The growth of online trading can be actively observed in the last two years. The reason for this was the pandemic, which has placed technology at the center of any strategy or business model in the retail sector.
Whether it’s executing sales transactions, making payments, protecting customer data, providing faster service, promoting products and services, or keeping brands’ digital platforms running smoothly, the adoption of technology tools has become essential to prosperity companies operating in this segment.
In an economic context, e-commerce already accounts for 20% of all global retail revenue, according to research published by Insider Intelligence. Therefore, with the growth of e-commerce, there will be growth and sport in the ecommerce application and other useful products and tools.
Many companies in this segment are actively moving towards the digitization of their activities.
Cloud services, IoT, artificial intelligence, edge computing, digital marketing, CRM, automation, security, and online sales platforms were the most requested solutions.
The main goal of the modernization and creation of new technological solutions was to improve customer service, improve Internet connectivity, offer new payment methods, and expand brand sales channels to become more omnichannel.
Most Used Technologies
Investments in innovation in this industry are also aimed at empowering the company manager to make decisions and jointly develop more successful business strategies, whether online or offline, with the support of data analysis.
Among the technologies currently most commonly used in global retail for this purpose are the following:
IoT (Internet of Things)
In brick-and-mortar stores, ecosystems of smart sensors collect valuable data about shopper behavior: the most popular departments, the best-selling products, and the time shoppers spend in each area. This is a series of information that has helped managers improve service, redefine environments, create new in-store flows, and run real-time promotional campaigns that take advantage of certain on-premise shopper movements.
Edge Computing
Data processing at the edge and in a distributed mode is one of the main allies of retail. With artificial intelligence, the edge solves important business issues such as responsiveness to customer requests (because data is analyzed locally, eliminating most of the delays) and data security, since data can be stored in shelving located in the stores themselves without having to be transferred to an outsourced cloud. . Another benefit comes from lower operating costs.
Data analysis
Whether from physical stores or online platforms, the use of these technological resources generates a large amount of data, which requires the implementation of intelligent software to integrate, consolidate, process and analyze this data. That is why, with the definition of metrics and delineation of behaviors, it is possible to allow the manager of the company to make more assertive and qualified decisions about the business.
Artificial intelligence
The use of algorithms on e-commerce sites is widely used and allows the detection of purchase intent and consumption patterns, which contribute to the creation of commercial strategies and a digital approach to customers.
Automation/Machine Learning
This may not sound new, but it is becoming increasingly important. This directly affects food storage and distribution processes, as robots make them more efficient and less costly than those managed by human employees.
Cloud services
Having a resilient and resilient data infrastructure is essential for retailers in the digital age of retail. Companies have to deal with possible fluctuations in demand, from the highest peaks during events like Black Friday to sudden drops in consumption due to economic crises. To optimize investment, ensure scalability and maximize the performance of an omnichannel platform, the solution can be to use public or private clouds, which also helps to reduce operational costs. This requires this type of strategy to be effectively managed in a process known as “cloud orchestration”.
If you want to increase the company’s revenues and also increase work efficiency, then we recommend applying the main trends of 2022-2023 in your business!