3 Ways Technology Is Transforming the Retail Sector

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July 29, 2022 Business

Technology has been transforming the world and it has changed the way we live. We use it daily in millions of ways, sometimes even without realizing it. And the retail sector is definitely not an exception.

When we think about how technology is affecting this sector, we may instinctively think about eCommerce and how online shopping is becoming better and better, and more and more convenient. However, it plays countless roles in any retail business. And the right software can make everything better for everyone involved and for every process it entails.

1. Improved Operating Efficiency

One great example of how technology can help retailers improve their operating efficiency is JOOR, a wholesale management platform. It provides retailers in the fashion industry with a network of the best brands for a great wholesale buying experience, void of many of the challenges that used to be the norm in the sector. Allowing them access to all kinds of tools that help them see all of their purchases and their budget, the platform also helps retailers make better decisions and ultimately save a lot of money.

Of course, it’s impossible to mention all the ways in which technology can improve the operating efficiency of a retail store, regardless of the type of products it sells, its size, or any other factor. Technology companies have been developing software to simplify and improve most processes involved in running such a business and automate any process that can be automated to save you time and help your store thrive.

This means that there is a great software option to replace many processes that used to be done manually. Anything from finding the right brands, collaborating with partners, and placing wholesale orders, all the way to store management, payment, and customer relations.

2. Better Demand Forecasting

Many things changed in the retail sector due to the pandemic. And one of the things that many retailers learned thanks to it is the importance of their ability to predict the future demand for a given product. And demand forecasting can be key to the success of any retail business because if you don’t have the products that your ideal customer needs, they will find one of your competitors and buy it from them.

Fortunately, technology has provided solutions for this as well. Namely, technology based on artificial intelligence (AI) and machine learning (ML) to predict demand. And today thanks to computer vision technology, AI-based demand forecasting isn’t a privilege that can only be used by the biggest companies. Even the smallest stores can run their business like this.

3. Customer Experience

From efficient collaboration with brands, inventory management, and workflow management, all the way to the layout of your store, each process ultimately plays a role in the customer experience at each point of their buyer’s journey. It’s one of the most important things that as a business in the retail sector you will worry about. And thanks to technology we are reaching new unimaginable levels of customer experience.

One of the most impressive examples of how technology has transformed the retail sector for consumers is through the use of augmented reality (AR) and virtual reality (VR). Thanks to AR and VR-based technologies, today buyers can see if a painting they like will look good over their sofa, if a piece of furniture will match their living room style, if a pair of shoes will go well with their pants, and so on.

AR technology is getting better and better, and it’s still impossible to imagine all the ways in which it will affect the retail sector. There are many other explored applications of AR, and one that can also improve customer experience is indoor navigation. Not only can this make it easier for shoppers to navigate through the store and find the products they need effortlessly, but it can also give them suggestions and help the retailer increase sales.

Thanks to technology, people can buy from home, and for many, not having to leave the comfort of their homes to buy anything is the biggest improvement in the customer experience. And with ML, AI, AR, VR, and other technological advancements, retailers can offer a great online experience, even if they aren’t an eCommerce business. Technology has made online and physical shopping feel incredibly similar, thanks to all of the opportunities it provides for personalization.

Conclusion

Consumer behavior and expectations have changed drastically in recent years, and the only way to respond to these changes is through technology. In today’s world, it’s impossible to run a business without embracing the benefits technology can bring to the sector in particular, and the way businesses are operating in general. Technology can help any retail business become more efficient and offer a better customer experience.