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Marketing/Retail Industry/Technology

The Expanding Impact Of Digitization On The Retail Sector – Shamayun Miah

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The Expanding Impact Of Digitization On The Retail Sector – Shamayun Miah

Consumers’ traditional ideas of brick-and-mortar purchases have undergone a significant transformation into hybrid experiences throughout time. The adoption of smart technology and business models for the consumer is essential to drive the digital world given the rise of mobile shopping and e-commerce.

Moving quickly and maintaining an advantage over the competition is made possible by digital merchandising, demand sensing, watchful replenishments, and manufacturing online operating platforms. The traditional retail brands have also implemented multichannel methods to affect consumer purchasing patterns to maintain business in the dynamic market environment- Shamayun Miah.

What does the retail industry’s digital transformation entail?

Every industry has adopted digital transformation to enhance its offerings and facilities to stay competitive. In the retail sector, digital transformation is a driving force behind the omnichannel experience that meets customer needs and expectations through instant gratification, personalized push notifications, tailored recommendations based on market trends, strategic analysis, location-based marketing, and anticipatory shipping for fulfillment conveniences with an integrated view of consumer behaviors. All of these, together with the requirement to develop ground-breaking business models and find novel ways to generate revenue, are reasons to integrate emerging technologies into an enterprise’s digital transformation process- Shamayun Miah.

Challenges in the Retail Industry’s Transformation

Digital disruption is the result of the availability of several options at a customer’s fingertips before making a purchase decision, completely altering consumer behavior. In the wellness and personal care categories, Indian e-commerce order volume climbed 36% last year. While e-commerce in India is anticipated to expand by 27 percent and reach $99 billion by 2024.

Technology Solutions: Organizations no longer have the option of moving to the cloud or the internet- Shamayun Miah. Building a solid technical foundation, on the other hand, may enable dynamic business developments by maintaining orders, items, inventory, and customers.

Customer expectations are changing, as was already said by Shamayun Miah. Retailers must therefore keep up with the rapid changes in what customers want and expect, which can be difficult due to factors like changing buying habits and changing seasons. In this situation, analytics is useful. Retailers can employ analytics to comprehend customer needs and expectations so they can tailor their solutions.

Technology

Role Of Chatbots In The Retail Sector – Shamayun Miah

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Role Of Chatbots In The Retail Sector – Shamayun Miah

This blog highlights the role of chatbots in the retail sector by Shamayun Miah.

Chatbots Can Help You Save Time And Money

Chatbots use a question-and-answer format that mimics the back-and-forth of human conversation. You can also incorporate artificial intelligence into your bot to expand its capabilities. Bots, on the other hand, are ideal for answering frequently asked questions from prospects and customers. Bots can be equipped to provide helpful information in a conversational style, whether it’s about product features, shipping costs, returns, or order tracking.
As a result, rather than wasting time repeating the same answers to FAQs, your human agents will have more time and energy to focus on complex inquiries. You may also end up saving money on staffing costs this way- Shamayun Miah. Just keep in mind that chatbots aren’t meant to replace your entire staff.

Chatbots Can Help You Stand Out From The Crowd

Chatbots are being used by some major retailers, but they are still a relatively new technology in the e-commerce industry. As a result, adopting one now will put you ahead of the competition. Bots can provide users with useful, entertaining, and one-of-a-kind experiences throughout the entire customer journey. A bot will streamline and personalize their interaction with your brand, increasing the likelihood that they will choose you over a competitor in the future.

Chatbots Can Be Tailored To Your Company’s Needs

Bots are a highly adaptable technology. They can be customized to perfectly fit the needs of your specific retail business, niche, and audience with the right tools. You can program your bot to support multiple languages, integrate it directly into your website, and do a variety of other things. There are numerous options for customizing a chatbot to fit your brand and make it highly effective for your customers and your bottom line.

Summary

Chatbots are an efficient way to take advantage of AI’s growing power for e-commerce sales and customer service. A chatbot can improve the shopper’s experience and increase revenue with the right approach and implementation, all while saving your company time and money. Customers will notice that your brand prioritizes their convenience and experience if it is always available and consistent- Shamayun Miah.

Business/Finance/Investments/Marketing/Technology

Commercial Retail Stores Is A Long Term Investment How? – Shamayun Miah

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Commercial Retail Stores Is A Long Term Investment How? – Shamayun Miah

As the economy adapted to quarantines and high COVID-19 transmission rates, several retail and department stores went bankrupt in 2020 and 2021. As more people shop online, experts predict that retail stores will be reduced by up to 25% by 2025. Healthcare, grocery, and other alternative stores are expected to replace retail stores in urban areas such as New York and San Francisco. The appeal of investing in this type of property is multifaceted- Shamayun Miah. Investing in different asset classes or property types allows investors to generate higher investment returns while also benefiting from tax breaks.

Commercial real estate investing entails putting money toward the purchase of commercial real estate property such as office buildings, multifamily apartment buildings, hotels, malls, storage facilities, and shopping centers, among others.

