The retail technology revolution
New technology is developing in a pace never seen before in history, revolutionizing our daily lives with artificial intelligence (AI), augmented reality (AR) and virtual reality (VR). For retail, it is an opportunity to find new ways to attract and engage customers. Retailers can often utilize the new technology to give customers a superior in-store experience.
According to Gartner, 85% of retail customer interaction will be managed by AI in 2020. AI can use historical data from retail customers to predict possible outcomes and suggest answers to future questions. The AI technology can also optimize customer relationship management (CRM) and shopping recommendations.
Gartner also predicts that as many as 100 million consumers will shop via AR by 2020, and the reason for the technology’s popularity is the delivery of a simple, intuitive and high-value user experience for customers. You can for instance use your smartphone’s camera to try on clothes or see how new furniture would look at home. AR will also be a great tool for retailers in providing insights of shopping behavior and buying decisions.
In terms of VR, retailers are likely to use it when testing store layouts and displaying new concepts. Another possible impact is when analytics are included in the VR experience, meaning for instance that corporate HQ’s can use VR to virtually walk through retail stores.