If it is one thing that is clear, it is that the future of retail involves technology.
When you put tech and retail together, it makes for a disruptive duo that has the ability to transform brick and mortar stores as we know them.
These tools include, but are not limited to, virtual reality, dressing room tech, kiosks and shelf monitoring. We’ve seen big brand names incorporate some tools into their budgets, such as Walmart, Lowes, and Target.
“While investors have balked at those costs, it appears that Wal-Mart is spending ten times that much to boost its digital efforts. The retailer has said it plans to spend $2 billion on e-commerce by the end of 2017 and pledged to develop its online grocery business. Wal-Mart is also among the companies looking hardest for top tech talent.” Retaildive reports.
This proves that there is big promise in the world of tech startups that target retail operations. Tech startups are emerging that creates in-store technology that enables retailers to collect data in order to create a more customer-centric experience. These companies have a variety of focuses, but one goal in mind: digital transformation.
These companies have optimized the potential these stores already have by using different tools like cloud-based software and mobile apps. All in all, these startups are helping retailers revolutionize how they carry out tasks.
As stores begin to integrate new tools into their operations, it is important for retailers to be familiar with the tech startups that are at the front line of technology and retail, working behind the scenes to make sure things go smoothly for business professionals. You’re welcome, Walmart!
Let’s take a look at the new frontiers of retail technology.
InContext Solutions helps stores integrate virtual reality into their operations.
“Virtual reality allows you to ideate winning concepts, evaluate your ideas by testing them with real shoppers to gain insight into real-world performance, and activate your new concepts in-store.” InContext Solutions reports.
The virtual reality solutions offered through this platform include tools that will further enhance shopper intelligence and in-store activation by understanding shopper behavior. The mission of this company is to give retailers and manufacturers an edge over the competition, as well as increase sales.
InContext Solutions reveals how customer carry out purchasing behavior, which gives retailers an idea about what to put on their shelves.
By using test shoppers, retailers are able to evaluate what will work for them, and what will not. InContext Solutions has worked with Walmart, Walgreens, and Wendy’s, to name a few.
“We are Oak, we are transforming the in-store experience.” That is the quote you see once you enter Oaklabs’ website. It gives you a clear insight into what the mission of this transformative brand.
Oak Labs works to make retailers physical appearance innovative, and technology driven. Oak Labs focuses on creating dressing room tech, a digital transformation trend that has made a huge impact in the world of retail.
The goal of this tech company is to bridge the gap between digital and shopping, to transform the way shopping is conducted forever.
The products offered by Oak Labs include different tools like an interactive mirror, called The Oak Mirror, that captures customer’s insights with the touch of a screen.
“The Oak Mirror is an interactive, touch-screen mirror that empowers shoppers to customize their fitting room’s ambiance, explore product recommendations and digitally seek assistance from store associates.” Oak Labs reports.
This mirror is being called the “future” of retail and is predicted to disrupt the retail industry as we know it.
Interested in more tech startups that are aiming to disrupt retail? Join us during our Digital Retail Transformation Assembly.
North America’s most prominent digital, marketing, technology, and business leaders from the Retail Industry are coming together October 19-20, 2017 at the Grand America Hotel in Salt Lake City, UT, for the Digital Retail Transformation Assembly.
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