The Internet of Things can make shelves, warehouses and deliveries more efficient, while new applications such as electronic pricing will be possible.
Chatbots can handle simple customer queries and dispense information. This helps improve customer engagement and reduces the number of customer service staff required. Shelf-stacking robots and drone deliveries could also be a fixture in the near future.
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To succeed in an increasingly competitive environment, retailers need to drive efficiencies and achieve greater agility. This allows for reduced costs and the ability to react, or even predict, trends in the marketplace.
Self-service checkouts are now common, but some retailers are already using self-scanning mobile applications and Amazon has even introduced a “checkout-less” store. Contactless and mobile payments must be supported to facilitate the convenience that shoppers demand.
The greater collection and analysis of data is essential if you are to better understand your customers and your organisation. Greater visibility means more informed decisions can be made and improved service for your customers.
The technologies that will revolutionise the retail industry
Shoppers are demanding more. They want greater personalisation and for their shopping experience to be as seamless and convenient as the digital services they use in their everyday lives. This requires retailers to have a greater understanding of their customers and to offer quality digital experiences.
Despite the popularity of online shopping, physical retail is still the most popular channel, possibly because of a desire for a more social experience. Customer journeys will span multiple channels and retailers that can offer a consistent experience across physical, online, and mobile stand to make gains.
The need for efficiencies from the shop floor to the supply chain
The pricing model and scalability of cloud helps drive efficiencies and agility within an organisation, while cloud also ensures the resiliency and security required for a trusted online retail channel. The retail sector has the highest penetration of hybrid cloud at 21%, with 93% identifying hybrid as the ideal IT model.
3. IBM (2018)
Tablets and smartphones are already common in retailers, but the future will see innovations such as Augmented Reality mirrors become more common. Meanwhile, free Wi-Fi and beacon technology will make it easier to identify and track customer behaviour
The Retail Store of the Future
Weekly physical shopping has increased from 40% to 44% over the past three years, while mobile shopping has risen from 7% to 17%
By 2021, 85% of retailers will use intelligent automation in their supply chain and 83% will apply it in-store
Download the Guide to learn more: 5 Considerations for Building a Successful Digital Retail Strategy
The Internet of Things (IoT)
Mobile Devices and AR
4. Vanson Bourne (2019)
The need to
offer a consistent experience
The rise of AI
Digital Transformation is a universal trend, but the retail sector might have more to gain than most as shopping habits are changing at such a rapid pace. Retailers that stand still risk being left behind, but those that embrace change will thrive.
UK consumers will pay an additional 7.4% for
great consumer experience
Data Analytics Platforms
2. PWC: Global Consumer Insights Survey (2018)
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