Exploring the Future of Retail

Raju Purswani. Thrive Magazine.

Technology is having a major effect on every aspect of our lives, and the retail environment is not immune to these changes. Not only has online shopping revolutionised the way we think about buying and consuming, but it has also dramatically changed how we shop in physical stores.

Recent surveys into consumer habits show that, although many shoppers now consider online shopping as an option, many also enjoy the experience of shopping in a retail store. For fashion purchases, in particular, customers like to personally examine products for cut and fabric quality and still prefer to try on garments and footwear before they buy.

Technology is being implemented in the retail environment for the following benefits:

Streamlining and automating repetitive processes
Providing information to allow retailers to fine-tune their offerings to customers and, in some cases, personalize the experience
Installing smart digital displays in-store. These not only provide information, as traditional screens did, but can also function as interactive displays, allowing customers to query and communicate with retailers.

With this in mind, I recently visited the Retail Technology Show, held at London’s ultra-modern ExCeL trade centre. Along with trade exhibitors, there were a number of presentations from leading figures in the world of retailing and show business, such as Joe Wicks and Theo Paphitis, who discussed how they had harnessed the power of technology to achieve their goals.
Several technologies were very well represented by exhibitors, including:

– EPOS (Electronic Point of Sale) systems
– RFID technology
– Self-checkout hardware
– In-store digital displays
– AI in virtually every area!

These innovations will, no doubt, become even more prevalent on our high streets in the very near future.
In the face of repeated crises affecting consumer confidence, it is no surprise that a lot of the conversation among visitors focused on how technology could be used to reduce operating costs. However, the mood on the stands was optimistic, with the real emphasis being on how technology can improve the consumer experience, not only through visual graphics but also by freeing up salespeople to spend more time with customers rather than processing transactions.

All our worlds are changing, and so are our requirements and expectations. Despite our 36 years of experience in the market, the team at Marble Arc is still excited to take on the challenges of innovating in order to improve what we do for our customers. Watch this space!

https://gfsb.gi/thrive/exploring-the-future-of-retail/