In the wake of another impressive NRF, it is clear that RetailTech in a very exciting period of innovation. Retail technology is constantly evolving, and the next few years are expected to see a number of new trends that will shape the way retailers do business. Some of the most notable trends include
Retail technology is constantly evolving, and the next few years are expected to see a number of new trends that will shape the way retailers do business. Some of the most notable trends include:
TOPICS：
1. Greater use of analytics and data
2. Increased use of artificial intelligence (AI)
3. More emphasis on hybrid online/offline shopping experiences
1. Greater use of analytics and data
Retailers are gathering and analyzing more data than ever before to gain insights into customer behavior and preferences. This includes everything from tracking store front passersby to fitting room visit rates and individual pathmaps. Unlike Japan, Traffic and conversion analytics using IoT sensors in physical stores is widely adopted in the USA and Europe. As most retailers are equipped for conversion optimization, the trend seems to be toward demographic analysis. The use of AI to determine gender and age was widely discussed as a way to better understand the response to marketing activities as well as to ensure a product mix best suited for any particular location.
From those I spoke with, the holy grail seems to be attribution of online activity to in-store activity. As useful as this information might be, the issues with privacy and protection of personal information still seem to be significant hurdles to gaining traction and large scale adoption.
With that said, it there is a clear sense that those with internal cultures focused on conversion optimization, are best prepared for long-term success. Certainly the benefits to consistent sales target achievement are well-known, but also the ability to adopt more advanced tools that drive customer engagement and act as a strong competitive advantage.
Innovative companies to look at:
Countwise
Kepler Analytics
Flow Solutions
RetailNext
Perhaps the use case most applicable to Japanese retailers struggling to find skilled staff and consistently hit their sales targets, is the use of AI to improve the employee experience. An AI assistant can provide real-time action recommendations to store staff based on data and analytics, helping them make informed decisions about how to interact with customers and what products to recommend. This can lead to increased conversion rates and sales.
An AI assistant can also help you engage your employees by providing personalized training and support. For example, the AI assistant can provide customized training materials and resources based on an employee's needs and goals, helping them improve their skills and knowledge.
Innovative companies to look at:
Kore.ai - Employee Experience Focused
Flow Solutions-Customer Experience Focused
This new generation of apps make it easy for customers to discover new products and deals at their favorite locations or make a purchase from anywhere. Features such as mobile payments, location-based offers, and mobile loyalty programs are just the beginning of the exciting advances in customer experience and optimized shopping journeys.
Innovative companies to look at:
iRidge - OMO app development
Shopify - Online/Offline POS
Retail's Big Show RecapThese trends are expected to shape the retail industry in the coming years, and retailers who can effectively adopt and integrate these new technologies will be well-positioned for success.
With conversion optimization at the core of what we do, our behavior analytics, advanced data platform, dashboards, and AI Assitant help our clients realize increased sales and profitability from company-wide data analysis and targeted action recommendations.
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