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After the advent of COVID-19, the’ tech trend’ has become the new buzzword. When myriads of novel businesses make their way into an industry, it becomes difficult for traders to survive this competition and become successful. Therefore, every aspiring entrepreneur should observe his field diligently for new trends and, if possible, come up with his own innovative ones. Retail Industry is an umbrella term that includes many businesses under its shelter. Tech Trends vary for different businesses, and one has to be aware of the trend which is predominating his own trade. Keeping an eye on ‘tech’ Trends can substantially influence the revenue, approach of customers, and the overall development of the business.
Data Analysis:
A well-knit plan is of no use if it is not executed well. Therefore, the retailer should analyze every aspect of his business, including- customer demand, market value, and the company’s performance. After scrutinizing every aspect, the trader would get a glimpse into the ways to minimize cost, maximize profit, and optimize his business. The entrepreneurs should also look into the safety of the workers and make necessary amendments if needed.
Digital Wallets:
This customer-friendly payment strategy began ruling entire Europe by proliferating to almost 20,000 stores. This Technological boon which is also called an electronic wallet, is a recent retail advancement that assists users in conducting financial transfers on a mobile phone. This wallet is highly secured by strong passwords, and this saves the customer the pain of carrying cards everywhere. Only the account information of the card is needed to conduct a transaction.
Smart Home Devices:
Voice Search has become very prominent nowadays since it is time-saving and enjoyable. This vogue which became the predominant trend in the US, has been anticipating an immense rise in smart applications. According to Plain Concepts, “By 2025, the US is expected to have more than 77 million households with smart home devices.” Therefore, this can substantially escalate the prospects of the retail industry.
Bluetooth Low Energy Applications:
This strategy is chiefly used in stores that occupy vast regions. The beacons which are used in this technique help the traders to spot the exact location of their customers and thereby help the shopkeepers to provide personalized attention to the consumers. This also aids the retailers in tracking the customer’s progress and supplying them with discounts and incentives according to their past activities.
All of these advancements, which work with the help of artificial intelligence, revolutionize the retailing sector. This can increase revenue and also enhance customer satisfaction.
