As technology advances, so do new ways of buying and selling goods. From the voice assistant to Phygital, e-commerce and digital innovation have changed the way we shop. What are some of the most innovative ways of shopping? Here are five examples. Which ones have you tried yet? How have they changed your shopping experience? And how will they affect your future shopping habits? Read on to discover the answers to these questions.
Phygital
In a digital age, phygital is a way to connect with customers at various touch points. Phygital allows shoppers to interact with businesses in person, increasing brand awareness and customer trust. Phygital is enabled by commerce solutions such as Shopify POS, which integrates with online stores and syncs in-store purchase history. The consumer experience can be tailored to fit their specific needs and preferences.
Phygital has changed our shopping experience by bridging physical and digital spaces. The ability to see inventory levels at store locations and warehouses allows users to quickly order more before they run out. Using phygital is not only a marketing strategy; it’s also a sales tactic. For example, the sustainable shoe brand Allbirds will introduce an app in September 2020. App users will be able to customize their experience by selecting carbon offsets and requesting app-exclusive products.
Unlike traditional retail, phygital is a more efficient and convenient way to shop. In China, KFC is trialling fully phygital stores. Customers can place orders using touch-screens and pay through facial recognition technology. This technology uses AI to predict what customers like and what they don’t, resulting in a customised menu. Additionally, some of KFC’s menus are prepared by robots.
Amazon’s voice assistant
A recent study found that nearly half of consumers prefer in-store shopping to online shopping. A survey from Gartner showed that 62% of consumers prefer visiting a physical store over shopping online, while 26% said they prefer using mobile devices to make purchases. While voice-controlled programs are becoming increasingly popular, a majority of online shoppers still prefer to make purchases in-store. Amazon’s voice assistant has helped retailers capitalize on this trend.
With voice commerce, retailers can become household names. Consumers can now make purchases with the help of their voice, if the brand is already recognizable and present. And the voice assistant can help brands regain consumers’ trust by delivering personalized experiences. Voice commerce can help established brands to soften the free fall retail is experiencing. Despite the risks and high costs, the technology is already affecting retail.
Consumers’ biggest motivation to adopt new technology is convenience. And voice assistants rank high on this list. As of May 2016, 52 percent of consumers surveyed preferred voice assistants to mobile apps and websites. Other factors included increased personalization and automated routine tasks. In short, the voice assistant makes shopping more convenient for consumers. But how does it work? This article will examine how the technology works and how it can help retailers.
AR
Several technology companies are looking into the benefits of virtual reality and AR in retail. The CES conference is an example of how AR is enhancing the shopping experience of consumers. Consumers who are unsure of what they will want to buy will be able to try on virtual products. Virtual reality devices are becoming increasingly common in retail. They allow consumers to experience a variety of different stores and items, including those they may not have been able to see in a physical store.
Topshop is one brand that has taken advantage of AR to create a virtual fitting room. Customers can take a photo of themselves and apply makeup to it in a virtual environment. This helps the company target younger customers and increase dwell time in physical stores. Companies such as Sephora have also adapted AR to their products. These brands are aiming to make the purchasing process easier and reduce the steps associated with buying a product.
Another example of how AR has improved the shopping experience is through the implementation of apps. These apps allow customers to visualize the furniture in their home before they buy it. They also help employees to quickly find products by scanning a barcode on a customer’s receipt. Employees can then use the smart devices to correct price mistakes, rearrange incorrectly placed products, and even compare the prices of similar products. Retail employees can also use smart devices to check products’ prices using AR.
COVID
The COVID-19 pandemic has been raging for almost a year and continues to present significant challenges for many sectors of business. However, many industry trends have intensified in the wake of the outbreak. Consumers, for example, jumped onto the Internet in greater numbers than ever before. In response to the health restrictions, they chose to buy more online and chose outside-the-store fulfilment options such as curbside pickup or home delivery.
The recent changes in consumer behaviour have forced retail giants to reinvent the way consumers shop. Some retailers have stepped up their innovation efforts while others have shifted their focus to the future of digital commerce. With this in mind, it is imperative for business leaders to research consumer preferences, and consider how COVID is affecting their businesses. The following are some of the key issues to consider as a retailer. When shopping online, consider the pros and cons of both options.
A new GIS-powered dashboard allows business leaders to see the status of hundreds or even thousands of stores, using a color-coded system. This allows business owners to determine the state of each store and what restrictions may exist. Location-savvy businesses are able to adapt to the challenges presented by the COVID-19 pandemic. They can use location-aware technologies to stay agile and develop new techniques for the post-COVID-19 retail age.
Delivery
Changing consumer expectations have put retailers on the fast track to adapting to the latest trends. Ecommerce has revolutionized commerce with services like online shopping and virtual try-ons, making it easy to browse thousands of products, try on clothes virtually, and purchase them directly from the retailer. In a few short minutes, you can order and have your items delivered directly to your home, often the same day! With the emergence of new technology, the pace of innovation in delivery is sure to continue to increase, and retailers will need to adapt to the demands of consumers to stay ahead of the game.
While many retailers and consumers have adopted new technology, the retail market has not fully tapped the potential of emerging technologies, such as artificial intelligence and machine learning, as yet. Despite these recent innovations, delivery speeds have reached an all-time high. Amazon has even introduced one-day shipping to some countries. Other companies are following suit and are offering same-day delivery as a standard. This innovation, however, requires a certain level of scale to be successful.
Curb-side pickup
When the pandemic hit, brick-and-mortar retailers began re-imagining the shopping experience. Foot traffic fell by 83% in spring 2020, but the retail industry has since rebounded. With innovation, a more sanitized shopping experience has become the norm. Now, curbside pickup and contactless payment have become the norm. As more consumers become more comfortable using these methods, brick-and-mortar retailers are leveraging this crisis to change the shopping experience.
The first major retailer to offer curbside pickup has become Best Buy. It offers a “get it fast” call-out for shoppers, so they can check the box that allows them to pick up their items today. The pick-up process is transparent and easy, and Best Buy also provides an estimated pick-up time. The innovation is becoming more popular with consumers, as it reduces shipping costs and protects the customer’s safety.
With curb-side pickup, the wait time has dropped to a mere 5 minutes and 21 seconds. According to a study by Rakuten Ready, customers who were able to pick up their purchases in less than two minutes were four times more likely to make a second purchase at the store. In addition, this new service allows businesses to avoid the risks of exposure to COVID-19. The future of retail is bright, but businesses must adapt to stay competitive.
Personalized shopping
Retailers are increasingly turning to the latest technologies to give customers a customized and seamless shopping experience. Consumers agree that a personalized experience is crucial to enhancing their shopping experience. According to a recent study by Infosys, 86% of shoppers say personalization affects their purchase decision. 31% of consumers say they would like retailers to make shopping easier for them. The latest innovations in ecommerce can help retailers deliver personalized experiences to customers.
Retailers are using artificial intelligence to create personalized experiences for customers. These technologies use customer insights to create detailed recommendations and tailored product experiences. AI, for example, allows retailers to personalize their online shopping experiences with more accurate recommendations, product recommendations, and personalized customer service. As a result, consumers of all types are turning to online shopping to improve their shopping experiences. Personalized shopping is a key element of online shopping experiences and is the latest trend among consumers.
Personalized shopping has ushered in an era of consumer choice. Brands are now utilizing new technologies to customize the shopping experience and increase profits. One-third of respondents reported a significant increase in purchase frequency and basket size. Personalized shopping has become a trend among retailers, and many are embracing the trend to provide a more personalized experience for their consumers. In addition to increasing sales, personalized shopping has also increased customer lifetime value.
