Whether it’s their weekly grocery shop or an occasional splurge in a shopping center, the world of retail is continually evolving thanks to amazing technological improvements. From reducing the number of people needed in stores with micro-fulfillment centers, to making purchases far easier by providing frictionless checkout processes, entrepreneurs are pushing the boundaries of what’s possible. And shoppers are noticing.
As a result, it’s vital that companies keep up with the latest trends and technologies to attract shoppers. One simple example is to use QR codes on promotional merchandise that customers can scan with their smartphones. This provides a quick and easy way to get their email address, and the customer gets a coupon that they can redeem in-store.
Another example is to introduce augmented reality (AR) and virtual reality (VR) technology into stores. These tools can help shoppers to see the products they’re considering purchasing in a realistic 3D environment, or to find out if their purchase will fit well by trying it on and looking at themselves in a mirror. It can also help them save on storage space by removing the need for mannequins and racks.
With many retailers now focusing on the importance of their e-commerce channel, it’s essential that they keep up with the latest innovations to make sure they can compete with online competitors. But if they keep using the old measures like sales per square foot, they risk getting the wrong insights into their performance.