Sunday, May 22

Markets Report What’s Trending in Automated Pricing Technology

Automated Pricing Technology

The adoption of automation has alleviated some of the stress in-person staff are now feeling. It has already led to greater efficiencies with fast-evolving retail tech trends in voice commerce, drone delivery, demand forecasting, virtual fitting rooms, and many.

In 2020 alone, the customer conversion rate increased for AR-engaged, thanks to augmented reality in the retail industry. With interesting developments already influencing the future of retail within the supply chain domain, the consideration of automated pricing technology is the task.

Buyer-Focused Custom Pricing 

Since prices change so frequently, electronic shelf labels can help keep stores up to date. Personalized pricing technology and algorithms would be in high demand, such as only offering certain promotions to a select group of customers based on their shopping habits. Pricing customization will also boost brand loyalty, which at present only exists as a concept wherein a seemingly custom offer is applicable for all.

Headless e-Commerce Architecture

Headless commerce is an e-commerce architecture that separates the front end from the back end commerce functionality to be updated or edited without affecting the back end, similar to a headless CMS. Ambitious retail businesses should consider pricing customized to the user demographics of platforms such as Facebook, TikTok, Pinterest, or Alexa built on headless e-commerce architecture. Buyer on the seller site has a different spend mindset than on a visually illustrative platform championed by their local influencers. 

Automatic Shopping Cart

Point-of-sale (POS) technology conjures up images of Amazon Go’s cashier-less stores and “just walk out” checkout methods. Smart shopping carts help consumers scan and bag items right from their shopping carts and then pay with a credit card while still in it. A frictionless shopping cart with a scale and camera integrated is distinct from existing carts in the retail space. For e-commerce businesses to consider retrofittable smart carts will be an exciting development.

They say that there is no one size fits all. Therefore, automated pricing technology is the way forward in retail. People who are worried about automation because of the widespread belief that robots are taking their jobs will realize the positive outcome of this automated pricing technology as they would be released for more strategic work that automation cannot achieve without intellectual participation. 

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