{"id":6749,"date":"2019-06-20T18:00:45","date_gmt":"2019-06-20T15:00:45","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=6749"},"modified":"2020-06-28T15:22:34","modified_gmt":"2020-06-28T12:22:34","slug":"retail-technology-trends","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/retail-technology-trends\/","title":{"rendered":"Top 6 Retail Technology Trends to Enhance Your Retail Business"},"content":{"rendered":"\n

Innovations in digital technology have made their impact on the retail industry in ways that were unpredictable just a few short years ago. At the same time, there have been conversations around the topic of a \u2018retail apocalypse\u2019, where many voices are saying that brick-and-mortar retail stores are quickly becoming a thing of the past.<\/span><\/p>\n

There is <\/span>data<\/span><\/a> that supports that theory, but there are some retail industry trends that tell a different story about what the future holds. In fact, thanks in large part to their adoption of retail tech, brick-and-mortar retail stores are still holding their own against their large corporate competitors.<\/span><\/p>\n

It\u2019s a good thing, too, since technology in the retail industry is not only spreading far and wide, but retail tech itself is also evolving rapidly. Keep reading to find out all you need to know about ongoing retail technology trends.<\/span><\/p>\n\n

Which tech trends are retail business owners investing in for 2020?<\/span><\/h2>\n

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  1. Digitalization of shelves<\/span><\/li>\n
  2. QR codes<\/span><\/li>\n
  3. Self-checkout<\/span><\/li>\n
  4. Mobile wallets<\/span><\/li>\n
  5. VR\/AR for customization<\/span><\/li>\n
  6. BOPIS (buy online, pick up in-store)<\/span><\/li>\n<\/ol>\n

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    Top 6 retail technology trends for 2020:<\/b><\/p>\n

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    1. Digitalization of shelves<\/span><\/h3>\n

    This form of retail technology can come in several different forms. For one example, the grocery retail giant <\/span>Kroger has teamed up with Microsoft<\/span><\/a> to enhance the physical retail store shelf with digital price tags. Their system \u201cuses digital displays, instead of traditional paper tags, to indicate everything from prices and promotions to nutritional and dietary information.\u201d Not only does this reduce the environmental impact they have by cutting down on paper usage, but it also gives customers the ability to use their smartphones to make the physical retail experience more efficient, more personalized, and more fun!<\/span><\/p>\n

    Additionally, Kroger has begun implementing what they call \u201cpick-a-light productivity\u201d, which is the use of visual indicators that help employees know what to get and where to go in order to speed up curbside pickup orders. The possibilities of improving the customer experience and the employee experience are only limited by the imagination of retail technology developers.<\/span><\/p>\n

    Other retailers, such as Walmart for example, have started adopting a <\/span>visual search retail technology<\/span><\/a> that allows customers to use a picture of something that they like (as opposed to words) to search for similar products on their home furnishing e-commerce site<\/a>, Hayneedle.com. <\/span><\/p>\n

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    Even though this technology can be a bit pricey, that\u2019s only because it\u2019s still relatively new. So, while the digitalization of shelves is now largely used by mega-retailers due mainly to the costs involved, it will eventually be more common in small retail businesses as well. For the time being, <\/span>retail business loans<\/span><\/a> can be the solution if financing is stopping you from using retail tech.<\/span><\/p>\n<\/blockquote>\n

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    2. QR codes<\/span><\/h3>\n

    Those funky-looking pixelated labels that we\u2019ve seen more and more of over the past decade or so have become particularly popular among smartphone users (which is basically everybody these days). But those codes are more than just a fun gimmick that gives customers a cool and interesting reason to whip out their phones (as if people need another excuse to be on their phones). QR codes are an incredibly useful form of technology in the retail industry, as they are extremely cost-effective and allow for a wide range of uses. The ROI (return on investment) can also be measured easily since all of the data produced is processed and stored through digital systems from the start.<\/span>
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    <\/span>Here are a few ways that QR codes are among the best new retail technology trends:<\/b><\/p>\n