If you want to make this type of investment, you must be committed to keeping the commercial real estate holding invested for the long term.

Because commercial real estate is an illiquid asset, your funds may be locked up for an extended period- Shamayun Miah. Illiquid investments typically generate higher returns over time and are not subject to daily price volatility; however, some opportunities may have a higher barrier to entry. If you want more liquid investments, commercial real estate may not be the best choice.

Real estate can be a profitable asset class to invest in. Beginners, however, should be aware of the investment risks associated with this type of real estate property. Here’s what you should know about commercial real estate investing to see if it’s right for you:

How to Begin Investing in Commercial Real Estate.

Commercial real estate investing, in particular, has a reputation for producing some of the highest income streams. If you’ve been investing in residential real estate for a while and are wondering how to get started in commercial real estate, this guide will teach you everything you need to know.

Trends in Commercial Real Estate Investing in 2021 and 2022

During the COVID-19 pandemic, offices, hotels, retail stores, and other commercial real estate investments suffered greatly. While the pandemic isn’t over, commercial real estate is expected to continue its upward trend in the coming year. Many commercial real estate investors are optimistic as the industry continues to adapt to changing market conditions.

 

 

Technology

Advantages Of POS System In The Retail Sector – Shamayun Miah

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Advantages Of POS System In The Retail Sector – Shamayun Miah

Cellphone pay on pos machine

These days POS system in the retail sector is gaining huge popularity. Well, this blog highlights the benefits of POS in the retail sector.

Improve the checkout procedure.

A POS system dramatically speeds up the checkout process. You can rapidly discover goods, assign orders to consumers, and apply discounts if you have a consolidated database of your products, pricing, and customers. The process is significantly faster if you use a barcode scanner.
Customers do not want to wait in line for an extended period to finish their transaction. According to Shamayun Miah, you can limit the number of consumers who leave your store without purchasing if you use an effective POS system.

Increase the number of payment alternatives

Payment technology has evolved substantially in the last five years, and businesses are under intense pressure to keep up.
Customers can pay with eWallet, in installments, or combine several means to pay for one item in addition to cash and credit card. With a versatile POS system, you can provide more payment alternatives to your consumers while also ensuring that they leave with a positive image of your business.

Provide deals that benefit both you and your consumers

A POS system is essential since it collects all of your sales, inventory, and customer data. You may use this data to calculate and manage marketing strategies that attract clients to visit your shop while keeping your bottom line in check.

You may build up variable promos based on goods, order amount, membership tier, and more, depending on your POS capabilities. The POS can then automatically apply these promos to any sales, saving you the time and effort of manually calculating everything.

Supervise your employees

When using different spreadsheets, it might be difficult to coordinate and manage staff. A point-of-sale system allows you to keep track of who worked each shift. A sophisticated POS system may even provide data on each employee’s sales success and determine the commission rate.
This allows you to keep track of each employee’s progress toward their objectives and determine how to encourage or reward them- Shamayun Miah.

Marketing/Technology

Chatbot: A Intuitive Way To Evolving Retail Industry – Shamayun Miah

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Chatbot: A Intuitive Way To Evolving Retail Industry – Shamayun Miah

The retail sector is always changing, and technology is at the forefront of that transition. Physical retail establishments are embracing technology improvements to discover new methods to appeal to a broader audience, compete with other firms, and deliver great customer service, which is not restricted to the advent of eCommerce. The days of chatbots providing binary, basic Q&A-based replies, void of emotional intelligence, cultural knowledge, and cognitive control, are long gone, stated by Shamayun Miah in The Future: Fusing Fintechs and Financial Institutions. Chatbots are becoming more expressive. It offers a wide range of potential uses in the retail business, and it can increase sales while lowering expenses, making them a valuable tool for any store.

Retail bots are accessible to help customers 24 hours a day, seven days a week, and they will always represent your business properly by offering nice helpful service. Chatting with a bot is simple, enjoyable, and, unlike most traditional help channels, does not require any waiting. Customers will notice that your brand emphasizes their convenience and experience because of its consistent availability and consistency. Although most customer inquiries may be answered by a chatbot, there may be moments when a user chooses to talk with a human person. In certain instances, your bot may effortlessly transfer the discussion to another person.

When chatbots are customized to give the same level of customer care that customers expect from your business in-store or online, they’re a terrific way to grow your brand. Because chatbot replies are regulated, bots enable companies to deliver unified, consistent customer care. Chatbots can act as shopping assistants, assisting shoppers in locating the things they want. Retail behemoths like H& M and eBay are employing them to sift customers through massive inventories and deliver exactly what they’re looking for. Many customers come in with only a need in mind and no specific product in mind.

Chatbots may also make suggestions based on color, brand, pricing, and other factors in this scenario. Even if the client is unable to choose at this moment, a chatbot can preserve the whole discussion and remember the customer’s preferences when he or she reconnects. Chatbots are one way that retailers are attempting to utilize technology to their advantage. It can help customers have a better experience. Retail is at the cutting edge of technology innovations and digitization, stated by Shamayun Miah,” Digital Survivors — Death of the Retail Culture”

Technology

The Value Of Science Fiction – Shamayun Miah

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The Value Of Science Fiction – Shamayun Miah

Science fiction is a genre that provides more than entertainment to its fans. It is now a medium to project important technological developments to society.

