• Michael Needham, Chief Content Officer at Finturf


• 22.02.2022 11:00 am
#Contactless #Transactions

1. Cashless, Contactless Transactions

The ability to pay anytime and anywhere is one of the hallmarks of 21st-century retail tech. This is supported by a survey where 79% of consumers stated they would carry on with contactless payments even when the pandemic ends. Fewer people use cash in their transactions and opt to use their mobile banking, credit card, and even Buy Now, Pay Later solutions. 

Part of cashless transactions is the move to have cashier-less stores, too. Several major retailers have already secured self-checkout options in their stores, boosting productivity among store personnel and paving the way for more merchandise. 

Also, the time might come when consumers no longer need to carry cash or experience inconvenience by punching in PINs. With the evolving use of computer vision cameras and artificial intelligence, more contactless options will be available.

2. Modern Commerce Platforms

Recently, several commerce platforms have been modernized by tech to better address consumers’ buying behaviours. For instance, one innovation is the use of point-of-sale (POS) systems. 

POS systems automate transactions and track sales data, improving functionality and accuracy. For instance, POS systems let team members monitor inventory, revenue, and sales patterns. More specifically, data can be broken down by salesperson, location, day of the week, and even time of day. 

Additionally, internal software in retail allows for better, streamlined collaboration through group chats and in-app messaging. For instance, the software automatically notifies the staff when a shift is approaching, leading to improved accountability.

Another example of commerce platform use in retail is virtual try-ons. For instance, online shoppers can virtually try on clothing or visualize furniture in their homes or offices. It enables customers to make confident purchase decisions, which leads to a boost in sales and diminished rates of return. 

Finally, a recent development includes augmented reality shopping. This is another commerce platform that helps both retailers and consumers. For example, there are now apps that can help customers envision what their desired products will look like without the need to visit a physical store. Apple has utilized augmented reality shopping to allow customers to browse the newest Mac and iPhone models.

3. Enhanced Security Measures

Lastly, while it's great to do more with tech, security remains a risk for several consumers. It's a good thing that security has also improved in retail tech. 

More security options for holding a great deal of customer data are now on the rise. Security solutions such as improved IT network security and CCTV systems are available to protect businesses from vulnerability.  

For individual consumers, measures such as two-factor authentication are already standard industry practice. However, the upcoming goal of tech is to enable data storage online without added financial burdens or the need for additional resources. 

Tech It Up

On top of these three trends, customers now enjoy subscriptions that lead to improved brand loyalty. Another trend currently enjoyed is tracking technology, which helps businesses be more efficient, especially in their logistics.

All in all, with these and more accelerations in the digitization of retail, one can say that the trends are meant to last. With the help of machine learning and AI, as well as the expressed need of consumers to have better, personalized shopping experiences, the retail landscape has positively changed.