The Next Wave of Retail Technology
by Meghann Butcher, on Oct 7, 2020 10:13:40 AM
When there’s change, there’s opportunity. - Jack Welch
With all the changes that have occurred since COVID, innovation has been stirring - especially on the retail front.
This year we have witnessed brands, businesses, and trade shows transition to digital ways of doing business. For example, Digital Catalogs were once something that brands were starting to implement for ease and sustainability, and now it is the main medium of selling products for wholesale purposes.
But what other opportunities are headed our way in the retail industry?
We’ve been listening to conversations and doing some research, and the new innovation that supports retail is exciting! While we know there are many opportunities on the horizon, we wanted to highlight a few and give you a glimpse into the next wave of retail.
Virtual Reality Buying Experiences
Ecommerce is a necessary means for selling products, but with everyone being online, how do you differentiate yourself? You create an experience Bringing Augmented Reality and Virtual Reality together! Similar to how we have Virtual Showrooms now with video, companies are working on a technology to bring it up a notch with 3D technology and high definition Augmented Reality. Not only will this be in a B2B setting, but they are hoping to make this technology available for ecommerce to create a retail store experience.
Smart Direct Messaging with Customers
Think of the times you sent a brand a Direct Message or Comment to see if they have your size. A company in Singapore, Jumper.ai. saw this opportunity and has crafted an AI-powered chatbot solution that allows retailers to take orders, answer customer questions and automate marketing on popular social messaging channels like Instagram, Facebook or WhatsApp. This solution will help build trust and make transactions easier with customers since the entire transaction process can happen right in the chat.
Virtual Shopping Events
Who doesn’t love tuning into their favorite influencer going live?! Now brands and influencers can collaborate with their followers to host Virtual Shopping Events. Thanks to BuyWidth, influencers can receive a special link and as they showcase the product a “Want” button will appear which followers can tap and add to their wishlist. Not only does this provide data for brands collaborating with influencers but it also makes it easier for followers to find products and not leave the live event.
We know this is only a few, but we believe that more great ideas are surfacing and will continue to transpire.
If you are debating on how you can improve your digital experience for customers and would love to learn more about the software features of RepSpark, then schedule a demo and we will show an easier way to sell more products.