Evolution vs Revolution: What’s the future for retail technology?

March 3, 2015 - PRLog -- Evolution vs Revolution

If we take the first term, evolution suggests moments in time when it is necessary to develop certain characteristics in order to survive: in Darwinist terms, adaptation. But the same rules apply to technology. For example, in order to adapt to consumers’ changing shopping habits, it became necessary for retailers to operate mobile and tablet technology, as an evolution of their website offering. Or, to enhance the humble mirror, the Magic Mirror brought an interactive element to evolve the changing-room experience into a social media enabled sharing experience.

But what is truly revolutionary in technology? The last revolution was undoubtedly the age of Internet, when online shopping revolutionised the retail world by providing customers with the convenient option to shop from the comfort of their own homes, removing the need to visit traditional brick and mortar shops via home delivery.

Since the Internet revolution, and the consequential evolution in mobile and tablet technology, what’s on the horizon to further revolutionise the retail market?

VR, Virtual Reality, or Vive la Revolution

Recently we have been most impressed by innovations in Virtual Reality (VR) technology, by Samsung’s Oculus Rift, a VR headset designed especially for immersive virtual 3D gaming. Oculus Rift is a truly immersive and responsive piece of kit, with seamless panoramic 360 degree imaging placing you at the beating heart of the virtual world. But is it just gamers who can benefit from the experience behind the goggles?

Thinking about the potential in real estate, VR allows for remote viewings where the buyer can immerse themselves in the feel of the neighbourhood, and get the perspective of the rooms, without the need to travel anywhere. The potential for multiple viewings across different cities is no longer time and distance restricted.

Expanding on this, we were inspired by the possibilities VR technology could bring for retail business benefit.

Hypothetically speaking, if VR develops a 4D sensory experience (which is likely given the outstanding rapidity with which the technology of today is developed) the “you don’t have to be there to go there” concept changes the reality of the store completely.

VR technology could bridge the gap between the convenience and ease of online shopping, with consumer desire to still “feel” the in-store shopping experience. Imagine putting on the VR headset and immersing yourself in a sensory shopping experience, replicating the feelings of walking down the high street on a Christmas shopping trip for example. From the cold breeze on your face, to the bustle of shoppers outside, to the “theatre” of the busy store itself – everything that the traditional shopping trip would entail. With an interactive option to simply reach out and put the desired items into your virtual shopping basket, VR could have the potential to replace the web/mobile/tablet site.

Of course, this future vision may be a while away, but it stands as a tangible concept.

During London Fashion Week, River Island launched their own fashionable take on virtual reality, “discover yourself in a 360 world”, teaming up with Google Cardboard to display interactive film content from its collection with luxury fashion brand Jean-Pierre Braganza.

Celebrating the collaborative high street collection, the fashion film is available through downloading an app on iTunes and Google Play. The user then inserts their phone into the cardboard headset (Google Cardboard), from which users can view interactive 360 content enabling them to shop the collection. This form of virtual reality technology removes the cost associated with models like Oculus Rift, using technology and apps that all smartphone users would already be able to access. Technology such as this would therefore have a much wider appeal to consumers in today’s market, who are willing to try out new and easy-to-use tech without the hefty price tag.

Tech for Tech’s sake?

John Ryan recently posed the question, ‘Have we come to the end of the road for in-store technology?’ (http://www.retail-week.com/comment-have-we-come-to-the-en...), whilst Paul Coby, John Lewis IT boss, said the National Retail Federation (NRF) Expo 2015 in New York was like a ‘Toys R US’ for retailers (http://www.retail-week.com/technology/comment-john-lewis-...). Though NRF brought with it a massive abundance of technology into the limelight, was much of it new, and was much of it genuinely business applicable?

As with the attraction to New York in general, the bright bold lights of moving picture retail advertisements are always particularly impressive. To have these in-store and on billboards is effective, but adding an interactive business benefit to these kind of visuals is better, for example “intelligent windows”. The concept is simple: display a range of clothing, and add a “buy now” QR code, directing the piece of clothing from your mind’s eye, and directly into your online shopping basket. This type of digital signage could also be highly effective to “dress up” empty shop units, with the brand paying rental space for advertising, and embedding a tracking device within the intelligent window to track interest levels.

The question is how much technology impacts the customer journey? As with any implementation of retail technology, who you are selling to must be at the heart of the decision. If in-store tablet technology can free up staff from awkward fixed point terminals, to walk the shop floor and interact with customers to provide a more personal shopping experience, then all the better. In fact 53% of retailers believe mobile point of sale (POS) is the in-store tech with the greatest value to customers. But if magic mirrors in changing rooms are being bypassed as a fad, then the expenditure is misdirected, and not providing a profit to anyone.

If you are deciding to invest in retail technology, it’s a step in the right direction if the business benefit will work across all your retail channels, allowing customers to shop a consistent brand, not just the channel. There is a lot out there, so think carefully about the shelf-life of your “next big thing”, and consider your future retail plans carefully.

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For further information please contact Rhianne Poole (rhianne.poole@retail-assist.com) at Retail Assist.

Notes to Editors:

Retail Assist Limited          www.retail-assist.com

Retail Assist is a leading retail IT solutions and services company, providing UK and international retailers with end-to-end business applications and services support that reduce costs, optimise retail operations and support higher revenues. Retail Assist clients include; Harvey Nichols, Cath Kidston, Morrisons, East, Selfridges, WDF, Paperchase, Whistles, Oasis, Warehouse, Coast, Karen Millen, Odin Retail, Mint Velvet, REISS, VUE, Jacques Vert, Precis, Windsmoor, Planet and White Stuff.