Ever wondered what tomorrow may bring? Believe it or not, a lot of retailers don’t dwell on this. Instead, they’re more focused on what’s happening at the moment. They want to ensure that they’ll be able to be a step ahead from their competitors and generate as much profit as possible.
What they fail to realize is that it’s equally important to think about tomorrow as well. With the recent advancements in technologies like virtual reality, IoT, and machine learning, retailers should learn how to reshape the retail landscape.
Tomorrow shouldn’t be ignored, and if the company wants to stay ahead of the competition, then experimenting the innovations we have today would definitely pay off.
For now, we’re going to discuss the emerging tech and the future of retail distribution.
DOM (Distributed Order Management)
Retail distribution faces several challenges, such as the proliferation of customer choices, going down to their demands. For that reason, more and more companies are starting to utilize DOM as a way of managing their multi- and omnichannel operations. JD Edwards is one of the few companies that offer software app, capable of doing such purpose.
Basically, it’s a system where brokers record their orders and other vital data. If properly carried out, it’s capable of fulfilling orders across different distribution centers, no matter how high the demand is.
To support this growing trend, it’s essential for DOM to continue to evolve, and if possible, turn into a comprehensive solution that using high levels of visibility across various networks, and this includes activities performed by multiple vendors that acts as a middleman.
Furthermore, it’s a kind of solution that also need to work on the movement of inventory, inventory rebalancing, and many more. Experts predict that the next generation of DOM will be able to utilize all these elements positively.
Retailers Getting the Memo
Now, retailers who want to stay on top know the importance of investing in technology solutions, such as RFID tags that are capable of improving inventory accuracy to sensors that could meet the demands of consumers.
A Makeover in the Supply Chain
As technology continues to improve, our patience is also running low. That’s why it’s essential for retailers to ensure that there wouldn’t be any inventory holes, or this would send the shopper to another brand. Reinventing the supply chain is one of the few ways to ensure success, and it has been said that RFID technology is one of the few innovations that would help in this purpose.
Considered as the “next generation barcode,” RFID showcases real-time inventory visibility from the warehouse, going down to the store floor. Even retailers are starting to take part in testing this technology.
The Digital Touch
Online stores are getting more and more popular because of the convenience they offer, and retailers are banking on the distribution of personalized merchandise, together with the experiences that would influence their consumers to keep on coming back.
Based on surveys, it’s essential to get the customer’s attention at the right moment, to ensure sales. With smart devices that feature in-store ploy, it would give the experience that the shoppers are looking for, which would encourage them to make a purchase.
Improve Customer Convenience with Greater Productivity
Connected products are now invading everyone’s home. There’s the smart TV, smart lighting, Bluetooth speakers in the bathroom and many more.
As of the moment, the smart refrigerator is being developed, and its purpose is to help customers come up with a shopping list using the touchscreen on the door.
With IoT technology, it would allow the user to remove items from the list through their mobile device. That’s not all, they could even submit the grocery orders to the nearby store and take advantage of the click-and-collect shopping perk.
AR can also be handy. It allows people to check the inside of their fridge without opening them. That means they’ll be able to save more electricity, and even lessen the issues of food spoilage as you wouldn’t have to open the fridge as often as before.
Revolutionized Home Buying
The realty business has changed for the past few years, and technology would bring this to a whole new level. Now, home buying is composed of barcode scanning, as well as sensor tracking that helps both the realtors and homeowners.
It’s capable of monitoring if the shopper is around the area, which the realtors can take advantage of, and send timely offers.