The past several years have been a roller coaster ride for everyone who’s in retail. This industry has undergone significant changes thanks to the rapidly changing business environment. The pandemic certainly played an important role and led to changes such as e-commerce growth, different consumer behavior, and an increase in social commerce. Technological advancement also made an impact and introduced new tools and resources.
Today, there are significant software development trends that are changing the way retail works. Below, we'll list and explain the most important ones and see what lies in the future of retail. Let's take a closer look.
Image taken from Unsplash
Cloud Migration
Businesses in retail have learned that they need to become more scalable, flexible, and agile. In the fast-growing and changing business environment that is thus uncertain and challenging, adaptation is a must. And they need to happen quickly.
This is why cloud migration systems are the center of attention for both developers and retail thought leaders.
Here’s what businesses in retail gain through cloud migration:
- introducing new services seamlessly
- quickly adapting to changes
- saving money on separate infrastructures
This is especially beneficial when unexpected changes happen or with the shift of shopping seasons.
Artificial Intelligence (AI) and Machine Learning (ML)
Another domain that has proven to be significant for retail and the advancements in this industry is AI and ML. The power of these technologies can provide more accurate data about every step of the retail process, from product planning to customer feedback.
Still, the most significant applications lie in:
- analyzing customer data
- personalizing shopping experiences
- making better product recommendations
- optimizing pricing strategies
- communicating with customers through chatbots
As a result, customers are given more attention and a way more personalized experience with a brand or business. This is what truly makes a difference for individual shoppers.
Omnichannel Shopping
Next, the convenience of the customer has been put under an even brighter spotlight thanks to the creation of omnichannel shopping systems. They're designed with two main goals in mind:
- the customer chooses the type of shopping experience they prefer e.g., in-store or online
- the customer can switch between options seamlessly
This is possible due to powerful smart systems that combine ML, data analysis, and CRM tools. They work together to collect and store customer data in a collective database. No matter the channel, the data is always there, available at different touchpoints.
So, if a customer orders something online, the in-store database receives that information and can use it if the customer decides to show up in person.
Sustainability
With retail being accused of powering fast fashion, which has a negative environmental impact, sustainability is another focus point for retail development. Businesses are trying to find a way to minimize their footprint and operate with as least impact on the environment as possible.
To do so, they're using different technologies and software to help them work smarter:
- energy management software for energy efficiency
- tracking if the production is ethical
- reducing waste
- creating sustainable packaging
All of this leads to a more environment-friendly policy and more sympathies towards the business from those customers that appreciate this.
Augmented Reality (AR)
Finally, retail has found innovation using AR as well. With the help of the latest software, customers can have a more real-life experience while shopping online. These virtual programs help them virtually:
- try out clothes
- put on makeup
- place pieces of furniture in their home
Also, AR is being used to create in-store navigation maps to help customers find their way around faster. There are also interactive product displays that customers seem to love.
With AR, retail businesses can give their customers the best possible experience wherever they are.
Final Thoughts
It's clear that there's a bright future ahead of those in retail, with so many new tools and resources appearing every day. Thanks to software developments and technological advancements, retail is flourishing more than ever. We're seeing improvements in every domain of it, including customer experience, which can be regarded as the most important one.
If you still haven’t embraced the possibilities offered to you by the trends we’ve covered, make sure to get on board ASAP.