How is consumer tech changing the retail industry?

Over the past decade, consumer tech has become an indispensable element in the consumer retail industry. From improving the customer shopping experience to optimizing the inventory management process, consumer technology has been creating strong changes. Many leading consumer retail corporations such as Masan have grasped this trend and applied consumer tech to improve operational efficiency and sustainable growth.

Shopping experience and customer interaction

Consumer tech has ushered in a new era of customer shopping experience. Mobile applications, e-commerce websites and online shopping platforms have become popular, making it easy for customers to access and shop anytime, anywhere. Many modern stores and supermarkets have deployed online shopping applications, allowing customers to order and receive goods at home, bringing convenience and saving time.

Consumer tech also helps retailers improve the effectiveness of their marketing campaigns and customer engagement. Social media platforms, email marketing, and data analytics tools allow businesses to reach the right target audience and deliver personalized promotions and product information. Masan has applied this strategy to build strong relationships with customers, increasing their satisfaction and loyalty.

Optimize inventory management and supply chain management

Consumer tech also plays an important role in optimizing inventory management processes. Modern warehouse management systems, using Radio Frequency Identification (RFID) and barcode technology, help businesses accurately track the status of goods and manage inventory effectively. Today, consumer retail corporations have invested heavily in this consumer tech, helping them reduce waste, optimize processes and improve service quality.

One of the key applications of consumer tech is the ability to predict market demand and manage supply chains. By using big data and artificial intelligence (AI), retail businesses can analyze customer shopping behavior and predict consumption trends. This helps them adjust their production and supply plans accurately. Masan has applied this technology to ensure that they always have enough stock to meet customer demand, while minimizing the risk of overstocking.

Cashless payment

Consumer tech also brings convenience to customers through cashless payment methods. E-wallets, credit cards and mobile payment applications are gradually replacing cash, making transactions faster and safer. Masan has cooperated with many technology partners to apply modern payment methods, creating convenience for customers and minimizing risks related to cash management.

Consumer tech also plays a key role in enhancing security and combating counterfeiting. Technological solutions such as blockchain and QR codes help customers verify the origin and quality of products. Many businesses have implemented these solutions to ensure that their products are of the highest standards and provide peace of mind to customers.

Consumer tech trends in 2024

2024 is expected to witness the explosion of many new consumer tech trends, promising to bring many positive changes to the consumer retail industry. Here are some notable consumer tech trends:

AI and Machine Learning:

AI and machine learning continue to play a key role in improving the shopping experience and optimizing business operations. AI will go beyond personalizing the shopping experience to predicting consumer trends, optimizing inventory management, and improving customer service. Smarter AI systems will help businesses make faster and more accurate decisions, from managing supply chains to analyzing market data.

Virtual Reality (VR) and Augmented Reality (AR):

VR and AR will become powerful tools to enhance the customer shopping experience. Customers can try on products in a virtual environment before buying, or use AR to view products in their real space. This not only brings convenience but also helps increase customer interaction and engagement with the brand.

Mobile payments and cryptocurrencies:

Mobile payments and cryptocurrencies will become more popular than ever. With the rise of e-wallets and cryptocurrencies, customers will have more options to pay, faster and more securely. Retail businesses will need to adapt to this trend by integrating new payment methods into their systems.

Internet of Things (Iot) and Smart homes:

IoT and smart home devices will continue to grow. These devices will help optimize energy management, improve security, and create a more comfortable living environment for consumers. In the retail industry, IoT will help track goods, manage inventory, and provide accurate data on the status of goods.

E-commerce and social commerce:

Online shopping will expect strong development, especially through social media platforms. Retailers will use social media not only to promote products but also to sell directly, interact and build relationships with customers. Shopping via livestream and social platforms will become a popular trend.

Big Data:

Big Data will continue to be an important tool for businesses to better understand customer behavior and needs. Big data analytics helps businesses make strategic decisions, optimize business processes, and improve customer service. Pioneering businesses such as Masan have been using Big Data to create effective and competitive business strategies.

Automated customer care:

Chatbots and virtual assistants will become mainstream in customer service. These technologies help businesses provide 24/7 customer service, answer questions and process orders quickly and efficiently. This not only enhances the customer experience but also reduces the workload on customer service staff.

Sustainability and social responsibility:

Consumer tech trends in 2024 will also focus on sustainability and social responsibility. Businesses will use technology to reduce their environmental impact, from efficient energy management to the use of recycled materials. Masan, with its commitment to sustainability, has pioneered the application of green and environmentally friendly consumer tech solutions.

Overall, consumer tech will continue to be an important driving force for the development of the retail industry. Businesses need to grasp and apply these trends to improve competitiveness and meet the increasing needs of customers. Masan, with its strong investment in technology, will certainly continue to lead and create new breakthroughs in the consumer retail industry.