2016 Retail Technology Trends
Retail space is changing at a fast pace. With customers becoming tech savvy, retailers are finding new ways to serve customers. According to MasterCard, eight out of ten consumers use Smartphone, computer, tablet or in-store technology while shopping. Forrester also predicts that cross-channel retail sales with reach $1.8 trillion in the US by 2017. It is just not tech, but also, in terms of customer loyalty and store technology is changing at a fast pace and changes are taking place keeping baby boomer and millennial generation in mind.
Let us take a look at some of the retail trends which we will see in 2016.
1) Wise loyalty point allocation
Customized shopping is provided by retailers to the customers but now loyalty points will also be customized. Based on the purchases , store visits or any other relevant activity, the customers will be allocated loyalty points. Customized perks will be a big part of loyalty program success. Research by eMarketer revealed that consumers have begun to expect more personalized offers and not just discounts in return for their participation in reward programs.
2) POS technology
Cash registers are going to go extinct. Cloud based point of sale systems have proved that they are able to do much more than the old-fashioned registers in terms of functionality and looks. With beacons being a rage in the retail sector, POS can be used with this technology.
A POS technology provider has a loyalty app called Perka that also integrates with beacon technology with its POS system. Merchants collected customer data and reward customers with loyalty points each time they check-in.
3) Beacons
Beacons are paving their way in an increasing number of stores. It was found that in 2016, 85% retailers will be using beacon technology to engage with consumers. Also, beacon triggered messages will $44 million. Sephora launched a beacon trial in their San Francisco store. It was found that 82% of customers opted in to receive messages.
4) Augmented reality
From shoppable windows to products that come alive in your hand, the worlds of retail and augmented reality have collided perfectly in the recent years.
The retail landscape is overcrowded and the traditional marketing methods have no effect on customers. That's where augmented reality enters the picture. As shoppers are turning to a blend of online, mobile and brick-and-mortar shopping for their convenience, brands and retailers are having to think of new and innovative ways in which they can capture customer attention.
An example of stores using augmented reality would be De Beers "Forevermark Fitting.
Source: kings1912
Choosing the right diamonds can be a difficult task. Here's where 'Forevermark Fitting' from De Beers comes in. The AR download allows shoppers to try on the Forevermark collection through their webcam and see how pieces would look in certain lights and against certain skin tones.
5) 3-D printing
3-D printing is slowly making its way into the retail world. Some retailers have already found a use of this technology. In a jewelry store, the retailers help customers try on different rings so they can determine the right size shape, size, carat and diamond arrangement for their hands.
6) IoT to enhance shopping experience
In addition to mobile devices, POS systems, and in-store tablets, some retailers will be looking for ways they can leverage the Internet of Things in their locations. A study by McKinsey found that the uses of IoT in retail could have an impact of $410 billion to $1.2 trillion per year in 2025. It may be a long way to go, but that does not mean retailers won't up their game.
Examples of retail stores using technology
1) Nordstrom
Nordstrom uses mobile POS devices in its stores to enable staff to check out customers anywhere in its stores and cut the queues down.
2) Nike Fuel station
This interactive store in London's pop up Boxpark mall uses motion-sensitive mirrors which display footage of local runners wearing products from the store as customers walk past them. It also uses interactive touchscreens to allow customers to access further information about products and order online.
3) Burberry
Source: Lifestyle Asia
The brand brings its digital world to life in a physical space, where customers can experience every facet of the brand through immersive multimedia content exactly as they do online. Burberry's flagship London store aims to bring some of the web experience to the high street, featuring mirrors that double as video screens and staff armed with iPads.










