How Technology and Millennials Shape the Future of Retail

How Technology and Millennials Shape the Future of Retail

 

The retail sector is evolving and technology is continually influencing the way consumers shop. If many people doubted the success of e-commerce several years ago, currently it is not the case. Today, there is a myriad of sales channels. Any electronic device or social network has become a potential source of sales. Retailers are therefore forced to adapt and evolve at the same pace. In this article, you will learn the major points that will mark the retailer business in the near future. And perhaps the changes have already begun in some of your stores.

The 3 Main Expectations of the Consumer

Comfort

Nowadays, the consumer just wants to buy a product when and where he wants, but also how he wants. By surfing the net, they can buy anything without lining up, paying easily and quickly. Investing in a technology that allows them to pay with one click, for example, will not only help you avoid losing sales, but also increase loyalty in the long run.

The context

Today, consumers expect a consistent shopping experience between all contact points and sales channels. Allowing a purchasing process without any disruption between channels (omnichannel solution) will ensure that your consumers will always come back.

Control

Current buyers want to have control on how their data is used, they also want to choose the payment method they prefer, and they want to decide when they want to shop, not just during your opening hours. To help you manage this issue for your physical shop, you can use retail image recognition.

Millennials Are Looking for New Shopping Experiences

Millennials want a new generation of shopping experience where technology is interconnected with the customer shopping journey. They do not want an inconsistent and contradictory online and physical buying experience. They need to be able to start on a specific sales channel and complete it on another one without interruption.

It is notable that the retail trade goes beyond omnichannel strategies. Today’s consumers expect smooth, intelligent and ubiquitous experiences. You can observe a shift in the importance of price towards the importance of purchasing experience. The retailer should not only focus on selling a product or service, but also on the proposed experience. For instance, you can digitalize the in-store experience. Once again, IR technology can help.

The Best Technological Solutions

Retailers can lose millions of dollars to competitors if their retail system imply too long waiting times. They even risk more lost sales if their payment methods do not meet the client’s needs. By implementing simple and effective solutions, retailers will already be able to improve loyalty, conversion rates, average purchase tickets, as well as in-store and online traffic. Use a mobile cash register system, a faster payment system, image recognition technology, etc.

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