The E-commerce industry has proven to be unstoppable in 2020. Despite social distancing measures and lockdown protocols hindering shopping in person, retailers thrive by moving the bulk of their operations online. Though much is still uncertain for what’s in store in the coming months, one thing is definite for the retail industry – businesses need to incorporate the latest technologies to keep customers’ buying experience enticing and seamless in the coming year.
Discover the top technology trends for retailers in 2021.
1. Facial Recognition Payments
There was a time when facial recognition technology was highly criticised as invasion of privacy. Times have changed since - in fact, this technology as now used to expedite purchasing experiences. Heeding the call for contactless payment, facial recognition payment was launched by a company in Pasadena in August of 2020. They called it the PopID.
The idea is simple: consumers need to sign-up an account through their phone, take a selfie, and then add money to that online payment account using a bank account or credit card. This is a highly convenient and quick payment system for restaurants, convenience stores, and the likes.
2. TV Shopping with a High-Tech Twist
TV shopping used to be a big thing in the 1980s to the 90s. While its popularity dwindled in the next couple of decades, TV shopping is back with a modern twist - thanks to shoppable TV.
Today, ads in smart TVs are interactive, while more and more commercials come with QR codes. Viewers can interact or navigate with their TV’s remote control or through their smartphone. This trend is extremely efficient as it eliminates a lot of steps. Before, viewers who saw the commercials would have to search for the product online or in different platforms before they could make a purchase. With the new TV shopping trend, anyone can purchase straight from the TV ad - no searching needed.
3. AI in Retail
Though it’s nothing new, this technology trend will continue to rise in 2021. One of the use cases of Artificial Intelligence (AI) is as retailers’ online in-store associate. It can handle multiple tasks at once, such as offering recommendations and providing highly personalised guidance for the shoppers. Subsequently, AI can pull up shoppers’ browsing and shopping history, and even come up with suggestions based on shoppers’ online shopping activities to give them the best retail experience.
Sephora’s AI, for example, makes it easier for consumers to find makeup. North Face helps consumers find the right coat. Taco Bell helps hungry customers order food straight through their AI. Lowes has an AI to help customers find their way through the store and locate items. ThredUp uses algorithms to remember each customer’s preferences so they could give them the perfect goody boxes in the future.
Besides the above use cases, AI can also work in customer service, such as providing answers to shopper queries and helping them visualise the products before finalising their purchase.
In the coming months (or years), retailers and marketers will continue to find new ways to utilise this technology even further. Currently, AI technology is being used for customer research to help retailers find valuable customers to market to.
4. AR in Retail
Since access to most physical stores may still be restricted in 2021, Augmented Reality (AR) will come in handy for store owners and marketers. Augmented Reality lets retailers place the products right in front of their consumers (through their mobile devices, of course) for a convenient retail buying experience.
With AR, consumers can play around with the products or inspect the products they intend to buy. IKEA and Lego have utilised this tech for their products.
Consumers can also navigate and walk around the store and even try the products and see how it fits them. This is especially convenient for fashion shoppers. Gap, Converse, and Burberry and even luxury fashion brands like Balmain have their own AR apps.
Asos took it a step further by giving their online customers a virtual catwalk, while Adidas has a virtual “try on” that shows consumers how the shoes would look on their feet.
5. Retail Digital Display
Digital signage may not completely replace billboards and sticking paper signs, but they are changing the landscape of advertising.
In a screen-obsessed world, digital signages are attention grabbers. Since humans are naturally drawn to screens, it just makes sense to capture their attention (and drive traffic to your stores, be it online or offline) with a giant screen.
Retail digital display is versatile. It’s not just a digital billboard as it can also provide entertainment and a platform for repurposing your social media content.