Retail landscape anticipated to change with mobile technology
Smartphones and tablets allow users to complete a variety of daily tasks, which save time and sometimes money. These devices are not only set to change the consumers' lives, but the world of commerce is also expected to be altered by the emergence of these technologies. While retail technology is constantly changing the way merchants and shoppers interact with each other, industry experts believe that these modifications will have many benefits for all parties involved.
Impact of technology on retail
USA Today reports that many retail industry experts believe that brick-and-mortar locations will function differently as technology begins to change the landscape. This includes a variety of hardware and software, such as mobile device applications, social media platforms and other advancements. Some believe that retail stores will turn into centers where consumers go to test out products and services, but do not make purchases. Shoppers will then use mobile and online tools to buy what they want.
For this reason, many retailers will need to integrate necessary systems and solutions to accommodate customers who prefer to utilize these technologies in their shopping experiences. It is believed that cash will no longer be used, as consumers will leave it at home or in the bank. They will instead be completing transactions by using credit and debit cards or even their mobile phones. This new purchasing method may be the technology that is poised to change the world of commerce the most, as the marketplace readies itself to begin adopting solutions.
"Cash has dug in its heels for small-value transactions, but with the arrival of each new tech offering (providing) an alternative way to pay for little stuff…cash is being further and further marginalized," says David Wolman, author of the book The End of Money, as quoted by the news source.
Mobile commerce increasingly becoming popular
The current back-to-school shopping season has seen a significant amount of school supply purchases made through mobile devices, according to recent research by the National Retail Federation. The study found that 43.8 percent of consumers who own tablets will use their devices to compare and ultimately buy necessary items needed for the upcoming school season. Smartphones will also play a role in back-to-school shopping, as 20.9 percent of shoppers looking for items for college will purchase from their devices, along with 19.2 percent of K-12 customers.
