The global retail e-commerce market generated a revenue of $4.25 trillion in 2019 and it is expected to surge at a CAGR of 9.4% during 2020-2027.  Addressing the Indian eCommerce market, it is also set to reach $200.0 billion by 2026 with a CAGR of 30.0%.

The increasing use of smartphones, demand to purchase products and avail services from the comfort of home and rapidly changing technologies to meet these dynamic needs of users are contributing to the growth of retail and eCommerce market.

It is a fact, out of many industries that are transforming with the help of technologies, such as blockchain and Augmented reality, the retail sector is the best. Following are some of the ways of how technology has changed the retail industry so far-

• Transformed the supply chain management
• More options at one place
• 24*7*365 availability
• Shop internationally
• Customized user data and suggestions
• Eliminates unnecessary expenses

Over recent years, a plethora of technology trends have been introduced and wonderfully altered the relational market. The massive growth of the economy has unleashed powerful forces that are successfully reshaping the retail market at a high speed.

So, today in our blog we will be going to discuss the top 5 technologies reshaping the retail market-

5 latest Technologies will Reshape the Retail & E-Commerce Market-

1.    Augmented Reality & Virtual Reality

Augmented reality is an enhanced version of reality designed with the help of technology to enhance user experience and add digital information on an image. It shows the real-world on your smartphone or tablet. Virtual reality on the other hand is defined as the deployment of computer technology to design a simulated environment.

In 2020, According to Gartner, more than 100.0 million consumers have integrated augmented reality into their shopping experience. 

Augmented reality and virtual reality offers retailers various ways to enhance the customer experience and expand their business. From browning products online to virtually “trying them on” is one of the greatest innovations of an eCommerce software development company.

Companies Leveraging Augmented Reality & Virtual Reality

• Tilly’s, a sports clothing retailer, provides its customers with a back-to-school nostalgia experience by offering virtually trying hunting clothes and accessories.
• Living Wine Labels, a Treasury Wines Estates, lets their customers discover unique and real experiences from a wide range of their favorite wines.
• IKEA Place, a furniture company, helps its users by virtually checking the furniture to determine whether it will fit and look perfect in their home.

In the coming years, the extended reality will eventually let people share their extended reality shopping experience with others.

2.    Blockchain in Retail Sector

A blockchain is originally stated as a chain of blocks that are linked using cryptography. Each block consists of a cryptographic hash of the previous block, transaction data, and a timestamp.

According to the marketsandmarket.com, blockchain in the retail market generated a revenue of $44.2 million in 2017 and it is expected to reach $2,339.5 million by 2023, at a CAGR of 96.4% during 2018-2023.

Blockchain in retail offers on-time delivery, record-time, and real-time service information for retailers. Apart from this, blockchain assures quality, reliability, authenticity, and product safety as well as supply chain management to know about their product location.

Companies Deploying Blockchain Technology-

• OpenBazzar is a platform where consumers can transact in cryptocurrency for services and a host of merchandise.
• Shopin is a decentralized shopping platform that helps retailers to gain exact customer insights and offer customized and better results to consumers.
• Amazon offers AWS service in which the users can focus on building blockchain applications rather than spending energy and time on the manual setup of their network.

This technology makes retail more clear by using cryptocurrencies and distributed ledgers that apparently add a fresh layer of transparency for every transaction. To integrate blockchain technology into your business, you need to hire a blockchain development company.

3. Omnichannel Technology For Retail Business

Omnichannel is defined as an extended and superseded multi-channel technology. Cross channel or Multichannel technology delivers content and addresses user experience on more than one channel and also helps in eCommerce software development. It basically optimizes and understands the journey of users across all the channels.

According to prnewswire.com, the Retail Omni-Channel market is expected to grow by $8.6 billion with a surging CAGR of 17.4%.

Omnichannel retail is a multichannel technique of making sales that focuses on offering a seamless purchase experience to the users whether the client is present at the brick-and-mortar store or shopping online.

Companies Integrating Omnichannel technology

• Zivame has introduced its first flagship fitting lounge to help women make the best and educated choices in their purchases.
• Pepperfry has allowed its consumers to consult and interact with their interior designers to choose furniture according to their homes online.
• Van Heusen recently introduced its flagship store that helps customers who face issues in selecting the appropriate size, fit, and style.

Omnichannel offers various benefits including improving customer services, optimizing the buying experience, and mobilizing the in-store experience to the retailers as well as eCommerce software development.

4. Machine learning & Artificial Intelligence

After this pandemic, the retail market is going to see a major boom as these technologies are empowering the eCommerce market. Many retail businesses are seeking ways to deploy big data, machine learning, and artificial intelligence.

According to marketsandmarketcom, artificial intelligence in the retail market valued at $993.6 million in 2017, and it is expected to reach $5,034.0 million by 2020, at a CAGR of 38.3%.

The integration of artificial intelligence and machine learning in the retail market will help in personalizing the customer data, experience, and offering a more significant business-to-customer interaction.

Companies using Machine learning & Artificial Intelligence

• Alibaba currently uses AI to predict what customers might want to purchase and generates product details for the website too.
• Baidu uses this technology to design a tool that automatically reads a book for you in the author’s voice without a recording studio.
• Amazon ships things to the customer before the customer even thinks about purchasing it. They collect data based on consumer behavior and purchase history.

Artificial Intelligence has all the capabilities to transform the traditional retail experience to the next level with customization and automation

5.Robotic Process Automation 

Robotic process automation is a type of business process automation technology that works on artificial intelligence /digital workers or metaphorical software robots. It is also called software robotics.

According to the grandsviewreserach.com, the global process automation market size generated a revenue of $1.4 billion in 2020 and it is expected to reach $10.6 billion by 2020 with a surging CAGR of 33.6% during 2020-2027.

Robotic process automation will help the retail companies to adapt technology faster, prepare in advance and cope up with the changing market requirement on-time. Furthermore, RPA can significantly lower down the processing time.

Companies using Robotic Process Automation

• Cognizant leverages RPA to its intelligent process solutions offered to the customers for better ROI and efficiency.
• Capgemini with RPA offers end-to-end processes and digitally augmented workforce at scale to its customers.
• Vodafone supply-chain-analytics manages a center that relies on RPA to simplify a wide range of

Final Words

Thus, I have discussed the top 5 technologies that will reshape the retail sector in the coming years in my blog. I hope you like it!. To integrate these technologies or for consulting about such technologies you need to hire an eCommerce software development company to know the details further.

Author Bio. :- I am Mariya James, a software analyst and technical writer at an eCommerce software development company. I love to share information about the latest advancements of the technology industry through blogs.