The Canadian retail market is in a continuous flux of structural change and evolution as foreign retailers increase their presence within the Canadian marketplace. According to Retail Insider, international retailers have entered Canada at a rapid pace over the past 12 months. Along with foreign retail competitors and the multinational corporations sweeping in e-commerce, making everything you need available under one roof and having it delivered while you sit in the comfort of your home is a great backlash for the Canadian retail industry.
In the current market scenario, retailers must enhance their digital and technology capabilities to stay competitive and meet the expectations of changing customer behaviour and needs due to increased competition to recover from the pandemic’s blow. Here are 5 new technologies that retailers can incorporate to keep their business innovative and meet the demands of the new shopping age.
Omnichannel Retail Experience
Omnichannel retail, also known as multichannel sales, focuses on giving customers a positive online purchasing experience, whether using a mobile device, laptop, or brick-and-mortar store. It provides a joined experience of shopping rather than letting customers make purchases across numerous channels like offline stores, online, Facebook, and Instagram. In omnichannel retail, a customer can search for and order a product online and later pay and buy it from an in-store.
Customers have the opportunity to save their favourite products in their virtual shopping baskets and then purchase them through any other digital channel or physical store, which is a growing trend in retail as it provides flexibility in the shopping experience.
Cashierless Shopping Checkout
Stores that use the cashier-less model add numerous cameras and sensors to monitor customers’ actions as they take things off shelves and put them in their bags. When the customer leaves the store, the products are automatically billed. Cashier-less shopping is an innovative checkout system that retailers can implement, though such a system might lead to human jobs being replaced by automated ones.
The traditional checkout process with huge crowds and long queues quickly becomes outdated in the post-pandemic world, especially after social distancing and precautionary norms. As a result, retailers who don’t use mobile point-of-sale technology in their stores will have long lines, which can be quite annoying for customers. This line-up situation can be resolved by contactless technology that speeds up the payment procedure.
QR code Alternative
Quick response (QR) codes are tiny, barcode-like arrangements of black squares that may be scanned with a smartphone camera to retrieve information. Shopcodes, which retailers may post next to product shelving to allow customers to finish their purchases in the online storefront, are making waves in the retail world owing to QR codes. However, retailers must make QR codes mobile-friendly so that customers find the feature valuable.
A QR code link has a very small margin for error because customers no longer need to enter any information to search for products, and it also eliminates the need for print-based marketing by directing customers to a specific landing page where they can digitally enter any information required. In addition to saving money by removing paper advertisements, QR codes also reduce waste.
Personalized Shopping Demand
Personalization is the current retail trend and is a direct result of consumers’ demands for personalization in all their interactions and transactions with retail businesses. It used to be mainly restricted to targeted segment offers but now includes the whole customer experience. As a result, customers are willing to work with retailers to create their preferences by investing more time and money.
Personalization is also present in offers and discounts, with retailers and brands targeting specific customers with goods, promotions, and messages that are relevant and created for each customer. To customize such offers, businesses employ AI technology to provide insights and forecasts based on the data that is available about the customer. Customers’ distinct and unique feeling from such personalized shopping is reflected in their return on investment and customer loyalty.
Virtual Shopping Convenience
Retailers can provide virtual shopping, allowing customers to conduct their transactions on a digital platform exactly as they would in a physical store. In order to help clients select sizes and style profiles that best suit their needs, it offers virtual fittings, which are custom-sized charts created by retailers. Technology is especially beneficial for apparel companies as it offers customers the ability to virtually try on dresses and purchase them without having to leave the comfort of their homes.
Visual search in virtual shopping is where a customer performs an image-based search that leads to product discovery in the e-commerce solution. For example, customers can submit any photograph of a product or outfit they want. Then, the search engine takes them to a virtual closet where they can find the same product or visually similar goods depending on their image search.
A digital upgrade is inevitable for retail businesses, not just to face the market competition but because that’s what the customers demand. The convenience that online shopping provides has made it a preferable shopping option for many. Customers want variety and choices and consider online stores the first alternative when an option is not offered in-store. Retail businesses can become the first option for customers when they show their presence on both platforms by incorporating technological advancements and leveraging its benefits.
Each of these technologies has the potential to revolutionize the way retailers operate and sell their products. So whether you’re looking for a new way to market your store or improve customer experience, keep an eye out for these cutting-edge technologies. Subscribe to CanadianSME Small Business Magazine https://lnkd.in/dbqmSKN. For the latest updates, visit our Twitter page at @canadian_sme.
