Timely. Retailers have come a long way – no longer is it “all about Amazon” and in fact, many traditional brick and mortar retailers have made great strides in providing an “Amazon-like” shopping experience online, offering fast/free shipping to home or store, enabling pickup in store, and smoothing out what had been a disjointed channel connectivity problem in the past (many retailers developed their online channel separate from their store channel – different systems, data, platforms, etc.). Emerging technology trends and mobile devices are changing customer expectations. Emerging Technologies and Trends Impact Radar: Artificial Intelligence in Retail Published: 26 August 2020 ID: G00732359 Analyst(s): Sandeep Unni, Moutusi Sau Summary COVID-19 has accelerated the need for retailers to advance digital transformation, particularly investments in AI. The 66-page report, “Emerging Technologies in Retail Banking: The Long Road to Customer Centricity,” contains 76 figures and three tables. It means different things and everything. According to a MITSloan Management survey in conjunction with Accenture Research, 67% of C-level executives would like to replace all of their core legacy systems. More than any other time in the 17+ years we have been doing our annual study with RIS News, retailers are rapidly deploying emerging technologies at … Trade agreements with China (and others) seem to be heading in a positive direction. Recently, however, retail innovation has come full-circle with a renewed focus on in-store experience. Shopping. The fact that many consumers now prefer to shop online means their expectations of the in-store experience are even higher and should match, if not exceed, the technological advancements they enjoy online. Traveling. The rapid expansion of emerging technologies that enable new capabilities and provide on-demand services is adding to the security risks that threaten retailers’ businesses. As retailers work to manage data-driven decisions across channels, numerous disparate and global locations, edge analytics is a near-term real opportunity. Spending. And, in the world of data and analytics, the retail industry continues to move into artificial intelligence, machine learning, and intelligent automation (including robotic process automation (RPA)) solutions and capabilities in an effort to make better use of operational data and more flexible cloud platforms. Consumers now routinely use AI-driven technology from phones to cars and all in between – and comfortable sharing data to realize an AI-driven personalized experience. They run as autonomous processes and communicate with one another through APIs. Digital, digital, digital. For years, e-commerce represented the next-big-thing in retail. Another tech trend that’s changing shopping is robotic store assistants. I have outlined a few examples of these emerging technologies below: Beacon technology. As we saw this year, retail business and security leaders are increasingly focused on interlocking security strategy and cyber defense capabilities to strengthen business resilience and brand trust that are so essential in today’s retail environment. and In discussing the content, he was quick to highlight elements of the vision that were timely (important now / next 6-8 months) vs. timeless (important for long-term competitive and comparative advantage). Emerging technologies and global megatrends are colliding to disrupt both business and society. Retail Innovation Map Reveals Emerging Technologies & Startups As consumer preferences and behavior change, retailers turn to emerging technologies to keep their customers happy. Digital POS. What about trends in tech? As attack surfaces continue to widen across systems, devices, people, partners and infrastructure, it’s evident that embracing technology as a key driver of growth can amplify opportunities for complex cyber-attacks. Inflation is low. (Digital) loyalty platforms. Digital in-store experiences. Investing. Emerging technologies changing the retail landscape Bloomberg Intelligence October 01, 2015 This analysis is by Bloomberg Intelligence analysts Anurag Rana, Seema Shah and Poonam Goyal. There is an option to “modernize” the old legacy systems while investing new dollars in cloud capabilities. Each mirror has a built in 3D camera and can superimpose virtual outfits or looks onto you. Add to this that, the existing infrastructure is easier to maintain, Top 7 Retail Technology Trends to Watch in 2019, Microservices and Cloud 2.0: What You Need to Know, 4 Reasons Retailers Will Develop Their Own Cryptocurrencies, POS: A Massive Tech Problem Looking for a Solution. Location-based Analytics is the most widely adopted of emerging technologies among North American Retailers within 2 years, but it is not the fastest growing. So how can one person be the chief digital officer? Dublin, March 02, 2020 (GLOBE NEWSWIRE) -- The "Emerging Technologies in Retail - An IT Decision Maker Perspective, 2019" report has been added to ResearchAndMarkets.com's offering.. Retail … [ Webinar ] 2-2.45pm / Wednesday 18 November / Emerging technologies and new CX possibilities for engaging with customers. What is interesting is that despite this trend, more and more commercial real estate is popping up with retail square footage availability – outdoor walking malls, new office buildings with first-floor retail, trendy/niche /high-end grocery, etc. As retailers look to modernize, microservices will be an important element to new IT architecture. A year when shoppers can interact with their favorite brands differently, explore customized shopping experiences, and witness a different battle between top retail … I have noticed over the last two years that every time I drive out to the lake, I see tractor trailers heading West – each with three brand new Amazon delivery vans onboard. AI is central to understanding the needs and desires of different consumers, personalizing services, and driving demand. The reality is that every aspect of the business is infused with (or will be infused with) some aspect of “digital.” And in the next 12-18 months, digital transformation will be overused and eventually not used as the business will just focus on “transformation.” Just like “big data,” “digital” will just be part of how we do business and the next to-be-named transformation will arrive. To remain competitive, small and midsize retail businesses (SMBs) need to adopt point of sale (POS) tools that address these changing needs. Justin Honaman is the RIS/CGT executive council chair. Amazon becomes the one-stop back-office supply chain solution allowing retailers to focus on front-office, consumer engagement, and brand-building. Those who fail to adopt these technologies will find themselves failing to accommodate the growing demands of consumers and employees alike. Analytics becomes part of the fabric of the organization – this skill set now and, in the future, will be “part” of every team – not its own disparate team. New ways of working that once implemented, become part of the ongoing fabric of running the operation. It seemed like a simple statement, but resonated with me; I had never thought about content through this lens. With the current crisis, how and what technology can retailers use to meet emerging engagement challenges. Summary of 5 emerging technologies that will impact retail industry and improve digital transformation for solution providers. Timeless. 