The retail industry has gone through tremendous changes over the past few years owing to technology advancement. The industry is experimenting innovative ways to improve operations and customer interactions.
RFID has been widely adopted by retailers for inventory management in recent years. Sensors are increasingly used to monitor in-store temperature, lighting, quality of perishable items and to observe customers’ shopping paths. The retailers can then improve in-store operations and merchandize placements using the data.
The location-based Beacon technology can help the retailers identify customers and provide personalized services as soon as they enter the store. With contactless payments, the customers can check out a dozen of purchase items in just seconds.
Other smart store management tools include NFC, ESL (Electronic Shelf Label), mobile POS, digital displays etc. In addition, mobile payments with computer vision can enhance transaction security, while VR/AR can bring interactive “touch and feel” experiences to customers.
The interconnections of physical and digital worlds are opening up new opportunities for the retail industry. As the industry is embracing technologies in an unprecedented way, revolutionary changes are expected soon from supply chain to channel management and ultimately to customers’ shopping experiences.