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Retail 2020 | 5 Technologies that will change the way you shop

Retail 2020 | 5 Technologies that will change the way you shop

Retail shopping will change more in the next 10 years than it has in the last 1000 years. Everything will change, stores will behave more like websites and websites more like stores. The fundamentals of what a store is its purpose and function is already changing These are the five biggest technologies that will affect your shopping experience Increasingly retailers are using beacons to enhance in-store experiences while simultaneously bridging your physical and online experiences Beacons are small wireless devices that transmit a continuous radio signal. the signal ID is detected by smart phones They send the ID to a cloud server the server can then push targeted content to the device Bluetooth Low Energy ble is a technology behind beacons and it provides a device location on a very micro level Down to a single stall aisle for instance. This means that if you have opted in retailers will be able to gather data not only on your movements, but also be able to push content to your device. Say you’re walking past your favorite department store and they’re having a sale with a beacon nearby your phone could alert you to the sale From a retailer’s perspective the data collection aspect of beacons is arguably more important in sales They will be able to use the information to better segment customers and advertise accordingly Stores like Macy’s and Barneys have already deployed beacons Retailers are no longer content to identify us via swipe of a loyalty card at the point of sale They want to identify us as soon as we enter the store. The iPhone X has helped to normalize facial recognition and using this technology Retailers aim to provide a customized experience. The technology, which uses over 16,000 reference points on your face, was originally designed to support security and events and international airports by using facial recognition Systems retail staff will know what type of products you buy and what your average spend is, so they can give more love to higher spenders They’ll be able to use software that reads emotion to identify when you are frustrated and notify staff to respond of course The staff that do respond may not be your typical human employees meet your new robot shopping assistant Hello, I am Oshbot, what are you looking for today? Robot assistant technology already exists and can greet you in multiple languages They have built-in 3d scanners with image recognition software to identify items and navigate the store to guide you to the product If you have an out-of-the-box question that is beyond the robot and it can start a video conference with a human The robots are not limited to customer interaction and will also move into the supply chain which robot said check stock Find pricing errors and items have been this place These robots are intelligent enough to navigate existing stores and move around customers The data these robots gather is compiled and analyzed to provide improvement recommendations Traditional mirrors are out and smart displays are in. Using artificial intelligence, virtual reality and gesture recognition technology the mirrors can superimpose clothing over your on-screen image. In effect, the mirror becomes a virtual changing room where you can create complete outfits without ever getting undressed This technology allows you to see all items even items that are not in stock and try and dozens of different combinations To see what the same item would look like in a different color Just swipe your hand. You can even share your virtual picture on social media So your friends can give you advice before you buy that new jacket. OakLabs has a similar product for fitting rooms When you walk into a fitting room the mirror comes alive with all the items you have using RFID You can request other sizes cuts and colors with the display and an alert is sent to sales staff to deliver the product to you using Big Data the sales staff can also bring in additional products that other customers typically buy with those items Essentially this brings the ease of online shopping into the tangible world of retail. Retail stores can use this technology not just to measure average time in the fitting room, but also which items have the highest conversion rate After robot support and interactive displays comes the payment process Self-service checkouts have existed for over a decade, paying with your phone or watches newer but we will see the rise and fall of this technology The future of payments is you walking out of the store with your items automatically being scanned and the total being charged to your account Amazon already has shops that identify you as you enter and automatically charge you as you leave. No need to scan any items Payment in the future will have no queues no checkouts and no hassles Hi everybody, Alex here, come into you from Singapore Airport as I wait to catch my midnight flight home I really hope you enjoyed the video. Learning about technology, and how its shaped in the future is something. I really enjoy doing If you want to support my channel you can get engaged by leaving a comment give me a thumbs up subscribe And sharing just engaging with the channel. Thanks for watching

57 comments on “Retail 2020 | 5 Technologies that will change the way you shop

  1. That beacon idea sounds so annoying. I’m sure their going to find a way around the consent. I’ll have someone text me the word Macy’s or some chain restaurant name and next thing you know I’m seeing adverts for them on Instagram and google! They’re invading way too much of my privacy just to push content to me that I don’t care about.

  2. Increasing Adoption of Smartphones
    Growing Need for Better Customer Services and Shopping Experience
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    Emerging New Technologies Creates New Revenues for Retailers

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  3. Back to the reality, if you want cardboard display to help with your retail business, welcome visit, or our channel

  4. Wow… the fifth technology, is so convenient, at first glace is like getting something for not paying it but today, this makes retail shopping even more awesome.

  5. Transformative technology will have such a big impact on the way customers shop – and the way retailers conduct business. Adopting this new tech, in some capacity, will surely be demanded of business owners.

  6. There's something wrong underlying all this. De-humanizing so much some processes might actually hurt sales. Plus, people like to talk to people for a solution-based approach to selling. So, as much as this is cool and all, there's no universal applications. Like Nordstrom would stop being Nordstrom if it loses their personal shoppers.

  7. I've been working Retail for 11 years selling Men's Clothing and I can tell you from experience that most customers want to be assisted by a live human being.

  8. nobody watches those ads anymore as they are all the same…..since 2000 nothing really amazed me…..waste of money…..

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  10. I'm not a materialistic or big capitalist twat but I'm tired of shoplifters ruining my work experience. We can't do anything about them and they leave dirty old clothes in our store while stealing the new stuff. I want a store that uses facial recognition to deter theft. In the case of grocery stores, facial recognition could be used to ID people who steal necessities like food and diapers to send them coupons and resources to obtain these items cheaply but legally.

  11. I’d like to browse in a store then scan the item with my phone to maybe buy later. I want the beacons to help me find things so I don’t have to wander around the store. I want to be rewarded if I am a good customer. i want to be able to get instant feedback to the store through the app. I want to know what song was playing over the speakers, and maybe vote for which song is played next. I want to see where associates are in the store on the map and summon or call them through the app. I want to instantly pay for items from a roving associate and not wait in a long line. All of those ideas don’t involve bugging me. They are about making my life easier.

  12. Beacons are pretty cool… Never heard of them until I seen this video. I can see it being very beneficial but a lot of small businesses will rely on this and like we've been seeing, the standard for customer service will decrease. I can see them helping gamification etc.

    I do think there is a LOT more that can be done with just your regular employees. Yeah, delivering discounts straight to your device is cool but it lacks that human touch that you would only get from a member of staff.

  13. Future seems to be becoming ideal for introverted autistic people. We don't need robots, we need better customer service, better paid employees.

  14. This video is very usefull. Can you make another video about new issue of retailing. Because i am interested about retailing and i work at retail bussiness

  15. I thought he said they are going to use "bacon" to enhance the shopping experience. I figure that is likely to work. 👍

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