There is no lack of technology popping up in every industry. From revolutionary automobiles and wearable smart devices to automated robot-powered warehouses, the limits of technology now seem only bound by our imagination.The technology shaping today’s retail industry is no different. It’s affecting the way consumers shop, pay for products, and how they are served by sales associates.
The following are some of the trends we predict will dominate the not-so-distant future of retail;
Analytics
All-a-buzz in today’s technology world, talk of big data, unstructured data, analytics, and BI systems are puzzling everyone. The ability to track consumer data across the web, social media, mobile applications and traditional retail outlets has caused mass amounts of ‘zeros and ones’ for businesses to decipher. As time progresses, we will see companies increasingly harnessing this information at greater lengths in an attempt to get as close to their customers’ demands as possible.
Globalization
E-commerce is taking a greater market share with each passing year and there is no reason why country borders should limit our extended network of customers. E-commerce will continue to expand a retailer’s ability to span the globe with smaller investments then setting up shops in every country. This will allow retailers to test markets with greater ease.
Mobile Wallet
Let’s face it, consumers are becoming increasingly tied to their smartphones and retailers have no choice but to follow suit. As a result, companies are driving customer loyalty and payment processing through their custom-built mobile applications. We will soon see similar apps like that of popular coffee chain among many retailers. The advantage for retailers to develop and market such initiatives is quite simple. Mobile apps with payment options allow retailers to stay at top of mind of consumers and creates an easier and less mindful option to complete a sale.
Customization
Customization is very important for the Generation Y consumer. Whether it be iBeacons used for highly targeted advertisements/in-store experiences or custom products such as tailor-made golf clubs or shoes, customers want to be in control and want an experience and product that speaks individually to them.
The consumer goods industry is changing very quickly and we’d like to hear your predictions on the future technologies that will shape the operations of wholesalers and retailers worldwide. We invite you to share your thoughts and personal predictions below. Stay tuned to the Jesta I.S. ERP software blog as we continue to uncover exciting news and developments in the sourcing & procurement and retail industry.
