Technologies are impacting retail – collectively, they represent both a strategic opportunity for those who can incorporate these into their existing models but pose significant risk to players who sit idly.
Below we describe four key technologies expected to shape the future of retail and a future, converged consumer experience.
Future technologies offer retailers an opportunity to enhance the consumer journey and experience as physical and digital channels continue to converge
More specifically, a variety of technologies are emerging that offer both opportunity and risk to the retail consumer journey
“IoT devices” such as beacons and wearables allow for the collection of a large amount of consumer behavior data that was previously unavailable to retailers, as well as giving retailers the ability to communicate wirelessly in real-time to customers
As the drivers supportive of Big Data analytics accelerate, retailers have the continued ability to monetize data captured to generate insights – insights can help redesign stores and programs to attract new customers or retain customer loyalty
A whole generation of consumers (e.g., Millennials) is becoming accustomed to digital payment options such as mobile wallets – enabling these options allow retailers to appeal to consumers
Digital ecosystems expose brands today to an increasing array of channels, consumers, and markets – in the future, a combination of IoT devices and AI/machine learning can replicate an enhanced consumer journey (advanced personalization)
