic connection. Retail Tech refers to technology being used in various ways for profit in retail and is becoming more common in the US.
Even abroad, many department stores are utilizing state of the arc technology. Hyundai Department Stores located in South Korea for example has an online VR store on their online web where consumers can check out the stores from the comfort of their homes. They also offer iris recognition system to long into their web. From such examples, it is evident that retail tech is being used in all sorts of ways in the modern world.
Retail Tech for Maximum Consumer Experience
While in the past, retail tech was more of tool to reduce the gap between on and offline stores, it has evolved to become a tool to enhance consumer experiences regardless of the channel, whether it be online or offline.
Retailers are using the concept to draw in potential consumers and then receiving feedback on the services to improve it for the better. This cycle ensures increase in sales and an army of loyal customers.
If the internet and mobile brought convenience for consumers, retail tech makes it possible for customers to purchase similar products from multiple channels. The market has become more about “how” you sell rather than “what” you sell. This has in turn changed key players from the “product” to the “experience”. Some notable start ups that have taken to these trends are RetailNExt and Yoobic.
RetailNext
RetailNext utilizes Bigdata to collect consumer information and visualize the collected information to help with sales. The business can collect information ranging from the basics such as age and gender to more specifics including dates, visitation frequency, interests, product interests etc…
The business even goes as far to suggest specific product displays to increase sales. Moreover, it is using a integrated technology with the combination of AI, Big Data Internet of Things and Cloud to distinguish the employee’s working efficiency and way of consumer interaction that can ultimately effect sales
Connecting Stores and the HQ: Yoobic
While RetailNext is a service that focuses on customer services for sales, Yoobic is a service that connects stores and the brand head quarters on a live basis to analyze campaigns and provides tools that can contribute to increase sales.
In addition, Yoobic offers live feedback on visitor’s reports and information on important competitors so that brands can effectively share information with different sores to work out the most efficient and effective promotions and product display.
Retail Tech may be just taking off but the possibilities are endless. It will not be only limited to working as a means to increasing consumer experience but also a tool for collecting data, AI based personalized curation, Virtual shopping and countless others.
