Probably the main modern business shift is technology development. From retail to banking — the trend is future. If asked, most likely each of us could remember the last thing they purchased online. It is becoming the most common way of buying clothes, technology, services, groceries etc. Shopping is moving towards the digital state, and for retailers, it means a lot of implications. Apart from the most common trend of offering products online, here are some fascinating examples of how technology is disrupting the world of retail and banking:
Virtual Grocery Stores
We are becoming used to seeing QR codes on clothing shops windows, inviting us to subscribe or leading customers to a webpage with new collections. But what if shopping included just holding a smartphone in your hand? This is what Tesco Homeplus offered to its customers in South Korea recently. The store does not include any physical products but only a billboard with displayed images and prices of groceries, including a QR code for each of those. After the transaction is completed through their phones, customers arrive home to find their chosen products delivered to their door.
Augmented Reality Experience
Now that AR has transferred from ‘futuristic idea’ into ‘reality’, retail stores are creatively using it to enhance an in-store experience. Apparel brands like Timberland and Topshop are implementing AR to allow their customers to try on clothes without actually wearing it. Lowe’s, Magnolia Market created an augmented reality experience for potential buyers to discover their products and see how they would look in their homes. American Apparel enables customers to read reviews about their products in the store. AR is coming to the retails stores to stay, and you can see that more and more brands are coming up with new ways of its implementation.
Banking is Becoming a Commodity
Banks now refer to commodity status, turning towards innovative solutions. With the rise of digital solutions, banks are now competing for clients and creating advanced technology experiences for them. The shift is towards no-physical branch banking. Additionally to fully-digital services, neobanks are implementing the cryptocurrencies and creating open technology platforms that allow their clients to create own products and operations. Crassula’s open API platform allows their business customers to integrate tools that make the lives of small-to-medium-sized business owners’ lives much easier.
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