Retail is not just limited to being a traditional activity involving some business transactions. It has now become a multi-layered activity involving technology–which has transformed how retail is structured and operated.
Augmented Reality
Augmented Reality is one of the latest addition in the retail sector. As told to Entrepreneur, Neeraj Singh, Director of KPMG, says that now augmented reality has entered Indian retail to offer Indian millennials the larger-than-life experiences which they are looking to participate in. he says, “Ikea is a good example to look at. I can settle my furniture in a virtual environment on my floors, on my walls. That’s the experience we want! The fun is to tap into this experience, convert it and create something absolutely innovative!” He also added that India is the right place to be in right now as far as the retail sector is concerned.
Artificial Intelligence and Machine Learning
Artificial intelligence has taken every realm storm and nations are looking to make strategic investments so that the world at large benefits from what this extraordinary field of science has to offer. The use of AI is expected to increase more in 2019, feels Nikhil Gupta, Founder and Director of All-In supermarkets. He says, “From startups to renowned brands, all are focusing on e-commerce along with physical stores presence. Having said that, a huge junk of masses still love experiential purchase and hence physical stores will be a major point of purchase.”
The trends and their successful amalgamation with retail don’t just end at artificial intelligence. The retail sector is well accruing the benefits of data analytics and machine learning as well. Aneesh Reddy, CEO and Co-founder of Capillary Technologies, says, “AI and ML in retail help brands reduce the dependence on data analysts and drive effortless decision making. With AI, retail brands can automate targeted campaigns to offer personalized services to every customer.” He also added that AI with the data of historical customer behavior can help retailers enhance customer experience right from first touch point to the entire journey.
Social Media
If every aspect of life is influenced and impacted enormously by social media, it is imperative that business and retail, too, will be included in the category. “The rising tides of social media will continue to influence the trends for millennials impacting their buying decisions and retail production cycles, says, Ambud Sharma, Founder and CEO of Escaro Royale. He added, “Instant gratification will become an essential part of the retail model as customers will expect shorter delivery times.”
The article first appeared on Entrepreneur