There’s no doubt that emerging technologies are changing the retail industry right before our eyes. With a greater focus on building positive, high-converting customer experiences (CX), retailers are seeking innovative ways to help them reach their goals faster. But with so many new tools flying around the world of retail technology, it can be overwhelming to identify which are worth the spend and which are fleeting buzzwords.
To help you determine which retail technology to invest in, we’ve put together a list of the most popular emerging retail technologies. To identify recurring trends in the industry and how brands are using these tools, we partnered with World Business Research (WBR) and eTail on a comprehensive survey of over 100 retail leaders. You can find the full survey results and more information about retail technology trends in our guide, Emerging Technologies in the Retail Sector.
Keep reading to learn more about the three most popular emerging retail technologies: payment technology, augmented reality (AR), and Internet of Things (IoT) sensors or “computer vision.”
Having a reliable way to receive payments is a core part of any business—so understandably100% of the retail leaders in our survey reported leveraging payment technology. However, just because payment technology is a foundational element of the retail buyer’s journey doesn’t mean there hasn’t been innovation within the category.
According to our survey, 61% of retailers now offer shoppers the option to “Pay by bank” and 55% offer digital wallets. Giving consumers a broader set of payment methods to choose from can reduce the chance of shopping cart abandonment and create a more seamless checkout experience.
Augmented Reality (AR)
Once a novelty, AR is now the norm in the world of retail as evidenced by the 89% of survey respondents who stated that they leverage the technology. Although there are many benefits to incorporating AR into your website experience, one that’s particularly exciting is AR’s ability to reduce returns. Because shoppers can see your products in their own homes, or even on their bodies in the case of apparel or cosmetics—they’ll have a better sense of what they’re buying before it arrives.
If you’re looking for more innovative technologies that can help reduce returns check out our blog: 3 Ways eTailers Can Combat Returns.
Internet of Things (IoT) sensors or “computer vision”
96% of survey respondents stated that they use IoT sensors or “computer vision” as part of their retail strategy. By gathering and applying data from IoT devices, retailers can gain a deeper understanding of shoppers’ needs and buying patterns. McKinsey reports that of all of the retail applications for IoT, self-checkout and marketing personalization are slated to generate the highest economic value during this decade.
While payment technology, AR, and IoT sensors are the most popular emerging retail technologies in 2023, they are far from the only ones shaking up the retail sector. To find out how technologies like artificial intelligence (AI)and blockchain stack up against the ones outlined in this blog post, be sure to download Emerging Technologies in the Retail Sector. Not only does this report reveal all of the top retail tools for 2023 but it also explains how they support the various trends shaping the world of retail.
Download Emerging Technologies in the Retail Sector today!