The recent COVID-19 outbreak has significantly impacted the consumer behavior, product demand, and retail store, factory, and the logistics services availability. The technology has revolutionized the way every industry does business, by helping to create efficiencies, save money, and to provide better products and services. Retail businesses are also adopting the technology to their advantage.
This article covers different technologies which are transforming retail sector including Extended Reality (Visual & Voice based), Artificial Intelligence/ Predictive Analytics (Big Data), Order Fulfilment Automation, Face Recognition, Internet of Things (IoT) and Smart Equipment, Customer Chat Bots, and others.
It also covers the how other retail trends like The Rise of DNVBs (Digitally Native Vertical Brands), Use of spaces for different & multiple uses, Discovery Floors, Omni Channel are shaping the future of retail real estate.
Finally, it covers challenges and recommendations for retail space owners considering customers and retailers perspectives.