As yet another year comes to an end, retailers stand at the threshold of new investment opportunities. Change and innovation are taking a front seat for retailers who want to stay relevant. With the rise of technology, certain areas have simply become much more profitable to invest in for retailers. Here are four tech tools for retailers to consider in 2023.
1. Printer Management
Print management software coordinates all processes that take place between printer hardware and the devices sending print jobs. This technology helps minimize waste while providing a secure and easy printing experience. Its popularity is due in part to the sheer number of industries in which print management is a necessity. Some examples include:
- Print management in enterprise: Reliable, powerful, scalable, and secure printing is non-negotiable in large enterprises.
- Print management in SMB: Small-to-medium businesses (SMB), given their limited resources, require print management solutions that free-up IT admin time, enhance document workflows, and reduce costs and waste.
- Print management in healthcare: Healthcare professionals need efficient print management to protect sensitive patient information and for ensuring regulatory compliance.
By investing in print management, you simplify the printing process and empower end users.
2. E-Commerce is on the Rise
It is now easier than ever to sell or purchase goods online. There are millions of e-commerce stores globally, and 58.4 percent of internet users shopping online each week, according to Hootsuite’s Global State of Digital 2022 report. The predicted growth in e-commerce therefore comes as no surprise. Analysts at Morgan Stanley expect the e-commerce market to grow to $5.4 trillion by 2026.
What should retailers take away from this? Now is the right time to double-down on your investments in e-commerce. As the market continues to grow exponentially, online shopping is soon to be non-negotiable for consumers and makes e-commerce a worthy tech investment in 2023.
3. Chatbots
The idea of chatbots is really simple—they’re programs that simulate conversations with human users, usually to assist them in achieving a goal (such as booking a flight). Gartner research predicts that chatbots will be the main customer service tool for 25% of companies by 2027, and it’s easy to see why. These are only some of the many use cases for chatbots:
- Answer frequently asked questions
- Offer personalized experiences for shopping
- Offer post-online sales support (like shipping, tracking information, cancellation, etc.)
- Gather feedback and data to help retailers connect to their customers
- Provide multilingual support
Another major benefit is a chatbot’s ability to handle multiple customers and do all of that for every hour of the day. Chatbots are the perfect addition to your retail team and can even provide a hybrid experience for customer support.
4. Hybrid Retail
A significant amount of shoppers research their products online before buying in-store, and vice versa. This is what hybrid shopping is all about. In 2023, adopting this hybrid mindset will be a necessity in staying competitive as a product with no information online is a product that no one trusts.
Offline outlets may invest in logistics and inventory management (which are more common among online retailers) to offer flexible methods of payment, home delivery options, etc. At the same time, online retailers may invest in providing immersive shopping experiences through innovative technology like virtual and augmented reality solutions.
Stay Relevant in 2023 and Beyond
With the steep evolution of technology, multiple doors keep opening for retailers. Investing in the right ones is the key to not only thriving in the retail sphere, but also to stay relevant in the years to come.
This article was provided by Jenny Patel
