Retail CIO Outlook Weekly Brief
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Retailers need to adapt to technologies that will drive them towards taking advantage of smart practices and enhance revenue and customer satisfaction.
FREMONT, CA: The retail industry is evolving faster than ever, and coping with consumer demands stands quintessential. Retailers can now change the outlook of their operational ecosystem as technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) radically change customers’ approach to the everyday shopping experience. As businesses of all sizes invest in these technologies, millennial brands will have an opportunity to evolve, compete, and succeed. To seize this opportunity, retailers of every sized business must keep a pulse on the emerging retail trends.
· Local Businesses to Steal the Show
Initially, retailers are driving away from appealing to the masses and concentrating on hyper-specialization for niche markets. During the retail apocalypse, unconventional bookstores grew by 35 percent, primarily due to the unprecedented experiences offered to the consumers. Now small businesses have the chance to leapfrog their larger opponents by quickly implementing technology to enable further personalization.
· Mobile Purchases to Dominate conventional Sales Strategies
According to reports, customers spent more than 4 billion US dollars on mobile devices marking a historical record for mobile sales. The shift to mobile purchasing will only continue to stimulate year-round, as more retailers stabilize their applications for mobile-friendly shopping experiences. It is vital to not only create a compelling digital storefront but also assure that these offerings are seamlessly integrated across all platforms.
· Big Data Driving Sales
From marketing to sales, big data will recapitulate to drive comprehensive customization. A report revealed that 62 percent of retailers are using big data to give a competing advantage in today’s business landscape. Data is also providing retailers with added significant insights into customers’ choices and shopping practices. Retailers anticipate what their customers want before they even ask for it when this data is paired with AI.
There is no agnosticism that tech titans will precede retail transformations. Small retailers must move fast and adopt the technologies that will enable them to take benefit of industry trends and improve customer experience. By acting ahead of the curve, smaller retailers can classify their investment areas, streamline operations, and offer unparalleled customer service to their loyal shoppers.
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