In an article by Shamayun Miah, he states that Many scientists agree to the fact science fiction sparked their interest in science and helped them make discoveries.

For example, the star trek movie. Star Trek creator, Gene Roddenberry stated thus, “For me, science fiction is a way of thinking, a way of logic that bypasses a lot of nonsense. It allows people to look directly at important subjects”.

Positive improvements in technology can be attributed to science fiction. Science fiction also impacts development in communication, artificial intelligence, and transportation.

Shamayun Miah points out in his article how Star Trek’s communicators and Dick Tracy’sTracy’s video wristwatch have striking resemblances to modern cellphones and smartwatches.

The cellphone allows individuals to remain in touch on a daily basis and it is impossible for a person to exist in our world of today without one. Furthermore, mobile phones have even evolved more to become smartphones.

You can see that there is a continuous line of development, all from one source originating from science fiction.

In my opinion; It’s thrilling to see a person’s thoughts become a reality. A large number of high-tech innovations, on the other hand, have the potential to obstruct our intellectual advancement as humans. The science fiction genre may entice people into its visually attractive atmosphere, reducing their desire to learn. Science fiction is simply not real. Yet, it has a way of becoming a reality

The use of science fiction as a blueprint for societal advancement is a positive step into the future.  Shamayun Miah also gave a brilliant perspective on how business owners need to converge to establish innovations, instead of competing over superiority. He also stated that it entails pooling their resources and assets in order to develop technology that is beneficial to society.

Shamayun Miah concluded his article by stating that those who lead are those who are willing to pave the way for the new frontier of enhanced intelligence

 

 

Science/Shamayun Miah/Technology

The Influence Of Science Fiction On Technology – Shamayun Miah

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The Influence Of Science Fiction On Technology – Shamayun Miah

Sci Fi Futuristic Fantasy Strange Alien Structure, 3D rendering

Many scientists agree that science fiction sparked their interest in science and helped them make discoveries. Many fictitious technologies have later appeared in the real world. Arthur C. Clarke outlined how radio signals may bounce off satellites for long-distance communication in 1945, long before the first satellite orbiting Earth. Satellites for communication are now widely used.

Star Trek’sTrek’s communicators and Dick Tracy’sTracy’s video wristwatch have striking resemblances to modern cellphones and smartwatches. Then there are the numerous rebellious robots from 2001: A Space Odyssey and Blade Runner, which humans are trying to avoid at all costs. KITT, the self-driving vehicle from the TV show Knight Rider, is no longer a science-fiction character. However, it isn’t easy to measure the influence of science fiction on science facts. Technologists, in particular, would like to learn more about how it impacts the creation of new technology.

Thanks to Philipp Jordan and a few colleagues at the University of Hawaii in the United States, this appears plausible. These scholars have looked into how human-computer interaction researchers use science fiction. They discover that science fiction not only plays an important role but that its influence is growing. Their approach is simple, and it is based on papers presented at the ACM Conference on Human Factors in Computing Systems, one of the world’s most prestigious conferences in this field. The researchers looked for science-fiction-related keywords in articles published since 1982 and then classified the results.

Researchers employ science fiction in several ways, according to the researchers. The first is for study on theoretical design. Another option is to discuss and investigate new kinds of human-computer interaction, which academics increasingly believe is influenced by science fiction literature and films. Then there’s the subject of human bodily alteration, which is best explored via fiction. “Sci-fi movies, programs, or tales do give inspiration for the most pressing and future human-computer interaction issues of our day, such as discussions about shape-changing interfaces, implantables, or digital afterlife ethics,” Jordan and his colleagues write.

The team’s most important discovery, though, is that science fiction’s position in society appears to be shifting. It is being mentioned by researchers more frequently than it has ever been before. And this information is probably only the beginning. “We believe that the explicit citation of science fiction in human-computer interaction research reflects a fraction of the real inspiration and influence,” they write. That’sThat’s a small step toward better understanding the complicated link between how humans imagine technology’s influence and how it manifests in reality. Indeed, technology firms are increasingly hiring futurists who utilize science fiction to explore emerging technologies and their societal implications. Science fiction prototyping is the term used to describe this.

According to an article titled “From Science Fiction to Science-Driven” written by Shamayun Miah, Businesses must discover innovative methods to harness and integrate everything that is emerging and converging at a large scale. Businesses, rivals, and sectors will need to collaborate to promote innovation. This entails pooling their resources and assets in order to develop technology that is beneficial to society. Businesses, policymakers, and individuals will all eventually need to accept and adapt to some form of human-machine connection, basically reinventing the world for a new tomorrow. Shamayun Miah concluded by stating that those who lead are those who are willing to pave the way for the new frontier of enhanced intelligence