My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Retail

How Retail & Technology are Proving to be a Hit Mix

Here are a few ways how technology has mixed with retail to give the world a new dimension
How Retail & Technology are Proving to be a Hit Mix
Image credit: Shutterstock.com
Feature Writer
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Retail is not a traditional activity involving some business transactions. It has become a multi-layered activity which now also involves technology. Technology has changed the way retail is structure and operated. Here are a few ways how technology has mixed with retail to give the world a new dimension.

Augmented Reality

One of the newest things to join the retail industry is augmented reality.  Neeraj Singh, Director of KPMG, says that now augmented reality has entered Indian retail to give Indian millennials the larger-than-life experiences they are looking to participate in. he says, “Ikea is a good example to look at. I can settle my furniture in a virtual environment on my floors, on my walls. That’s the experience we want! The fun is to tap into this experience, convert it and create something absolutely innovative!” He also added that India is the place to be right now as far as the retail sector is concerned.

Artificial Intelligence and Machine Learning

Artificial intelligence has taken over the world by storm. Countries are looking to make strategic investments so that the world at large benefits from what this miraculous arm of science has to offer.

Use of AI is expected to increase more in this year feels Nikhil Gupta, Founder and Director of All-In supermarkets. He says, “From startups to renowned brands, all are focusing on e-commerce along with physical stores presence. Having said that, a huge junk of masses still love experiential purchase and hence physical stores will be a major point of purchase.”

The trends and their success amalgamation with retail don’t end at artificial intelligence. The retail sector is well accruing the benefits of data analytics and machine learning as well.

Aneesh Reddy, CEO and Co-founder of Capillary Technologies, says, “AI and ML in retail help brands reduce the dependence on data analysts and drive effortless decision making. With AI, retail brands can automate targeted campaigns to offer personalized services to every customer.” He also added that at the moment of interaction, AI with the help of historical customer behaviour tweaks customer experience right from first touch point to the entire journey.

Till a few years ago, people would not have even thought that a mix of retail and technology is possible but the time demands it nevertheless and the world has embraced seems to have embraced it more than ever. 

More from Entrepreneur

David provides constructive insight to help businesses focus on their company growth, build brand awareness and know when and how to raise money.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.

Latest on Entrepreneur