With the implementation of 5G in main cities across the UK, there is no doubt now that new retail technology is set to change the way we shop. The International Data Corporation (IDC) predicts that by 2050, nearly 60% of the global population will be living in SMART cities as both AI and IOT technologies are set to drastically reinvent the retail sector and how consumers purchase products.
Historically, the retail sector has been driven by data. Retail data has enabled retail businesses to analyse sales, customer behavior, carry out surveys and forecast future trends. This method of working is set to expand even further as retail data findings continue to play a crucial role with their customer engagement.
Our smartphones are such a critical link for retailers by connecting with us 24/7 and so it is anticipated that through new retail technology retail business could tailor services and discounts to offer us promotions and specific product brands more personally, based through our own customer profile data.
Embedded with SMART tags, products of the future will not only be able to be tracked through their supply chain but will also have protection beyond the store’s walls. With this new retail technology, products could have the ability to be tracked and together with law enforcement could be traced to thieves’ addresses, thus reducing shoplifting offences.
Today self service counters are a familiar site in stores, especially in supermarkets and within smaller retail chains. However some retailers like Amazon in the USA and Unboxed in Singapore are now taking it to the next level in trialing stores whereby customers don’t require a checkout facility. Powered through IOT technology, products are scanned by smartphones and placed directly into the customer’s shopping bag. As they leave the store, the total payment is debited from their bank account.
New Retail Technology is changing the way we shop
Whether you are ready to embrace or not! SMART cities are coming and new retail technology will open up many avenues by evolving the way we purchase products in the future.
Supporting online retailers across the UK, Crendon Insurance Ltd provides online retail insurance to companies who manufacture goods and those that store or carry stock through means of dropshipping insurance, importing and exporting insurance. In addition, we also offer valuable protection in the form of technology insurance covering IOT, cyber security and AI. To find out how we can tailor and insurance solution to individually protect your retail business, please contact our team or see our online retail insurance website page for further details.
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