In this era of digitization, the number of store discontinuance is hitting so far whereas the investment in technology is increasing day by day. Besides, the retailers and the brands are investing huge amounts of money in applying AI (Artificial Intelligence) and AR (Augmented reality-based) navigation to develop the retail business blended with a highly competitive market. Moreover, data is the most important thing for giving great success to a retail business.
That’s why a huge amount of data is produced to fulfill multiple kinds of purposes corresponding to the retail business. In such circumstances, different types of technical strategies regarding the implementation of the technology are used to help the business development. Besides, different data of customers and the brands improve the network effect correlated with this retail business for randomly boosting the sales. Additionally, brands in the retail business drive huge profits, which is too effective and efficient from a technical perspective.
Now, people eventually trust the brands to buy products and get services as per their requirements. Besides, in managing digital transformation in the retail industry, various stores and sectors use VR (Virtual fitting room technology) and AR navigation (Augmented reality-based) to manage customer experience and maintain different kinds of requirements according to customers. On the other hand, by analyzing and understanding the uses of AR navigation, workers of retail sectors are benefited through using TC57, Zebra’s TC52, TC77, and these can manage ARCore Capable. For example, Sephora, Ikea, Target, and many more sectors are already looking for edge technology to maintain retail sustainability.
Furthermore, for the success of a retail business, the main target is the integration of “people, process and data” to develop the business at an exponential rate. Additionally, social media marketing and search engine optimization play a significant role in creating an effective image for branding for social selling. By applying innovation and progressive technology, luxury brands are becoming more effective for retailers. AI and AR navigation are useful for providing quality brand image and customer experience for retailers worldwide. Different kinds of retail brands in fashion, foods and leverage, electronics and goods, and many more are developing business through e-commerce applications. After that, online sales are increasing rapidly over the previous decade. That indicates an upward trend of about 50%, and the overall sales in retail were up to 10% in 2021. As per the industry analytics, investment should be increased in technology through the retailers and the brands for managing consumers’ decision-making and customers’ behavior in the retail environment.
Website link:
Technology and Innovation Strategies in Retail (wbresearch.com)
7 New Retail Technology Trends Reviving the Stores in 2022 (mobidev.biz)
https://wwd.com/business-news/technology/retail-technology-1202667884/
Dr. Diana Rangaves, PharmD 