Will Contactless Commerce disrupt the retail industry?

Choosing the perfect suit or dress can be challenging at the best of times. You need to find the right size and fit, determine if you like the color, take into account how much the retail price is and what payment method they use. 100% of retailers face high volumes of returns when they sell their products online because shopping in person just isn't a realistic option.

The Covid-19 pandemic presented the ultimate test for many aspects of the customer experience. With no retail agents and in-store testing, online shopping became a much more prevalent option for consumers. For retailers, it has become vital to provide faster and better in-store experiences that retain and enhance the important elements of closeness, interactivity with products, and efficiency.

Next-generation digital technologies have the power to transform the retail industry. From virtual fashion advisors whispering suggestions to fitting rooms with mirrors that will suggest new clothes for you, contactless commerce is here. Customers can stand in front of an AI-enabled mirror and see an image of themselves wearing the product, with options to vary style, size, color, and patterns. The future of retail includes machine learning, robotics, computer vision, sensors, big data analytics, augmented reality, and computer-aided holography; these are enabling a wide range of new contactless commerce solutions to transform all aspects of customer service.

Limitless Digital Transactions

Thanks to RFID tags, checkouts are now being automated. As the name implies, these tiny metal strips can transmit radio waves that can hold a lot of information about a product. Imagine the tag storing all kinds of information, like brand, price, size, color, where it is in the store and how much inventory it has left. The data can be scanned by picking up or coming within proximity of the tag with a handheld scanner or by standing near one of the many kiosks or stations set up in stores. While RFID tags have been around for at least 20 years in various forms, recent innovations have led to lightweight disposable strips that make them an attractive option for retail products.

Customers get the product of their choice from the retail outlets and wave it under the reader to get product details. After that, they pay by text message. Sensors and cameras can track the number of times a customer takes a product off the shelf or returns it to an online cart. This means that they don't even need to check out at all- once they walk out with their items, they'll be charged automatically.

 You can pay with your face or your voice:- Contactless commerce is a popular technological advancement and AI-powered analysis of biometric data. For example, in the food and beverage industry, drive-thru and retail outlets can be used for contactless transactions, which will make it faster and easier to place orders. Another technology that has great potential is voice genomics- the AI-enabled analysis of vocal tones, patterns, pitch, and timbre. Voice-enabled AI systems are now being used for automatic customer interactions in a variety of settings.

 Instore support :-Holographic technology, which has been around for nearly 30 years and is still being improved upon, gives a person the ability to experience reality in a uniquely different way. Unlike virtual reality, holograms are actual recreations of refracted light that can be seen by anyone who looks at it. Virtual reality requires the use of headsets to create an optical illusion of 3D space, while new innovations in holographic technology are increasing its interactivity and incorporating elements of touch. This makes holographic experiences feel more real and avoids potential eye strain or headaches that can follow from prolonged VR exposure.

 How to make contactless commerce is success

Contactless commerce is bringing many opportunities, but it will also bring new challenges. To leverage the opportunities while reducing risks, retailers can take some of these steps:

 Customer time :- By offering personalized content, you can help shoppers spend more of their time in-store exploring new items or engaging with entertainment. Ultimately, one of the most important aspects will be providing an experience that's personalized to your customer. This will lead to increased ticket value.

 Implementing AI Powered Technology :- The world of contactless commerce is changing: in the future, consumers will use AI-powered technology to make choices and purchases across platforms. They might ask questions of a virtual assistant via voice, while they're out shopping in a physical store, or order online while they're browsing at their desk. This will help you to stay ahead of time.

 Digital Stores:- The way we shop will drastically change in a world where contactless payments are the norm: stores will become interactive spaces with virtual reality pods, robotic helpers and more. And because these stores won't need to maintain the large inventories that can't be stored at locations across the world, much of their labor costs will be reduced.

 With the shift to contactless commerce quickly approaching, it's time for businesses and consumers alike to seize the opportunities that await them. There will be a blending of physical and virtual experiences and new types of sensory experiences and customer-product interactions. The coming contactless era is certain to be as transformative as we've seen with any other technological shift in recent years.