There is always speculation about what the future of Retail might look like for shoppers. But according to some analysts and industry experts, the future is already here. Consumers’ shopping habits have undergone dramatic changes over the course of the past several years thanks to the widespread use of new technologies, including mobile payments, new kinds of delivery, and simplified shopping processes.

“The retail sector is going through a fundamental change as companies find new ways to use data and intelligence,” Greg Jones, the director of industry solutions for retail at Microsoft, explained at the annual conference for the National Retail Federation. “Artificial intelligence is now a part of the fabric, and we’re seeing faster adoption of new Technology than ever before.”

Increasingly, retailers are leveraging the power of technology to get customers to buy more. Companies are collecting more and more information from consumers as they move through the buying cycle – and they are using that information to make more customized recommendations. For example, a number of retailers – including American Eagle – have teamed up with the New York technology startup FindMine to provide personalized shopping suggestions to all customers. The results are powerful: Customers buy around 200 percent more when they see a whole outfit of recommendations, as opposed to just one item.

Retailers are also leveraging technology to put more flexible pricing schemes in place, allowing them to potential adjust prices according to supply and demand. For example, grocer Kroger is now using digital price displays at its stores as opposed to standard paper price displays. This means prices can be updated across the store in just seconds as opposed to days, making it much easier to change pricing. Currently, the technology is just being used for routine price adjustments. But that could change. Too much inventory of pasta? Well, that could easily be solved with a 50 percent flash sale. Running short on a particular brand of cereal? Well, prices could be raised until the next shipment comes in to slow the rate of sale.

The bottom line? When it comes to the world of retail, things are evolving at an unprecedented rate. A dramatically different shopping experience powered by new technologies isn’t as far off into the future as it might seem.

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