Best Retail Technology for 2022

With COVID-19 continuing to change the way we shop and consume,  as the owner of a retail store, it's more important than ever to stay hot on the latest technological advancements in the retail industry, in order to align with reformed customer demands and ultimately stay in business post-pandemic.

That said, if you do find decoding technology difficult, don't stress, we've compiled a list of the best retail tech for 2022, to help you revamp your retail offering. 

What is retail technology?

Retail technology includes any software or hardware that helps streamline the retail shopping experience for both customers and businesses. That might include anything from customer relationship management (CRM) software to eCommerce platforms.

While an extensive range of retail technologies does exist, the best ones for your business will ultimately depend on your personal business goals, and most importantly, your customers. Are they looking for a quick and easy shopping experience? Or are they looking for more personalized service?

Once you know what your customers are looking for, you can start to narrow down specific technologies that will help you both, meet their needs, and run your business efficiently. Read on to discover the best options 2022 has to offer:

POS technology

Considered generally to be the most effective technology for retail businesses, Point of Sale (POS) technology helps improve the overall efficiency of your retail store, using mobile devices like portable card readers or tablets to streamline the checkout process for both customers and businesses. Although some businesses do have stand-alone points of sale, POS software works best within an automated POS system. 

While a range of POS systems is available on the market - cloud-based systems like Epos Now’s Complete POS solution, are becoming increasingly popular with retailers, as they offer a number of advantages over traditional systems, which include remote access, automatic updates and synced omnichannel data for effective inventory management.

Additionally, acquiring POS hardware accessories such as mobile card machines and receipt printers, allows you to spend less time pinned to a point and gives the opportunity for better customer interaction and upselling.

Omnichannel offering 

It’s easy to confine the instating of retail tech to physical stores, but what about online shopping technology?

Currently one of the most popular retail/ e-commerce technologies, omnichannel baskets allow customers to browse and purchase items from multiple channels simultaneously, (e.g. in-store, online, through a mobile app) and have those items delivered to one central location.

This technology will enable your retail company to provide customers with a consistent shopping experience, no matter how or where they choose to shop. This is not only good for business, but it's also great for building customer loyalty.

According to studies, 78% of consumers have admitted that they would be more likely to purchase from a retailer again if they had a positive omnichannel experience, so this technology is definitely worth considering for your business [1].

VR

While it might sound like something straight out of a science fiction movie, virtual reality (VR) is actually becoming increasingly popular in the retail sector.

Many businesses are using VR  to give customers an immersive, 3D shopping experience that they can enjoy from the comfort of their own homes, whether that be a virtual tour of the store, or even "trying on" products before they buy them. 

While this technology is still in its early stages regarding retail, considering the global VR fitting room market is forecasted to grow to over $12b by 2028, virtual reality is definitely a good consideration for your business's bottom line [2]. 

Cashier-less shopping

Another in-store technology on the rise is cashier-less shopping, which as the name suggests, is a system that enables customers to shop without having to queue at a traditional till point.

This technology uses a variety of methods to track what items customers have taken off shelves and put into their baskets and then charges them for those items accordingly. Using sensors and cameras or apps and RFID tags to track items.

While this type of technology is still in its early stages, it's definitely one to watch, as it looks set to change the retail landscape as we know it. While self-checkouts are already a popular choice of technology to increase efficiency across the retail industry, going cashier-less can also free up staff to provide a better in-store experience.

Beacons

Another top retail technology is in-store beacons. These nifty little devices are installed throughout a store and use Bluetooth Low Energy (BLE) technology to send push notifications, promotional messages, and loyalty offers, directly to a customer's smartphone as they browse. For example, you might use in-store navigation to provide customers with turn-by-turn directions to the product they're looking for.

Not only does this allow you to target customers with highly relevant content (thereby increasing sales), but it also provides valuable insights into customer behaviour, which can be used to improve the overall shopping experience.

Contactless payments 

Especially poignant post-pandemic, contactless technology is a great way to tap into your top profit-earning potential. This type of payment uses NFC (Near Field Communication) technology to enable customers to make card payments (debit or credit), without the need for cash. 

Contactless allows for a more efficient flow around the till; And considering customers' concerns over the last two years, this also minimises any unnecessary or unwanted contact with the cashier, and creates a more comfortable customer experience.

Augmented reality

Similarly to VR, augmented reality (AR) is another technology that is making waves in the retail world. AR allows businesses to overlay digital content (e.g. images, videos, text) onto the real-world environment, thereby giving customers a more interactive and engaging shopping experience. 

For example, you might use AR to give customers a virtual try-on of makeup products or provide them with step-by-step instructions on how to assemble furniture. The possibilities are endless, and with the global AR market set to reach $198b by 2025, there's no doubt that this technology is here to stay [3].

Digital receipts

Digital receipts are another retail technology that's on the rise. This type of receipt is sent to a customer's email address or mobile phone after they've made a purchase, rather than being printed out in-store, and using them has many benefits both for businesses and customers.

For businesses, they offer a more efficient way to process transactions and eliminate the need for paper receipts. For customers, they offer a convenient way to keep track of their spending and store purchase history.

Another advantage of digital receipts is that they can be easily integrated with loyalty programs and gift cards, making it easy for businesses to track customer spending and reward loyalty. If you're looking for a more efficient and environmentally friendly way of handling receipts, then these are definitely worth considering for your business.

Retell retail with an award-winning POS system 

Point of sale systems are the backbone of retail businesses for a number of reasons. Designed to work as a complete business management system, Epos Now allows you to control all aspects of your company from one cloud-based system.

• Review auto-generated profitability reports based on individual product performance, trending items, best and worst sellers.
• Multi-award-winning inventory management that syncs sales across multiple channels and ecommerce platforms. 
• Customer management systems that save customer contact details and shopping preferences for more targeted marketing.
• Integrations with over 100 apps including marketing, accounting, bookkeeping, and loyalty program apps.