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Retail is a slayer industry where success relies on how well a firm performs in today’s competitive marketplace. Therefore, to stay upfront, retailers now are considering and utilizing technology to get better outcomes.

A Chicago-based retail technology consultant, Jim Dion, who realizes the importance of retail tech and suggests that high tech innovations help retailers to stay competitive in four key categories – convenience, price, size, and speed.

There are several technologies companies in retail space have yet to embrace, including robotics, drone delivery, e-commerce anti-fraud tools, blockchain and bitcoin, and virtual or digital assistants. Robotics, for instance, is one of the hottest technologies for retailers, as several retail companies expanded their use in supply chains. But retail technology is about more than robots.

According to the market reports, the global smart retail market is predicted to worth US$58.23 billion by 2025, up from US$10.74 billion in 2017, growing at CAGR of 23.9%. Additionally, global retail tech spending will increase to $203.6 billion in 2019. With this growth, traditional retailers need to integrate smart retail technologies to bring their customers back.

Here’s 5 best retail technology trends to watch in 2019.

Augmented Reality

Customers today can experience a new way of shopping by using augmented reality (AR) technology, as brands like Target, Lowes, and Amazon have introduced AR features into their business. It enables shoppers to visualize anything before purchasing. Retailers are utilizing this technology to fill the tie the rope between digital and the physical. Recently, Walmart Labs created an AR-based product comparison scanner for its mobile app that can be used in-store to scan entire shelf sections to compare product details, instead of using a barcode scanner to look up products one at a time.

Product Customization

Customization allows shoppers to buy a product personalized specifically to their needs and style. It might be most precise to define it as the intersection where various forms of on-demand manufacturing technology meet the requirement for more personalized shopping experiences. By product customization, customers should get more control over their product selection. For instance, Levi’s, a clothing brand, provides personalized embroidery on jeans and denim jackets, while NIKEiD enables shoppers to entirely customize their sneakers for a truly unique pair.

Visual search

Visual search lets shoppers find and buy a product just by snapping a photo. Afterward, the artificial intelligence-driven technique works here perfectly in identifying the product or similar ones across multiple sites in just a click. To take advantage of visual search, retailers must ensure that their visual assets are state-of-the-art and current, which makes it easier for customers to find and purchase what and when they want.

Point of Sale (POS) System

The POS system can be a time saver and money maker for retailers. It tracks all the sales a company do, so they can easily see at any time how their business is going. A good POS system replaces a company’s cash register. Though, it's difficult to decide where to even start talking about POS software because it can perform several things and assist retailers by radically improving their customer service; simplifying and enhancing inventory management; advancing the effectiveness of their marketing efforts; showing where a retailer making and losing money, and making adjustments and increasing profits; and saving huge amounts of time by automating bookkeeping and myriad other retail tasks.

Beacon

Beacon is an intentionally conspicuous device designed to lure attention to a specific location. Beacon technology is a small Bluetooth device that sends alerts to smartphones based on location proximity. With the help of this technology, retailers are better able to meet customers’ needs and create a more unified online-to-in-store experience.

For instance, if a shopper walks into a store and peruses the shoe display, and suddenly his/her phone pings. And what he/she will see the same red heels they have been eying online are now on sale, with 20% off. There are many retailers such as Macy’s, Urban Outfitters, CVS, Lord & Taylor, Target, Timberland, and several other major retailers are already utilizing beacon technology to take their shopping experiences to the next level.