The Future of Retail: How Can the Latest Tech Find Its Way to Main Street

When people hear “the future of retail” they typically think of futuristic store concepts with bright LED lights in big cities. But innovations in the space aren’t just for the big box stores, they affect local businesses as well.

 

In fact, the latest tech innovations can often help build customer loyalty, bridging the gap between digital and in-person experiences. Equipping your centers with the capabilities for some of these tech elements can help give you an edge over the competition.

 

Come take a spin through some of the latest innovations with us!

 

Facial Scanning

 

We know. It sounds creepy. But according to a survey by the Center for Data Innovation, almost half of Americans are open to companies using facial recognition software to personalize in-person interactions.

 

Infographic: Majority of Americans Support Facial Recognition | Statista You will find more infographics at Statista

 

The numbers don’t lie, and while your local market could feel differently, this data signals an opportunity for retailers to test out pilots of this technology in their stores. While there are many different benefits to using facial recognition software, the main one is that it allows for more personalized and convenient shopping experiences.

 

 

A classic example is of a fast-food restaurant. Imagine you walk into your favorite local burger joint, and they immediately fill the screen of the kiosk with your most commonly ordered food items? This saves you the time from having to scroll through the menu options to find the components of your favorite order.

 

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Another point to mention is that facial recognition technology can help prevent shoplifting. The country’s largest retail industry group, the National Retail Federation, estimated in its latest report that losses from organized retail theft average $700,000 per $1 billion in sales.

 

Immersive Experiences

 

We all know that retail has been moving toward more creative uses of spaces for experiences for consumers. A fun new example of this concept is the Harry Potter Store in New York City. Featuring “magical shopping,” a Butterbeer Bar and a wand shop, it is almost as if you’re at The Wizarding World of Harry Potter in Orlando.

 

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While you don’t necessarily need to customize your retail space to your favorite fiction saga (although – it is pretty cool if we do say so) to drive foot traffic, thinking about how you can create unique experiences that involve the community will prove to be wins for those who invest in them.

 

A great example is for a local wine store. They could partner with a local cheesemonger to put on a tasting event for the community. It could even be themed, say, for the finale of the hit show The Bachelor. The options are endless when you consider current events and trends.

 

To close, we leave you with some great perspective from Square’s recent report on The Future of Retail.

 

“In 2022, shopping will be personal, thoughtful, seamless, and innovative. Customers expect to purchase what they want both when and how they want it, but they also trust retailers to curate the right products and experiences for their tastes. Retailers are taking risks with new business models and technologies to become more efficient and accessible, so it’s easier to engage shoppers everywhere they expect to find their products. The right set of omnichannel tools is key for meeting new customer demands and enhancing the retail experience through personalization. By trying out new ways of doing business and streamlining each step, retailers are staying ahead of the curve.”

 

We want to emphasize the last bit – trying new ways of doing business. The magic lies in being open to what new innovations can find their way to your shopping centers, no matter where they are!

 

Get in touch today if you want to learn more about how tech like Resquared can help you find tenants for your shopping centers.

 

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