Topping the charts in tech innovations for 2019, 5G internet, smart devices, and chatbots are making waves in the tech industry. Although these chart-toppers are expected to change technology as we know it, there’s even more to expect for the retail industry.
To meet the demands of what’s trending, the growth of the social media influencer and the era of lightning-fast product delivery, fast fashion retailers are attempting to boost productivity across the board. What can we expect in 2019?
A Focus on Improving the Customer Experience
For fast fashion retailers wanting to stay competitive, an improved customer experience should be a top priority. In fact, 86% of buyers are willing to spend more for a great customer experience and 65% of buyers find a positive experience with a brand more influential than great advertising.
What makes a great customer experience? Your customers simply want to be taken care of, fast. With the tech innovations available to us, it’s easier than ever. Chatbots can help customers get answers to their midnight questions and mobile wallets allow customers to skip the checkout line.
The bottom line is this: if it saves your customer time when getting what they want, you’re on your way towards an excellent customer experience.
The Rise of AI and Machine Learning in Retail
Artificial intelligence and machine learning techniques aren’t necessarily new tech innovations. But, they’re now assisting retailers in lowering production costs while boosting profit. Most consumers are searching for the highest quality and most affordable fashion products on the market.
To bring the consumer the best of both worlds, retailers are beginning to use customer data to create clothing that they actually want. Instead of producing mass quantities of low-selling product, they can create products tailored specifically to their customer, generating demand and reducing costs.
AI, machine learning and big data even go beyond the “now.” Predictive analytics can be used to predict trends before they occur, placing retailers ahead of the competition and consumers ahead of fashion trends.
Voice Commerce Will Make Fast Fashion Faster
Although it seems impossible, it isn’t. Now, shoppers can walk into a local mall or visit a website and purchase high fashion products on a budget. Even with seemingly instantaneous purchasing, retailers are trying to move even faster, using voice commerce.
Around 20% of consumers have bought a product using a voice assistant, such as Alexa or Siri. Although voice assistants are gaining popularity, there’s still a need to see a product before you purchase. AI platforms such as Voysis are transforming catalogs into voice apps that help consumers search, filter, and add items to their cart using their voice.
Stay Ahead of Tech Innovations
Voice commerce, AI, machine learning and the customer experience are tech innovations changing the retail industry. As an innovative retailer, are you evolving along with it? To learn more about what you can do to stay ahead, get in touch today.
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