Retail experience is changing rapidly and the technological advancements in the retail industry have opened up a whole new world of possibilities.

It has become a necessity for every retail professional to become familiar with and introduce the latest retail technologies into their business because mastering retail technologies will definitely help the retailer stay marketable.

Here are some technologies that help retail industries to perform high in today’s retail scene:

Back Store Technologies:

• Electronic Data Interchange (EDI): computer-to-computer transactions directly from the store to the vendors’ databases and ordering systems as well.

• Wireless hand-held inventory units: real time data input from the handheld devices, gives real time visibility across the organization.

• Autonomous Vehicles / Robots : Usage of robots / autonomous vehicles for stock replenishment.  

• Voice technologies : Use of Voice in the warehouse / store for picking enables faster and more efficient inventory management, especially in light of piece picking for E-Commerce. 

• Omni channel fulfillment : Every retailer is looking for ways to increase visibility and order fulfillment. 

In Store Technologies: 

• Personalization : Availability of past customer data and utilising the same along with RFID / Bluetooth Low energy beacons to provide personalized shopping experience is an emerging trend in the brick and mortar.

• Staff Free & Cashier less stores : RFID technologies, IoT technologies, facial recognition is enabling the next wave of retail stores with complete friction less shopping.

• E-commerce : In light of the pandemic, the E-Commerce industry has gained significant traction. Having a customer friendly, easy to use E-Commerce platform is a must for success for a retailer. 

• Virtual fitting rooms : Use of Augmented reality to create virtual fitting rooms, especially in light of Covid related restrictions is one of the most intriguing innovations in the retail industry.

Data warehousing technologies: 

• Executive Information Systems (EIS): Produces graphs of complex data to help retail executives make business decisions with ease. 

Technology has brought a great deal of progress and improvement in the retail industry over the years. It is also at the very heart of the future of retail. As these technologies continue to push the boundaries, embracing them will help you stay relevant well into the future.