In the technology space, these rapid advancements translate to digital transformation. It brings about potential new business models; streamlining operations and improving functions of the existing system. Retailers have quickly tried to catch up to these changes in order to more efficiently conduct business. As retail processes evolve, so does the customers’ journey.
Customers are now clamoring for personalized shopping experiences, whether online or on site. This provides the impetus for retailers to think beyond a singular technology and adapt an omnichannel approach to guarantee a personalized shopping experience for all customers. The tools, systems, and applications that are revolutionizing the retail industry include Big Data Analytics, Location-based services, mobile apps, IoT, AI, AR & VR, and fintech. These are the system accelerators and revenue boosters in the retail industry.