2020 Implementation of Retail Technology As the new decade enters, people are curious about what lies ahead particularly in retail. The Retail People Magazine had an exciting and great conversation with Vic Bageria, Chief Visionary Officer at Xpandretail powered by Sávant Data System (SDS) LLC. Here, he briefly shared his views how technology is changing the retail industry.
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such as People Counting Sensors. According to experts, AI ver the years, retailers witnessed a rise in technological boosts data accuracy by over 25 percent, and thus, assisting advancements that have enabled businesses to evolve retailers to understand market trends and customer preferences in the highly dynamic industry. Artificial Intelligence, machine better. AI also improves in-store infrastructure to maintain learning, big data and other disruptive technologies have optimal footfalls and boost conversion rates. played a significant role in improving day-to-day business operations and building core competencies. Therefore, A market trend that is currently gaining immense popularity over 50 percent of the businesses are expected to increase is omnichannel retail. Customers prefer retailers who are present investments in such advancements to boost productivity and on both online and offline channels. Digital developments enable enhance corporate infrastructure. businesses to provide a seamless experience on multiple channels The year 2020 is expected to witness a rise in the widespread and gain accurate and real-time information to offer more adoption of the “Fourth Industrial Revolution” technologies personalized services. Statically, over 60 percent of shoppers prefer to generate immersive shopping experiences and improve companies that offer product recommendations based on buying customer satisfaction. The industry will also witness a surge habits. Analytics and IoT assist retailers to gather data on shopping in E-Commerce sales, and thus, retailers must invest in behavior from sources such as online queries and purchase history advancements to better tackle this ever-growing market threat. to provide more interactive experiences and satisfy customers. Currently, one of the significant challenges in the industry is According to research, technological solutions in retail will Our Clients: the lack of brand loyalty. Over 55 percent of the customers improve profits by over 30 percent. They also promote the switch brands if they are not satisfied with their current ones. effective and efficient use of corporate resources to maintain Therefore, businesses must rely on developments such as productivity and offer high-value products and services. The analytics, virtual and augmented reality and the Internet of industry is unpredictable — continually evolving shopping Things to attract and retain shoppers. patterns and market trends urge firms to invest in technology AI assists firms to gather, store and process data to introduce to stay relevant. And, disruptive technologies such as AI and robust strategies to attract potential customers. Advancements analytics assist in achieving the “Store of the Future” and gaining in AI-based software enhances other technological solutions an advantage in the competitive sector.
RETAIL PEOPLE . JAN-MAR 2020 .45
