Digital Meets Physical in the Future of Retail
The future of retail isn’t robots, lasers and holograms — it’s experiences, service and speed, all powered by subtle technologies that the customer barely sees. “The reality is there’s nothing better than human experience, but technology can really help.” Listen to the podcast below
To succeed in the digital business era, retailers have to stretch their boundaries. This requires rethinking their business model, deciding how to transform into digital businesses and making the right technology investments to become digital leaders.
Although worldwide retail sales have shown more than 4 percent compound annual growth rate (CAGR) in the past five years, the Internet has introduced a torrent of new competitors that are innovating to provide differentiated customer offers. Supply has outpaced demand resulting in rampant pricing wars. Profitability is under severe pressure compelling retailers to seek new ways to increase sales and lower costs. Customers’ expectations have also shifted dramatically as they increasingly use digital technology in their daily lives.
The Accenture Technology Vision for Retail examines the technologies that will have an impact on retailers over the next three to five years. Download the report.
Discover the latest retail trends before your competitors. @Imparta's list of the 50 best #retail experiences.
Global Retail Trends 2019 and Beyond
"2019 is poised to be a transformational year for retail. Technology continues to change the rules of engagement, consumers are more demanding than ever, and getting them to notice your brand amid all the noise in the market is an even greater challenge."
The Road to 2025
Retailers that emerge successfully from the shock waves hitting their industry will be those that reinvent their physical stores and supply chains to meet digital consumer needs. Digitization has rewritten the rules of competition in every retail function, and after much trial and error, supply chain operations now hum efficiently as a result of connected, automated elements, including inventory,
logistics and fleet management systems. Download Report.
What you need to know if you are exhibiting at NRF 2020
Check out the NRF Retail Library
How Blockchain will Augment Retail
IBM conducted a recent study about how blockchain reinvents the consumer experience. The main benefits they described are that retail organizations—thanks to blockchain technology—can prove they delivered on their promises. Think about product authenticity, tracking and tracing reliable delivery throughout the supply chain, and accountability of suppliers.
According to Deloitte, “Blockchain has the potential to transform the way that individuals and organizations interact, the way that businesses collaborate, the transparency of processes and data, and ultimately, the productivity and sustainability of our economy.” Deloitte so much believes in blockchain as enabler for tomorrow’s business challenges, that it prompted Deloitte Netherlands to open a new, dedicated Blockchain Center of Expertise called BlockCenter.
Check out the Use Cases for Retail
Blockchain might just be the next killer app.
How? Imagine this:
A grocer might be able to tell instantly where a consignment of produce came from, the date it was picked and whether it had the right refrigeration from farm to shelf. Such granular detail about factors such as likely spoilage rates can mean appropriate action is taken.
Blockchain is not just a repository of data, it can be used to drive valuable analysis. “It can tell you not to take delivery of this particular consignment of fresh produce or take it at a discount and sell it quickly because based on the chain of custody information in the blockchain, it shows it was sitting in the dock beyond its freshness window.”
Startup Technology that are making differences in the retail space
Described as ‘an augmented reality platform and a creative studio, rolled into one’, Zappar creates immersive AR experiences. By adding a new visual layer to the real-world through a handheld device, Zappar can turn any physical object into a multimedia delivery channel.
It’s a well-known fact that consumer returns are a pain-point for retailers. Optoro wants to change that. It offers brands an end-to-end solution that allows them to tap into the revenue lost through discarded, overstocked and returned goods.
Ranked in the top 25 fastest growing companies on Deloitte’s Technology Fast 500 list, Trax Image Recognition wants to digitize the physical retail environment. It does so by delivering real-time, actionable insights to leverage insights and unlock new revenue opportunities.
Cappasity is a company using interactive 3D images to bring an in-store experience to an e-commerce setting. Users of the technology are said to see higher conversation rates, fewer returns and fewer customer inquiries. The use of 3D images is also said to increase engagement and conversion over static images by up to 30%.
Powered by AI, DeepMagic has developed a fully automated store format that allows merchants to run staffless stores, save costs and eliminate shrinkage without losing the essence of experience. Know more about AI and Retail.
Currently the market leaders in 3D advertising display solutions, Provision produces interactive customer experiences through the use of 3D holographic displays, particularly within a retail setting.