Retail technology – what’s ‘in store’ for the future?

By Admin

With the increasing popularity of online shopping, high-street stores are losing out. The rise of e-commerce is having a negative impact on many retailers who will need to evolve to compete with online businesses.

The high-street could be given a new lease of life if it became more technologically advanced through the use of innovative retail technology.

Retailers who fail to keep up with technological advances, risk losing out to both e-commerce and those retailers who are prepared to invest in the latest technology.

Products in the stores of the future could become ‘smart’ and ‘virtual’.

So what could be expected in the ‘store of the future’?

Radio frequency ID (RFID) tags attached to individual items used in conjunction with mobile technology, could revolutionise the supply chain and transform the payment experience.

As an RFID tag is unique it will be possible to detect when an item has been removed from the shelf, paid for, discarded somewhere in the store or taken out of the store without payment. Shop lifting could become a thing of the past for those high-street stores prepared to invest in retail technology.

With near field communication (NFC) chips, smart phones could become payment and store tracking devices. While in the store shoppers could be sent vouchers, product suggestions, information on special offers or loyalty rewards. The retailer could have the opportunity to tempt customers with special offers to boost sales.

Recipe suggestions from a ‘smart cart’?

The shopping carts of the future may be equipped with LCD screens or tablet PCs and a control panel. The ‘smart cart’ could then use RFID tags to scan items as they are added or removed.

In addition it is possible that the cart of the future could incorporate an item locator, suggest the fastest route around the store and even make recipe suggestions. Although perhaps a shopping cart is perhaps not best placed to help the nation decide what to eat for dinner.

Shopping from a ‘virtual shelf’ would end space limitations.

Shopping from the ‘virtual shelf’ could overcome a store’s space limitations. The idea is to have a touch-sensitive display with the store’s inventory, a smart phone using image-recognition technology could then scan and order the item. Virtual shelves could be located and accessed anywhere and not just in-store, allowing consumers to shop anywhere at any time.   

Waiting at the checkout – a thing of the past?

By adopting RFID tag retail technology, stores could end waiting in line at the checkout. If every item had a RFID tag, the smart cart could keep a running total and payment could be made using a smart phone at the exit. What could be easier for the consumer?

Investment in retail technology to enhance the shopping experience means a store being better equipped to compete with e-commerce.