These investments will reshape the purchasing journey for customers at every stage, including attraction, discovery, purchase, and post-purchase. Traditional business models will give way to omnichannel strategies that are fully integrated.
When planning their IT investments, brands and retailers must consider certain technological trends that will usher in a new shopping paradigm.
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Leverage AI to improve the customer experience
A real-time contextual customer journey model is now being pursued by approximately 25% of retailers. They accomplish this by leveraging artificial intelligence (AI) to dynamically optimize customer journey experience options while fully automating the selection and delivery of individual customer offers across all available interfaces. Data consolidation and data processing are thus critical steps that retail organizations must address on a regular basis in order to secure a connected and contextual customer journey while improving marketing and merchandising capabilities.
Virtual reality in retail
The popularity of the metaverse has skyrocketed in recent months, and it has already permeated the retail industry, including apparel and footwear, prompting retailers to recognize the importance of developing virtual reality capabilities before implementing it. As a result, retailers who have yet to invest in the development of these technologies should do so in the near future in order to remain competitive and secure a place in the future metaverse.
Sustainability IT and retail
Improving operational efficiency and costs, improving brand reputation, and creating business value through differentiated products or services are the top factors driving retailers' sustainability initiatives.
Technology is inextricably linked to factors influencing retailer sustainability, as IT is the primary enabler in this process, with software vendors best positioned in retail to implement tech solutions that support their sustainability programs.