Feb 14, 2019
How Retail Technology is Evolving
As consumer needs have evolved, so has retail technology in order to meet those needs. More than ever before consumers want a convenient, sleek buying experience that only can be provided by advanced technology.
With personalization, mobility, and Artificial Intelligence (AI), retail technology is continuing to make the consumer experience easy and enjoyable. Here’s a look at each advancement and why it’s making a difference in the retail world.
Personalization. Today more and more retailers are investing in point of sale (POS) that is able to track customer metrics, analyze inventory, and track loyalty reward programs. This is because these metrics are able to help the retailer provide a better and more tailored experience for their customers. Being able to track consumer behavior leads to better decision making, ultimately giving consumers more of what they want and less of what they don’t want.
Mobility. Retail technology is going mobile, this means retailers are using mobile POS systems as well as implementing e-commerce. This gives their consumers more flexibility when it comes to how and when they want to shop. With mobile POS systems, consumers can purchase from a dressing room or a pop up shop. With e-commerce, consumers can purchase from the comfort of their own home or when they’re out and about. This freedom to shop when they want and how they want is improving the overall consumer experience.
Artificial Intelligence. Online retail has shifted buying habits with smaller and more frequent orders. This shift “puts a strain on the logistics and costs of a retailer but leveraging AI capabilities to help discover cost savings or more effective ways of operating could help alleviate some of that strain” (PointofSale.com). AI’s most significant potential lies with the quality and speed of planning insights.
These advancements are all great examples of how IoT in retail technology is keeping up with consumer’s needs. However, with this kind of technology comes the need to find connectivity that can support these features.
Retailers will want more flexible, more robust, lower cost option for POS system deployments.
With OptConnect, POS deployers will get a fully-managed service, supplied hardware, network connections from all of North America's major carriers, and support services.
To learn more about OptConnect’s managed wireless solutions for POS, click here.