Over the 82 weeks of us discussing retail trends, both augmented reality and AI has gone from far-fetched ideas to viable tools for retailers.
Not only does AR allow shoppers to feel more confident in their purchases, but it has also proven to reduce returns.
This week is all about new technologies that are giving retailers the ability to track more than we have ever imagined.
THIS WEEK’S HIGHLIGHTS
- Returns vs Augmented Reality: How augmented reality is helping reduce returns.
AI video analytics: The benefits of video analytics in retail.
Q1 Benchmark Report: Click HERE to download the report.
FOOT TRAFFIC INDEX
Here’s a look at last week’s foot traffic compared to the same time last year.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
AI video analytics energizes retail
With many shoppers choosing online over physical stores, it is imperative to track everything that happens in your store.
New capabilities within artificial intelligence give retailers the ability to track more than we have ever imagined.
AI video analytics is computer-vision powered by machine learning algorithms. AI video analytics can monitor and analyze visual data from cameras to improve business processes.
For retailers, this could give shoppers more personalized experiences, provide information to improve stocking levels, streamline floor plans into more efficient traffic patterns, improve inventory management, and much more.
Click HERE to learn more about Doorcounts’ plans for AI or click HERE to learn more about the capabilities of AI in retail.
Augmented reality’s impact on returns
As we’ve touched on in the past, more and more stores have begun using augmented reality (AR) to create virtual showrooms for their products. For big-ticket retailers, this was finally a way for shoppers to see the furniture or mattresses in their own space before purchasing.
According to an Alter Agents survey, Eighty-percent of survey respondents said they feel more confident in their purchases when using augmented reality tools. Not only does AR allow shoppers to feel more confident in their purchases, but it also reduces returns.
Although AR has proven to have a slower adoption rate for older generations, 92% of Gen Z shoppers already prefer AR reality tools for e-commerce.
Retail Snippets
Changing tides: Starbucks’ theme for three Seattle stores? Past, present, future.
Crate robbery: Ocean freight carriers made more money in 2021 than in the past 20 years combined.
Holiday sales: Lego makes plans to open its first US factory.
RANDOM IRRELEVANCE
Jack-and-Coke in a can: Coca-Cola and Brown-Forman team up for a new drink.
New digs: How fashion can swap Leather With Mushrooms.
NASA Voyager Probes: 18 best pictures as the 45-year journey nears an end.