5G communications, digital twins and blockchain are rapidly evolving technologies that have demonstrable benefits for retail supply chain operations. The stock market is up (way up). Or if you’re doing your food shopping, a notification could be sent to you as you walk past items that are on your shopping list. Digital customer experience. According to, I was recently in a meeting with one of our business leaders to discuss a revised organizational vision document. Timely. Hudson’s Bay Company, for example, recently committed to expa… Here are a few trending buzzwords to add to your “Bingo” card for 2020. This will be interesting to watch as more and more consumers shop online vs. walking the traditional (or non-traditional) malls and if the overall market cools and consumers pull back on spending. August 2010. The chief data officer role continues to be maintained by many organizations as the proliferation of ERP’s, dis-aggregation of data sets, and general spaghetti-mess that is most major retailers’ and consumer goods companies’ back office (largely as a result of growth through acquisition, silo’d IT management, operating company models, new data sources, etc) means someone needs to have a big picture view of what’s where and how it can be leveraged! Timeless. And, in the world of data and analytics, the retail industry continues to move into artificial intelligence, machine learning, and intelligent automation (including robotic process automation (RPA)) solutions and capabilities in an effort to make better use of operational data and more flexible cloud platforms. For retailers with scale, a centralized data science/data discovery/decision science team could be useful in fueling reporting, BI and analytics methods in the business. Timeless. The Impact of Emerging Technologies in Retail To explore the future of retail, SAP hosted a roundtable discussion with retail and technology experts. This thinking will be a challenge for some organizations, and eagerly accepted and pursued by others – and thus differentiation in the market. Or if you are browsing in a department store in the shoes section, you could be sent a discount code for a particular shoe as you walk past. Digital in-store experiences. Embracing and adapting to these changes have become essential to developing and maintaining a competitive edge in the cutthroat world of retail. How do you define “digital” anyway? Think beyond the perimeter firewall to secure cloud, mobile, and IoT operations and data wherever it resides. There will be even more of that happening in 2017. Furthermore, according to a study by KPMG, 19% of consumers said they would completely stop shopping at a retailer after a breach, and 33% said they would take a break from shopping there for an extended period. New solutions that modernize how we do business and enable long-term value creation. It works through a transmitter being able to detect nearby smartphones. At StartUs Insights, we took a closer look at 8.000+ startups to identify the innovative technologies driving the retail … Platform solutions built on a cloud-centric paradigm require reliable, low-latency, high-bandwidth network connectivity and this is a challenge for businesses with assets in geographic locations that lack strong, reliable network connectivity. As big data came and went, cloud platforms evolved and became mainstream, and analytics has become part of the fabric of most major business groups – and not just a shared services team (or COE) – so have these specialized roles. Digital CRM platforms. What about trends in tech? And, the security of some of these crypto-currency markets is not assured. Digital, digital, digital. It may seem strange to start off the list with robotics, because the reality is that robotics technologies have become fairly commonplace in the retail sector — or at least in the supply chain. Our Research Blog gives you the most exhaustive innovation insights! AI. The words that are intended to imply value – or something worth buying – and most of the time, this is in fact the case! 5 Technologies Transforming Retail in 2018. We're in a particularly exciting time when it comes to retail customer experiences, as emerging technologies such as artificial intelligence (AI), chatbots, virtual reality (VR) and augmented reality (AR) present new possibilities for engaging with customers both in stores and online. Edge analytics allows for the ability to run a variety of machine learning, predictive and prescriptive models that require a more powerful compute environment. Emerging technologies present new possibilities for the retail industry to accelerate performance and growth, and ride the digital transformation wave. Get great content like this right in your inbox. In August of this year, FedEx pulled the plug on Amazon deliveries, effectively ending domestic ties with the largest U.S. retailer. Amazon is effectively building a more efficient and scalable delivery platform (fleet, network, growth model) and is a major disruptor to both Fedex and UPS. Retail, Research by Design joins Red Brick Media Group (RBMG). Still hot and will always be a priority as businesses find new and different ways to leverage their data. We did lose many retail stores in 2019, including Sears, Kmart, Payless Shoesource, Barneys, Party City, Gymboree, Dress Barn, Fred’s, Shopko, Charming Charlie, Avenue, LifeWay Christian Resources, A.C. Moore, and Charlotte Russe to name a few. Voice activation is now even helpful for retail employees: For example, with 'Theatro,' employees can communicate throughout a store via voice … These are cashless payments meaning that money exists purely as an online account rather than physical cash. From consumers to marketing and innovation, our experts examined 7 key topics impacting retail and explored the industry’s future. For edge analytics, a central cloud-based platform is critical to manage and develop the analytics applications and models based on populations of devices, which when deployed at the edge are customized for the specific instance and scenario. These allow you to see how something looks on you virtually without having to enter a fitting room or test a product before buying. And the chief digital officer? One of the reasons why Bitcoin and other crypto-currencies are getting such buzz is because they offer an opportunity to bypass “expensive” forms of payment for something much cheaper – if crypto-currencies can keep their transactions “cheap”. The "Emerging Technologies in Retail - An IT Decision Maker Perspective, 2019" report has been added to ResearchAndMarkets.com's offering.. Retail has entered a new era where eCommerce and technology bellwethers like Alibaba, Amazon, Apple, Baidu, Facebook, Google, Microsoft, and Tencent have raised consumer expectations. These three technologies stand out amongst the emerging technologies of today and will have an increasingly transformational impact on organisations in the retail sector over the next few years. 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