How technology is reshaping the future of retail

A new white paper from Traka, part of the ASSA ABLOY Group, focusses on how the retail sector is working to shake off the challenges of the last two years and define what the future shopping experience will look like.

The downloadable white paper, entitled: “Reshaping the future of retail with technology,” investigates the rapid change in the high street, and the opportunities available for a proactive approach to both digital transformation and a new era of an omnichannel customer experience.

Traka highlights how evolving opportunities, embracing innovation and local dynamics, including the need to understand technology and the impact it can have on its ability to serve, can play its part to enhance the physical store presence.

Matt Gregg, Retail Business Development Manager for Traka UK and author of the white paper comments: “Britain’s high streets were the subject of concern even before COVID, with many retail stalwarts toppled and the much publicised shift to online shopping.

"Now with supply chain issues and the squeeze on public spending, there is extra pressure to perform.

“We explore how the pandemic provided a once in a lifetime opportunity to re-write the existing rulebook, and now take advantage of the evolving technology and growth of community support. It is testament to the importance of bricks-and-mortar retail and how retailers can now enhance the personalised consumer experience and see their return to the high street with a renewed sense of loyalty.”

The white paper looks at the different approaches to the pandemic in the retail experience. The most successful retailers are thriving on a hybrid approach, whereby the online experience is recreated in store, with the benefit of human interaction to better predict their requirements.

Discussed is the success of Amazon, “the poster child of online retail,” who has recently introduced physical retail channels and opened stores for its fresh produce business streams.

The success has been cited as retailers understanding the opportunities available to them, including adopting new technology and adapting to new expectations of the discerning customer.

Matt concludes: “The retail sector is at a critical point in its recovery. We believe retailers do have an opportunity to embrace the latest technology and entice new data-savvy consumer expectations to thrive.

“In this white paper, we have explored the different influences, taking leading industry comment and retail analysis to support our research. We would love to see it as an opportunity to open a debate and explore the issues further to discuss what is inevitably a fast-moving, complex and evolving sector.”

The new white paper, ‘Reshaping the future of retail with technology,’ is now available to download here: