Posted on : 2022-11-06 20:27:17
Article : Good morning, Management Solution for TASK 215- The world of today has turned into a global village; consumerism is having a huge impact on the contemporary retail business, and technological advancements have created opportunities as well as several challenges for the retail industry.
The world of today has turned into a global village; consumerism is having a huge impact on the contemporary retail business, and technological advancements have created opportunities as well as several challenges for the retail industry. With the advent of the internet, the growth in the retail industry has been impressive due to the benefits of the economies of scale and also the expansion of business across the geographical boundaries at B2B and B2C levels.
Technology can be used in various ways: for experiential purposes, appeal to mobile users, to increase convenience for shoppers, to make them feel safer or to promote a retailer’s online presence. Many of us see or know on the developed technologies using AI and ML for convenient shopper instore shopping experience with touch screens informing on product location, SKUs availability, prices and offers. In jewellery segment magic mirrors are placed in the counters where the visitor can touch the screen and enjoy virtual wearing of the ornaments available in the outlet, probably this may turn the visitor into a shopper. In a way brand promotions are becoming easy in all segments of product retailing. The technology usage is highly utilised to widen their consumer strength. Here below we have discussed on certain brand stores and their technological marvels.
M&S became the first UK food retailer to incorporate on-the-spot payment in its stores in late 2020. “Pay With Me” allows customers with a small number of items to check out with a M&S staff member while they are queuing, rather than having to wait for a self-service or manned till to become available. A hand-held device controlled by the staff member is used to take contactless payment for the items, freeing up long queues to make the store less crowded and ultimately safer for those shopping in-store during the pandemic. Apple Pay is also accepted by the devices. This technology has been rolled out to 200 stores so far as part of its wider effort to make shopping at their brick-and-mortar stores more efficient, convenient and safe, which includes being able to book an in-store shopping slot online in advance.
Harajuku, Japan, is home to the first Lush store that uses the #LushLabs app as the primary source of product information and in-store interactivity. The store opened in late 2018 and is dedicated solely to the sale of its many different bath bombs, which are displayed in all shapes, colours and sizes neatly on shelving units around the edge of the retail space, as well as on sushi-style conveyor belts. Shoppers are invited to select bath bombs that appeal to them by scent, visual appeal, or both, and then scan the product with the Lush Lens (a feature of the #LushLabs app).
Scanning the bath bomb with mobile will reveal more information including its name, ingredients, properties and benefits, and visuals showing how it will dissolve in bathtub. This is in place of the in-person demonstrations and black chalkboards commonly encountered in Lush’s other brick-and-mortar shops. Knowledgeable staff are also on hand to answer any questions and make recommendations if you’re looking for something in particular. The Harajuku store is also completely packaging free, or ‘naked’.
July 2020 saw the opening of Burberry’s first social retail store in China’s tech capital, Shenzhen. In partnership with Tencent, Burberry hopes to capitalise on both the region’s love of luxury retail and social media; combining the two to make an immersive and interactive experience. As users interact with a custom mini-programe within the WeChat app, for example booking appointments, learning more about certain products and sharing their own UGC, they accumulate a virtual social currency. This currency is then used to gradually hatch and evolve an animal character on the shopper’s mobile screen while they are moving around the store – a fun and adorable way of gamifying the store experience and rewarding customers for their engagement. As is common in China, QR codes are also utilised extensively. Clothing rails and other displays include dedicated QR codes to scan in the WeChat mini-programe to help customers find out more about the collections and explore visually-rich storytelling.
End point- After the shock of the coronavirus on brick-and-mortar retail, stores have to work harder than ever to compete with each other and with consumers’ increased appetite for ecommerce. One way of doing this is to use technology to create immersive experiences that will encourage consumers back in-store as the world reopens.
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