Explore the latest retail tech trends in this three-part series, and deep dive into the growing integration between online and offline in global retail. In part two: retail tech and analytics breakthroughs that brands are using to push the boundaries of what’s possible in delivering exceptional customer experiences.
To stay ahead of today’s rapid changes in consumer behavior, innovative Tech and Durables (T&D) retailers are taking bold steps to integrate the latest in retail technology and analytics into touchpoints along the customer journey.
Identify practical additions to your business and retail strategies, and explore groundbreaking concepts in retail that leverage technology and analytics to boost sustainability, operational efficiency, and customer satisfaction. Here’s what you need to know.
Digitization has finally come for the humble sales receipt. And it brings a host of new opportunities with it: for brands to maximize marketing returns, boost operational efficiency, and appeal to the sustainability-minded consumer — in an opportunity landscape where, according to the GfK 2022 Global Green Gauge Study, 73% of global consumers say it is important that companies take environmentally responsible actions
An integral part of each retail transaction, bills or invoices are most often physically printed on paper — and left behind by customers, despite it being a mandatory part of warrantees, exchanges and returns. And they literally cost the earth, with the greenhouse gas emissions created by the production and printing of a paper invoice calculated at 30.9g CO2-eq compared to 9.8g CO2-eq per invoice for an eBill.
E-invoicing gives brands and consumers an elegant solution.
Switching to digital receipts:
Images 1–3, from left to right: Digital receipts leveraging the new marketing space to 1) Entice customers to sign up for a loyalty program, 2) cross-sell relevant products personalized to the recent purchase, and 3) offer branded content personalized to the customer’s values and interests.
The image above shares four key ways enterprising brands can leverage this new marketing space:
From hospitality, to the corporate environment, healthcare, education and now retail — robots, including androids, are transitioning from the realm of science fiction and becoming a part of everyday life.
Pioneering robotics companies are leading the way, delivering end-to-end solutions for robots in public life — where there bots perform a range of tasks suited to the environment, and delivering:
Source: RetailWeek
Meet-and-greet robots can enhance in-store experience by:
The latest versions of in-store robots are discussing about already linking to the ChatGPT API to comprehend and deliver contextual answers to consumers’ questions!
In warehouses and distribution centers, stock-taking robots can:
This frees consultants to spend more time on the floor with customers.
Despite a growing exploration of how it can be leveraged for B2B needs, the Metaverse still has to develop as a practical B2C platform and commercially viable use case need to emerge. Currently, Metaverse in retail in 2023 is limited to creating brand awareness — positioning the brand as a fearless tech pioneer and attracting leading-edge tech consumers. But with a projected value of up to US$5 Trillion by 2030, and with 79% of consumers active on the Metaverse making a purchase, it’s impossible to ignore.
As a space only limited by the skills of its programmers, forward-thinking brands have started to explore its uses for loyalty programs and gamified customer journeys and immersive shopping experiences. For example, one French retailer now invites customers to join their Metaverse-based loyalty program through a link that downloads the loyalty app and issues each user with an avatar NFT. These avatars represent different retail professions, and users unlock special offers and promotions related to their avatar within the Metaverse. Another retailer has created a buzz by conducting job interviews on their Metaverse campus.
While Metaverse development and adoption is still nascent, to maximize opportunities in this digital space which will be a further extension of omnichannel capabilities brands/retailers must start planning now.
How would retailers benefit?
Among the three listed futuristic solutions, e-invoicing is the lowest hanging fruit. Investing in the Metaverse and robots are more capital intensive and come with the following considerations:
This is clearly not practical for everyone, at least not immediately. A thoughtful and thorough approach, based on careful market analysis, and leading with a pilot program/region can inform which technology may be worth the investment. Only then would it boost the staff and consumer adoption of your best-fit retail tech. The result: improved efficiency and seamless customer experience that ultimately boosts the bottom line.
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