The Future of Retail Technology

By: Retail CIO Outlook | Friday, November 30, 2018

Based on a recent study, an investment-management company predicted the technology transformations for the next two decades in the retail landscape. From payment technology to virtual reality, the prediction report covers about 12 growing tech trends that can have a broad impact on the retail sector. Take a look at some of the most promising tech trends according to the report:

Payment

The report notes that, as technology evolves, the role of Apple Pay and Google play, who are the leaders today might diminish. The report also estimates that the total transaction value of mobile payments will reach around 210 billion dollars by 2019. Moreover, smartphone payment could allow employees to spend less time behind checkout counters and more time in stocking shelves and to assist customers.

GEO Fencing

GEO Fencing is an innovative technology that allows retail businesses to access consumer information from their mobile device as soon as the customer enters a digitally marked area. With GEO Fencing, retailers can identify what consumers are interested in while visiting the retail store. The report highlighted GEO Fencing technology as something that could become more extensively adopted in the upcoming years.

Artificial Intelligence

The impact of AI in every business is harder to quantify. As per the report, AI will make its way into the retail sector and dominate it in the next ten years. The report also says about the already clear way to use AI through dynamic pricing, similar to Uber’s surge-pricing model.

Drone Delivery

The report also remarks about the drone delivery trend that is not in pace in the retail sector today. As per the report, the drone-delivery pattern looks like it will take longer to be widespread. It says that the more significant impact will be on supply chain logistics, but it won’t be felt for 15 to 20 years.

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