Retail is not a traditional activity involving some business transactions. It has become a multi-layered activity which now also involves technology. Technology has changed the way retail is structure and operated. Here are a few ways how technology has mixed with retail to give the world a new dimension.
One of the newest things to join the retail industry is augmented reality. Neeraj Singh, Director of KPMG, says that now augmented reality has entered Indian retail to give Indian millennials the larger-than-life experiences they are looking to participate in. he says, “Ikea is a good example to look at. I can settle my furniture in a virtual environment on my floors, on my walls. That’s the experience we want! The fun is to tap into this experience, convert it and create something absolutely innovative!” He also added that India is the place to be right now as far as the retail sector is concerned.
Artificial Intelligence and Machine Learning
Artificial intelligence has taken over the world by storm. Countries are looking to make strategic investments so that the world at large benefits from what this miraculous arm of science has to offer.
Use of AI is expected to increase more in this year feels Nikhil Gupta, Founder and Director of All-In supermarkets. He says, “From startups to renowned brands, all are focusing on e-commerce along with physical stores presence. Having said that, a huge junk of masses still love experiential purchase and hence physical stores will be a major point of purchase.”
The trends and their success amalgamation with retail don’t end at artificial intelligence. The retail sector is well accruing the benefits of data analytics and machine learning as well.
Aneesh Reddy, CEO and Co-founder of Capillary Technologies, says, “AI and ML in retail help brands reduce the dependence on data analysts and drive effortless decision making. With AI, retail brands can automate targeted campaigns to offer personalized services to every customer.” He also added that at the moment of interaction, AI with the help of historical customer behaviour tweaks customer experience right from first touch point to the entire journey.
Asia’s premier Retail, Payment and Tech Summit powered by Franchise India and co-hosted by Entrepreneur India bring an opportunity that will present the tech, retail and digital payments sector all under the same roof. The show will see the light of the day on 30th April and 1st May 2019.