Whether facing challenges due to inflation, labor shortages, or changing consumer preferences, retailers in Latin America will need to adopt new strategies to attract customers back to their business and stay competitive. Many are already taking the next steps by implementing numerous innovative technologies that help them meet customer expectations and improve efficiency. Let’s look at four technology trends shaping retailers in Latin America this year.
Click and collect services
Click and collect options are becoming more and more widespread across the region as consumers demand faster ways to buy and receive items. Grocery, pharmacies, and even some fashion retailers have been introducing click and collect to their customers, allowing them to make purchases online and pick them up at their preferred store location. Many consumers, especially Millennial and Gen Z, are much more likely to make purchases if they know they can get their desired items fast – and may even be willing to pay more to do so. Not only does click and collect help retailers speed up order fulfillment, but it also enables them to close more sales and boost customer loyalty.
Endless Aisles
In line with serving customers faster, many retailers in Latin America have been adopting endless aisles, which are virtual kiosks that allow customers to browse and order products even if they aren’t available in-store. With this technology, retailers can put the full scope of their inventory directly in front of their customers, allowing them to find the items they’re looking for and request them for delivery or pick up at another location. This allows retailers to meet customer demands no matter where they are and reduces the risk of them shopping with a competitor since they can always find the products they want.
Artificial Intelligence (AI)
Though it’s a hot topic this year, many retailers are still unsure how to take full advantage of AI capabilities. With the rapid growth of eCommerce across the region, especially in countries such as Brazil, Mexico, and Chile, businesses need to find effective strategies to leverage AI technology to understand their customers better across their entire chain and maintain a competitive advantage. Predictive analytics, for example, can help retailers understand the most in-demand products across their different channels and locations, and suggest the correct amount to have in-stock, so they’re always able to keep up with customer buying habits and pivot to new trends.
Unified retail management software
With consumer behavior constantly changing, businesses are also going back to their number one rule: the customer comes first. These days, retailers are investing in technologies that put customers at the center of their business, ensuring a smooth and seamless journey across their entire chain. Unified retail management software like LS Central enables retailers to cover every aspect of their business – from sales, financials, inventory, eCommerce, customer loyalty, self-checkout, and more – on a single platform. That means they can easily connect online and offline experiences, allowing them to deliver consistent shopping experiences at every touchpoint, whether online, on mobile, or in-store, while also getting a complete overview of their business.
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