With time our lives have changed with the advancement of technology. Everywhere we go, we are surrounded by technology, such as our smartphones or ATMs, our cars have become reliant on ECU (Computer Units), and even our jobs where Personal Computers have taken over. How did Stores begin to change as Technology Advanced? But…

What about the Stores?

Well, the typical shoppers have also evolved over the past 10 years, since customers have shifted to the value of convenience and choice. With the internet and the ever-advancing technology, Customers have got choice and convenience as a package! Customers particularly Generation Z and the millennials have said that customer experience matters most among other things.

With this retail brands that provide positive customer experience have been making three to four times more than the companies that fail due to the lack of customer experience (Positive)

Advantages of Technology Advancements for Stores

• E-Commerce and Retail stores are being pushed closer

Customers have the convenience of moving from one store to another with a click of a button and customers tend to do their research jumping from one platform to another to find what they want. Then they can buy what they want by putting them on a cart (Not Physically) and then once they are done, they can pay for it either online or in cash on delivery.
Seeing this the Retail stores decided to give consistent services either on online platforms or inside their physical stores allowing them to give good customer experiences

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• Prediction for Demand has become simple

High fluctuating demand during the COVID-19 pandemic was very disturbing for retailers and shop owners as they could not get their hands over how much they should produce/buy to serve consumer needs.
By managing demand, the shop owners can ensure long-term customer retention since Customers can change stores when they don’t get what want from one. That being said only rich retail store owners could check the trends and demands using AI. However, the technology used to predict demand has evolved with the help of computer software allowing the prediction of demand has become simple!

• Key to differentiation – Personalization

Previously retailers used mailing lists and loyalty programs to personalize customer experience. But with the help of Artificial Intelligence and advancements through technology which helps us get a glimpse into what the customer wants helping retailers produce products that customers want.
Customers receive personalized promotions and recommendations based on purchases they had made in the past so in the future, technology could also be used to provide customers with personalized discounts while they are shopping in-store!
This helps brands influence purchasing decisions and differentiate themselves from their competitors who rely on a much standardized approach to conduct customer outreach.

In Conclusion all this

Technology has helped reap rewards for Retailers allowing them to start online stores which help them in a way to find their customers and their patterns of buying. But the advancement in Technology especially Artificial Intelligence and the internet gives the customers a chance to scroll around more allowing them to open doors to more products and better experiences.
As technology grows this helps broaden the horizons of consumer demand paving the way for Producers to come up with something new and special for all their customers whether it be a common product or it belongs to some niche. Besides the more choice we have the better it becomes since everyone can get a slice of the cake they deserve.