In 2014, Forbes released an article detailing the 10 Technology Trends That Will Revolutionize Retail. Here at Indusa, we compiled our own list of technology trends in the retail industry. We complied numerous sources and our own experience into one simple post for your enjoyment.

Mobile Payments and Biometrics

Mobile payments allow customers a speedy and secure checkout at their fingertips. Simply tap or scan your mobile phone and you’re good to go! With companies like Starbucks, Apple, and PayPal leading the charge with this technology, it’s only a matter of time until physical wallets become obsolete. A similar concept is biometrics for easy identification. Apple is once again pioneering this field by creating its TouchID system. This tech allows users to unlock their phones or enable purchases simply by scanning their fingerprint. 

Mobile Coupons

With more and more retailers turning to online coupons and mobile apps, this new technology is slowly but surely making traditional coupon cutting a thing of the past. EMarketer predicts that by 2016, nearly half of all US companies use mobile coupons for marketing purposes.

Bitcoin

While the stability and usefulness of this crypto-currency is still debated, it’s working its way into tech and the rest of the world with major retailers such as CVS, Amazon, and Overstock.com now accepting Bitcoin.

Cloud Computing

The cloud is changing the way retail operates. The Wall Street Journal reports that cloud technology has numerous uses in the retail industry, including streamlining supply chain, creating an omni-channel experience for customers, and revolutionizing how customers are checked out with mobile technology. It allows for easier global expansion as well, with all members of all teams having access to the same information – regardless of their location.

Big Data

More and more retailers are focusing on collecting and analyzing data about customers with the thought that unraveling how shoppers think and feel is a surefire way to grow business. Tech companies like Prism and Emotient are working to analyze everything from where you walk in a store to how you feel when looking at an ad, while department stores are using big data to entice customers. With its seemingly unlimited potential, customer analytics is sure to be a top trend in years to come.

Customer Relationship Management

While CRM software isn’t a new invention, these platforms are evolving and becoming more of a necessity than a luxury for any business. CRMs now have the capability to do everything from managing your vendors and distributors through a single system, to simplifying the sales process in-store while providing improved customer service through the web. With new social listening features, most retailers now have hands on access to digitally manage brand image and loyalty.  As you can see, a CRM is an essential tool for retailers to successfully manage all aspects of their business.

Social Media

With social media you can monitor and respond to customer complaints, concerns, and questions, you can promote and manage your brand image, and now you can even sell your products. Pinterest recently announced its “Buy” button which will allow users and potential customers to purchase items directly from the app.

Improved In-Store Experiences

Whether it be an in-store kiosk or in-store mapping retailers are looking to simplify the process of finding their products. Tech savvy stores are now telling customers exactly where everything is and how to purchase it. 

Beacon Technology

In the same vein as improving the in-store experience is beacon technology. Using beacons, retailers can harness data from shoppers’ phones in order to process payments and promote in-store deals – while generating valuable analytics at the same time. According to Econsultancy, this data is sent via Bluetooth, so it can be processed even without an internet or data connection.

The Technology of Tomorrow

There is a mountain of tech out there available to the retail industry and with new innovations coming practically every day, it’s only a matter of time until the next “big thing” gets released. While it is impossible to say when the next game changing POS system will be released or when augmented reality and 3D printers will become commonplace in stores – it’s only a matter of time.