Technology has rewritten operating models across the retail sector – with changing behaviours, we look at how tech is reshaping the retail landscape
Guest post: By James McVitie, Managing Director at CCW.
Technology has intrinsically become a huge part of our everyday lives. From work to school, health and entertainment, technology is all encompassing meaning that all sectors must find a way to not only keep up, but offer new technological advances to entice consumers against other big competitors.
Over the next few years there will be a huge increase in “phygital”; the marrying of both physical and digital assets in order to improve the customer experience. This blend of both the physical and digital realms will be imperative for all retailers to modernise the shopping experience and encourage conversion at all points of sale. From this, we can anticipate that elements of the retail experience will transition from an online and delivery megastore to a full 3D, online shopping experience.
One of the ways that retailers can connect their digital and physical offering is the mass production of CGI assets, to market, sell and promote their products. As technologies in the industry develop, CGI has become more affordable than ever before, making it accessible to retailers of all sizes who traditionally may have been left behind.
Creating digital twins (or 3D models) will save companies costs on travel, re-shoots, and post production, which also has a significant impact on carbon footprint. CGI content can be re-edited to keep up with ever changing industry trends and tweaked as often as needed making them future proof and adaptable for every channel. So while upfront costs may be slightly higher, long term, CGI is a huge money saver for brands and provides content that can produce everything from images to immersive AR experiences. Providing a truly connected customer journey, enabling companies to keep up with the ever changing demands of the modern consumer.
In 2022 the focus for retail will still very much be on the metaverse. Due to the ongoing effect of the pandemic, retail has been impacted forever. As shops closed, brands were forced to rethink their strategies to make sure they still appeal to their target audience using the online world. This sudden shift has accelerated technology adoption and digital transformation in both retail and eCommerce, as well as in many other sectors. 3D content will reign supreme in the technological advancement of the metaverse – as companies must compete to stand out in the overcrowded market of the 2D online shopping world.
Overall, technology advancement is unavoidable, especially in a retail environment, which poses an interesting challenge for companies whose physical stores and products are truly the cornerstones of the business. While physical stores will never fully disappear, at least not for a very long time, businesses must understand the high demands from consumers and ensure they cater to all demographics.
By adapting to this new hybrid world, and better connecting their customers and products across both physical and digital touch points, retailers of all sizes can remain relevant, push conversion, and cement their place on the highstreet now, and in the future.
To find out more, visit CCW here.
