Innovation and technology continues to roll forward, and if anything, the ongoing pandemic is accelerating new things. So, what’s coming next year? Here are a few technology trends that have the potential to change the course of your business in 2022.
- Low-Code Platforms
- Frictionless Shopping and Checkout
- AR & VR
- Video Commerce
- 5G
Low-Code Platforms
In the recent months, we’ve seen enterprises large and small moving toward low-code platforms. Why? Because these platforms allow them unbeatable speed and flexibility on their path toward innovation. Let’s talk a bit about how these platforms work. In a low-code platform, developers can use drag-and-drop components, combining these with code they write themselves. It’s a simpler, quicker way of technology integration and creation.
Benefits:
- Greater speed
- Flexibility
- Ease of use
Iterate’s Interplay is a leading low-code platform. Read more about the low-code revolution and how best to utilize this technology in your organization.
Frictionless Shopping & Checkout
Retailers around the world are recognizing the benefits of contactless checkout, and beyond that, some pioneering companies are utilizing a fully autonomous, “just walk out” shopping and checkout solution. There are several different ways that companies can implement a more seamless checkout experience. Here’s a few trends that we’re seeing:
- Smart Carts: Companies like Imagr have developed image recognition software that can determine what products the customer is putting in the cart and taking out.
- Touchless Checkout: This allows the customer to simply pay for their products in a kiosk setting without having to interact with a screen. Companies like Mishgin are current leaders in this space.
- Grab and Go: Aifi and Standard Cognition are just a few examples of companies that are leveraging AI to enhance the checkout experience. Customers can simply walk in, grab what they need, and leave without waiting in line or stopping to scan and pay for their items.
- Frictionless Gas & Shopping Checkout: Iterate’s own Interplay platform enabled touchless gas pumps for a global network in under 3 weeks with our low-code middleware. The COVID-19 pandemic has forced people to be more cognizant of what they touch and the spread of germs. All kinds of places had to adapt. Restaurants needed to rely on take-out. Grocery stores enforced utilizing masks. Though many people opted to avoid unnecessary risks, some things are essential, and gasoline is one of them. Click here to learn more.
AR Augmented Reality & VR Virtual Reality
From virtual try-on to in-store navigation, augmented reality is becoming an expectation for the savvy consumer. According to Statista, the AR-VR market will grow up to $209 billion by 2022 worldwide, so this isn’t a technology to skip over. Some of the different ways companies are leveraging AR and VR are as follows.
- In-Store Navigation: This uses augmented reality to give in-store shoppers walking directions to the products they’re seeking. It establishes trust in the consumers’ safety and offers convenience.
- Contactless Try-On: AR, smart mirrors, video walls, and image recognition will increasingly allow customers to virtually try on products.
- Personalized Marketing and Offers: As consumers use smartphones to navigate in-store, you can display product offers using AR and AI, based on the consumer’s personal purchase history and preferences.
- Customer Engagement: VR can be used to make the in-store experience compelling and interesting for the customer while adding real, tangible benefits for the retailer.
- Employee Training: Employees will increasingly be trained using VR by simulating real-life environments and situations.
Our Iterate Signals platform has captured over 100 emerging technologies in this space. Contact us for the free list.
Video Commerce
Video Commerce leverages AI-powered shoppable videos with strategic product placements. Consumers can watch the video, then click on a link to buy or learn more about the featured product. Cisco predicts that by 2022, 82% of all consumer internet traffic will be made up of online videos. That’s 15 times higher than it was in 2017! If properly used, your business can capitalize on this technology to build awareness, drive traffic, generate leads, and grow sales.
Benefits
- Reducing ad spend: Video is one of the most cost-effective ways to advertise your brand. By only spending a few cents per view, you can reach a vast and highly targeted audience.
- Building customer trust and loyalty: Using this technology, create a Q&A where customers are able to engage. You can also use this to add a face to your brand, showing trust and authenticity.
- Driving engagement on social media: Studies show that on Instagram, video ads receive three times more engagement than sponsored photos. Facebook also sees a 20-30% increase in conversion for video over photos.
- Mobile users prefer video: Mobile usage is growing, especially in the younger generations. Roughly 75% of video views come from mobile devices, and 92% of videos viewed on mobile get shared with other users.
5G
5G is paving the way for a fully digitalized and connected world. In the retail industry, everyone is always talking about the importance of enhancing the customer experience through personalization, and 5G plays a huge part in this. Why? 5G greatly increases bandwidth, removing friction from current processes. Everything will be streamlined.
Here’s some ways 5G services will transform the retail world:
- AR & VR capabilities: We mentioned virtual try-on and smart mirrors earlier. These may not be possible without the capabilities of 5G. 5G is, in fact, a building block for many of the emerging technologies we’ve mentioned throughout this article.
- In-store experience: 5G services can deliver store inventory information and in-store location services to customers quickly, greatly enhancing the in-store shopping experience. A customer will know what’s out of stock. A customer will know where to find what.
- Employee training: Employees can use 5G to get immersive, on-site training. This will keep them up to date with everything from display arrangement to management training, and everything in between.
As we enter into 2022, keep an eye out for these 5 emerging technologies. With each technology comes potential for a huge market, and we highly recommend your enterprise is ready to take full advantage.
If you want to learn more about how our Interplay and Signals platforms can help your enterprise be at the top of its tech game going into 2022, contact us here.