As digital citizens, we know that technology will continue to play an essential role in our lives. As 2022 almost wraps up, we start to wonder what the next year will bring.
In this article, we’ve put together a list of the technologies this year that will shape retail and what we might see in a matter of months. However, for your retail business to be really successful, retail business intelligence is a must. Read on so that you’ll be ready for the upcoming year and learn about the five retail technologies that will set new trends in 2023.
1. Virtual Reality Shopping
Virtual reality shopping is one of the hottest new trends in retail sales. By using VR headsets, shoppers can virtually try on clothes, see how furniture looks in their homes, and get a feel for products before they buy them.
This technology is still in its early stages, but it has a lot of potential to change the way we shop. It saves us time, cost, and energy that we would otherwise spend physically in a shop where we don’t always walk out with a purchase.
2. Personalized Shopping Experiences
Thanks to advances in data analytics, retailers will be able to offer highly personalized shopping experiences tailored to each customer’s needs and preferences.
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For example, even if you haven’t shopped on a particular website, you can simply fill up their digital questionnaire and be presented with items that are all tailor-fit just for you.
Again, this saves you time and everything else because now, you can only see items that have been prescreened for your satisfaction.
3. Intelligent Shopping Assistants
These AI-powered shopping assistants are becoming more and more common in retail stores. They can help shoppers find the products they’re looking for, recommend similar items, and even provide personalized coupons and deals.
In a way, this is also more efficient than dealing with brick-and-mortar store human assistants, who can be annoying and engage in unwanted small talk in their efforts to be friendly.
4. Augmented Reality Shopping
This will become more common as shoppers use their smartphones and other devices to view products in augmented reality, allowing them to see how they would look and fit in the real world.
This is probably one of the most exciting retail technologies to look forward to. Besides increasing shopping efficiency as the others on this list, this particular technology can redefine the meaning of fun shopping!
5. Blockchain Technology
Blockchain technology is setting new trends in the retail industry and is expected to grow in popularity even faster through 2023. Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions.
This makes it ideal for applications in the retail sector, such as supply chain management, customer loyalty programs, and digital payments. The use of time-tested processes, such as the use of POS systems, can also be reinforced by blockchain technology.
Setting Trends With 5 Retail Technologies In 2023
There is no doubt that retail technologies are evolving rapidly. And you can count on the top 5 retail technologies we’ve outlined above – mobile commerce, artificial intelligence, voice commerce, digital wallets, and augmented reality – to set new trends in 2023.
As a retailer, it is essential to stay ahead of the curve and prepare for these technologies as early as now in order to remain competitive.
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