ecommerce as well as emerging trends like mobile and augmented reality are changing the way
consumers behave. In order to keep up, brick-and-mortar merchants must adapt to the
rapidly-changing landscape of modern retail.
Below are some the top trends dictating these changes. If you’re a retailer looking to thrive in the
coming years, be sure to keep the following in your radar:
Augmented Reality (AR) is a technology that brings virtual objects into the real world, so they appear to exist in your physical environment.
Citizen Watches in Taiwan made excellent use of AR when it developed an augmented reality fitting room for its watches. It enabled customers to virtually try on different types of watches by waving their wrist in front of their web cam.
Toyota Yaris in a whole new way. All they had to do was place the print ad in front of their web cam and they would see the Yaris come to life.
Retailers have started to embrace mobile payment technology because it helps them speed up checkout time and offer more flexible payment options.
Case in point: McDonald’s Singapore, recently added payments to its McDelivery program. The fast food chain partnered up with Visa to let consumers place orders and pay with a tap of a button. Retailers that want to get in on the technology can do so by adopting payment solutions such as PayPal, Dwolla, or Google. They can also implement mobile payments by integrating the technology into their existing POS software.
For instance, fashion label Kenneth Cole recently built a Google Glass app called “21 Days, 21 Deeds” and incorporated it into the launch of its new MANKIND cologne. The app challenged users to take photos of themselves doing random acts of kindness and post them online with the hashtag #manupformankind.
Using in-store analytics technology, retailers can measure various metrics such as dwell time, foot traffic, average shop time, etc. Data gathered through location analytics gives them the insights they need to improve their store design, marketing, staffing, operations, and more.
One example of a retailer putting this into action is VLC Cycling. With the help of store analytics vendor Swarm Mobile, the company used streams of digital video to recognize shoppers moving through the location. This enabled them to monitor the amount of visitors they had as well as where people lingered or stalled. As a result, VLC Cycling’s sales for stores with location analytics increased significantly and theft was reduced.
For instance, users have the option of checking and reloading their balance through the app, the Starbucks website, or when they’re at the store. Any balance or profile changes are updated in real-time, across all channels, thus letting users stay in-the-know no matter where they are or what device they’re using.